Business & Finance 4-2 Activity: Critical Analysis: Reimagine Assignmentstaats13
3-2 Activity: Critical Analysis
Southern New Hampshire University
IDS-401 Global Society
March 19, 2023
3-2 Activity: Critical Analysis
There are four lenses in general education: the humanities, the natural and applied sciences, the social sciences, and history. These four lenses have different outlooks that help us study the world and improve our understanding of how people live and how we can improve our lives. They are also crucial to analyzing various events around the globe or programs within the academic field. The following paper will analyze income inequality through the social sciences lens to determine its effect on different institutions.
Income inequality is prevalent today, and understanding it is central to the social sciences. Income inequality is the uneven distribution of income throughout a population. It often goes hand in hand with wealth inequality – the uneven distribution of wealth in a community. The social sciences lens revolves around the relationship between individuals in societies. It looks at our social associations, relations, and communities. According to social sciences, income inequality is a result of stratification. Most societies are divided into social classes based on gender, socioeconomic status, and race. Stratification leads to income inequality when income is distributed according to the individual’s position in the social hierarchy. According to Nalani et al. (2021), social scientists can help reduce income inequality through research evidence.
Income inequality affects different institutions, including the economy, education, and community. For instance, income inequality boosts economic growth at low-income levels by expanding investment in physical capital. As income levels go up, physical capital becomes less important than human capital, and income inequality will impede economic growth by interfering with human capital accumulation (Shen &Zhao, 2022). Equally, income inequality can negatively impact education. It is also associated with higher rates of social and health problems, less happy people, and high poverty rates in the community.
As mentioned above, the topic that will be analyzed is income inequality. The question that needs to be asked about income inequality as it pertains to globalization is; how do high levels of income inequality discourage the accumulation of skills, stifle economic and social mobility, stunt human development, and, as a result, depress the economy? Analyzing income inequality at this level will provide the guidance needed to analyze this topic effectively and critically. According to Ratan et al. (2019), the question identifies the problem or issue to be studied and helps construct a logical argument. With that said, if a wealthy country were to increase its imports of manufactured goods produced largely by low-skilled labor from developing countries, this would reduce wage inequality there (Hauk, 2019). However, it improves prospects for exports from high-tech industries that rely heavily on highly skilled workers (Hauk, 2019).
Critical analysis of globalization comes with both positive and negative effects. Specifically, critical analysis lets us learn about globalization and its positive impact on people’s lives. Examples of the positive impact of globalization are access to new cultures, the spread of technology and innovation, higher standards of living across the globe, and access to new markets (Velocity Global, 2020). Nevertheless, a critical analysis of globalization may bring to light the challenges that affect globalization. Examples of the challenges of globalization are income inequality, immigration challenges, local job loss, increased competition, loss of cultural identity, and labor exploitation, causing people to oppose globalization (Velocity Global, 2020).
Globalization has significantly influenced social practices, including communication, governance, and cultural expression. Now we can easily connect and communicate with people in other countries. The internet, fiber optics, and satellites make it effortless to communicate with those in different locations and time zones. Equally, globalization has led to the spread of technologies, social networks, and ideas – all of which directly influence governance (Amavilah et al., 2017). Furthermore, globalization has led to the exchange of cultural values and traditions between different countries, changing how people express their traditional culture.
Amavilah, V., Asongu, S. A., & Andrés, A. R. (2017). Effects of globalization on peace and stability: Implications for governance and the knowledge economy of African countries. Technological Forecasting and Social Change, 122, 91-103.
Hauk, W. R. (2019, January 30). Globalization and Inequality: Sharing Wealth One of Society’s Greatest Challenges. The Globe Post. Retrieved March 18, 2023, from https://theglobepost.com/2019/01/30/globalization-inequality/#:~:text=Globalization%20can%20increase%20wage%20inequality,use%20more%20high%2Dskilled%20labor.
Nalani, A., Yoshikawa, H., & Carter, P. L. (2021). Social science–based pathways to reduce social inequality in youth outcomes and opportunities at scale. Socius, 7, 23780231211020236.
Ratan, S. K., Anand, T., & Ratan, J. (2019). Formulation of research question–Stepwise approach. Journal of Indian Association of Pediatric Surgeons, 24(1), 15.
Shen, C., Zhao, X. (2022). How does income inequality affect economic growth at different income levels? Economic Research-Ekonomska Istraživanja, 36(1)
Velocity Global (2020, March 30). Globalization Benefits and Challenges. Velocity Global. Retrieved March 18, 2023, from https://velocityglobal.com/blog/globalization-benefits-and-challenges/