Wealth Distribution as a Major Determining Factor for the Economic Growth in Regions of the World

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The need to pursue economic equality among individuals and between different countries of the world arose upon the realization of the exploitative nature of humans by their fellow likes. This was as a result of the ever-escalating gap between the bourgeoisie and lower class people in society (Wilkinson and Pickett). In a bid to minimize this gap, there arose a quest for wealth harmonization between individuals and countries hence the origin of the appeal for equitable distribution of wealth for the purpose of attaining a uniform economic growth across the globe. Much effort has been invested in this quest although always met with a lot of resistance from the high-class property owners. In some instances, the appeal has minimally succeeded for instance in Russia and Switzerland. The recent state of equality with regard to wealth distribution and ownership between different parties in the world has raised eyebrows as the gap between the poor and the rich continue to widen across the board. The rich still continue to earn more as the poor continue receiving diminishing wages in the world economic market. This is the state of the matter in most European countries with the exception of France, Japan, and Spain with Israel, Turkey and United States mostly trapped in the vicious circle of an increasing gap between the poor and the rich. On a broader dimension, economic inequality has been majorly experienced in the less developed regions of the world such as the Indian subcontinent as well as in sub-Saharan Africa. According to UniversityWorldNet, one of the most contributing factors to economic inequality and unequal wealth distribution around the globe is the trend and the nature of taxation in many countries which has not favored development in these regions.