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Impact of Social Businesses on Economic Inequality Essay
Impact of Social Businesses on Economic Inequality Assignment
The global income inequality refers to the noticeable income gap between people at the highest end, and those paid the least in the same industry and the kind of privileges the two groups are entitled. The inequality is measured concerning a particular industry or in reference to states or economic zones in the world (Cook, 2017). According to a report released in 2015 by the International Monetary Fund (IMF), the gap between the rich and the poor is rising at unprecedented rates marking the highest standards in decades. The most affected are the developing economies and the poor communities in various parts of the world. The world led by multiple international organizations such as the UN and other monetary forums have raised this as a serious issue that requires immediate action (Gornick & Jäntti, 2014). The heightened concern of the growing gap between the rich and the poor is because of its effects on the society. Economic inequality leads to social crimes, increased corruption and bribery, poor public health, increased political injustices, and poor education standards among others (Grieco, Michelini & Iasevoli, 2015). This paper seeks to look into the matter and find out how well social enterprises can help to curb economic inequality across the globe.
Social businesses are initiated with the purpose of solving social problems that arise due to financial instability in the society. These businesses fight to solve social problems by undertaking projects that will help the community especially low-income earners without expecting dividends from the company. Profits made from social businesses are injected back to the society to start new projects or to expand the already started business to benefit more people in the targeted community (Laville, Young & Eynaud, 2015). Various business scholars view this as a significant way of uplifting the low incoming earners in the society to reduce the economic inequality. A community that has a high percentage of income inequality is likely to be faced with numerous injustices which mostly come due to lack of a voice to represent the lowly. The political and business class end up exploiting the low earners in the society with poorer salaries and few public resources or mismanaged resources. With poor education, access to resources and limited financial freedom, the economic inequality gap is likely to keep widening instead of reducing because the poor will become poorer as the rich grow richer.....................GET A PLAGIARISM FREE COPY