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ECONOMIC INEQUALITY AS AN OBSTACLE TO DEVELOPMENT
Shtybel, Ulyana Artemenko, Elena
Shtybel, Ulyana
Artemenko, Elena
Author(s)
Shtybel, Ulyana
Artemenko, Elena
Artemenko, Elena
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Keywords
economic inequality, social justice, income redistribution, Economic Security, ethic, social finance, social capital, on-line communities
GE Subjects
Political ethics
Economic ethics
Business ethics
Ethics of economic systems
Community ethics
Lifestyle ethics
Economic ethics
Business ethics
Ethics of economic systems
Community ethics
Lifestyle ethics
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Abstract
Top priority for far-sighted developing society in nowadays global inter-connected world is addressing the issues of poverty and economic inequality. It can be argued that today’s standards of living across the world are a direct result of economic progress that has been registered over the years. It is also, however, true that millions of people are still trapped into abject poverty while few dozens of people control the wealth that could save many lives. Economic inequality has been a common threat throughout the history of mankind. Traditionally, the working class has been poorly protected from exploitation by a numerically small elite ruling class. This situation remains today, threats of global poverty and economic inequality particularly acute in contemporary society as the brakes of its development process, logically that we are not living in the Middle Ages to tolerate these facts. Thus obstacles to global justice and social welfare are the challenges we should consider and conduct deep research on the role of corporations and international institutions in global governance for sustainable development. The aim of the research paper is to explore economic inequality in European and non-European countries by the Gini coefficient, to analyse the causes of the problem and present the solution for problem-solving - eradicate economic injustice by developing alternative model of financial and fiscal policy, in accordance to global social challenges and main future priorities, including specific objectives of the “Europe 2020” Strategy, for “smart, sustainable and inclusive growth”. Theoretical background and measurement of economic inequality in European and non-European countries are explored in the first chapter of the paper. Economic equality and justice in frame of the Economic Security are discussed in second chapter. The third chapter shows some aspects of Behavioral economics, indicates the growing impact of Corporate Social Responsebility Management and the logical need of community involvement to International Social Justice and Economic Equality Initiative. Forth chapter proves the idea of social capital development as a precondition for economic development, achieving social and economical equality in sociaty. The paper emphasize the necessities to intensify global policy towards achieving economic equality in developing countries, adopt new social-oriented model of financial system, responsible public financial management development, legalize the concepts of Corporate Social Responsibility (CSR) and ethical banking, increasing pro-social impact of business and financial institutions, reorient the ordinary taxation system to the system of tax incentives by the ethical criteria. As the issue of contemporary society (top ranked problem at Davos Global Risks 2012 list) economic inequality should be declined by moral methods, new solutions must be toward Sustainable Development and toward implementation of the Millennium Development Goals, even after year 2015 (Post-MDGs Development Agenda). Nevertheless contemporary Capitalized Economies are obviously exhausted; there are some other revolutionary options for socio-economical development based on moral and ethics values, safe economic behavioure.
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Conference proceedings
Date
2012
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With permission of the license/copyright holder