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by obtaining a better education. It, therefore, means that the inequality gap between both widens.
While those financially stable can sustain themselves through better education implying that they
can get better pay, they also relatively increase their savings through the multiplier effect hence
widening the inequality gap.
Macroeconomic fluctuations play an important role in wealth stabilizing inequality in a
country. In essence, a growing inequality leads to a negative aggregate shock in demand.
Therefore, efforts to solve inequality should encompass both economic growth and economic
development (Palma and Joseph, 40). Moreover, aggressive implementation of financialization
policies can positively influence efforts to balance wealth inequality. The overall fiscal policy
framework can significantly affect inequality through leveraging progressive taxation and
regulation of an economy’s finance. Besides the principle in mainstream economics that personal
benefits should always be safeguarded, a proposition to implement a tax on broad incomes
including inheritance can significantly reduce inequality. On an individual basis, fiscal policies
should also be formulated to create more employment for the less privileged societies. Such a
move would help reduce the gap between the wealthy, middle class and the poor.
Globally, there exist transnational inequalities too. Global inequality is as important as
national inequality. Mitigating solutions to global inequalities would entail massive distribution of
resources mainly from the developed countries to the poor and developing countries. At such a
point, I would oppose such a move because each country is endowed with different resources.
Similarly, a country’s wealth is majorly determined by tax contribution of its citizens. Therefore,
each independent state should invest in engineering feasible ways to solve the inequality in each
country. By doing that, I think the global inequality would have been addressed. Lastly, Inequality
