Essay Example on Reducing Inequality Within and Among Countries

2021-07-16 17:06:26
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Essay
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Global inequalities are increasing and pose a threat to the fight against poverty and sustainable development. According to Max (2016), an increase in inequalities among nations has limited the opportunities for social groups to make significant and participate in the contribution of cultural, social, economic and political life. The international community is working ensuring that it lifts people out of poverty. Concerning this, Goal 10 motivations are on reducing inequality among countries. Its advocacy is to deliver sustained income growth to the poverty-stricken communities which cover over 40% of the global population (Max, 2016). It also aims at achieving empowerment and economic, political and social inclusion for all people by 2030. Goal 10 also is there to ensure all people get equal opportunities by eliminating discriminatory laws, practices, and policies. It likewise visualizes upgraded portrayal and a more significant opinion for developing countries in fundamental leadership inside global monetary and money related establishments. The concern on inequality focus on the top and bottom ends of the income distribution.

The agenda for change has been to increase the effectiveness and impact of the right development policies. The key policies and principle priorities have been implemented to address the issue of differentiation, concentration, coordination, and coherence. The international community ensures that it gives a premise to enhancing common responsibility and straightforwardness on advancement comes about. Milanovic (2016) indicates that there should be a continuation to assess the effect of approaches on improvement destinations to guarantee Policy Coherence for Development. Additionally, it reinforces area level discourse on PCD and keeps on promoting it in worldwide fora. Milanovic (2016) further suggests that the policy priorities put forward by the international community ensures democracy, human rights, and good governance are exercised. Good governance has to be recognized in economic, political, environmental and social terms. The international community achievements should be centered on the promotion and support of the rule of law, democracy, civil society, gender equality, local authorities, corruption, administration, public sector management and tax policy (Carpentier, Passos, & Kozul-Wright, 2015). The inclusivity and sustainable development of human development should be strengthened on the health, education and social protection. The international community needs to give support to sectors that guarantee development outcomes like the energy sector, sustainable agricultural sector together with natural resource management. The sectors hat crease enabling condition for sustainable and inclusive growth, for instance, the private sector development, financial tools and regional integration has to be supported by the international community.

More emphasis also needs to be put in the private sector development which accounts for over 90% of the jobs and 84 % of Gross Domestic Product (GDP) in developing countries (Max, 2016). The private sector is placed at the top player in improving people's lives and delivery on the promise of socially and sustainable, inclusive economic development. The financial support from the international community to the private sector has not been augmented well. What the international community needs to do is to add more funds to support for private sector development (Milanovic, 2016). More focus has to be put in assisting the micro, small and medium enterprises. This structures some portion of another global approach, another worldview for practical improvement, in which the private segment assumes an essential part. The development of private sector plays a significant role in creating employment, improving peoples living conditions and enhancing economic growth. It also incentivizes individuals to invest in skill acquisition and education. The development of the private sector increases people's access to goods and services which among them is clean water, energy, and sanitation. The private sector also generates a lot of revenue for governments hence contributing to the funding of many development projects (Carpentier, Passos, & Kozul-Wright, 2015). It is also through private sector development that we see an increase in diversification and entrepreneurship of the economy.

Fig: Private sector development

To address inequality, there needs to be an implementation of the principle of different and special treatment for developing countries that are aligned with the World Trade Organization agreements. Trade is a basic essential factor for a sustainable economic growth and development in which developing countries face internal constraints that have been a stumbling block for them to access the economic benefits of expanded trade (Carpentier, Passos, & Kozul-Wright, 2015). What the World Trade Organization has acknowledged these challenges and introduce the Aid for Trade Initiative as a balance to the Doha Development Agenda. The Aid for Trade Strategy was developed to help developing countries participate in the international trading system by taking advantages of enhancing their trade efficiency and benefit from economic openness. The developing countries have also been allowed to pay less and free for other goods that are exported to the European Union.

The Generalized Scheme of Preference (GSP) has been the reason for reduced tariffs on exports from developing countries. There have also been bilateral trade negotiations whereby states have been given the opportunity to create economic opportunities. These talks are there to ensure a reduced cost of trade by eliminating customs duties, increase investment opportunities and open up new markets (Carpentier, Passos, & Kozul-Wright, 2015). There has also been the encouragement of financial flow and development assistance which includes foreign direct investment to states that need greater assistance and more importantly developing, landlocked and African countries in harmony with the national programs and plans. Openness in trade is an essential condition to a long-term economic development. The implementation of trade laws has increased the trade in developing countries. Today, developing countries trace account for over half of all exports.

In conclusion, an increase in inequalities among nations has limited the opportunities for social groups to make significant and participate in the contribution of cultural, social, economic and political life. The stability of developing countries needs to be strengthened to make forums of financial institutions and international economics. Goal 10 aims in achieving empowerment and economic, political and social inclusion for all people by 2030 and also ensuring equal opportunities by eliminating discriminatory laws, practices, and policies. The international community achievements should be centered on the promotion and support of the rule of law, democracy, civil society, gender equality, local authorities, corruption, administration, public sector management and tax policy. The development of private sector has to be taken into account by the international community because it plays a significant role in creating employment, improving peoples living conditions and enhancing economic growth. Trade is a basic essential factor for a sustainable economic growth and development hence developing countries must be helped to participate in the international trading system by taking advantages of enhancing their trade efficiency and benefit from economic openness. Income inequality is a worldwide issue that requires worldwide arrangements. This includes augmenting the mechanism and discerning of financial practicalities and markets, empowering development support and external direct venture to regions where the necessity is most protuberant. Encouraging the sheltered movement and versatility of individuals is likewise key to connecting the broadening isolate.

 

References

Carpentier, C. L., Passos, F. D., & Kozul-Wright, R. (June 24, 2015). Reduce inequality within

And among countries. Un Chronicle, 51, 4, 23-25.

Chantal, L. C., Richard, K.-W., & Fabio, D. P. (January 01, 2015). Reduce inequality within and

Among countries. Un Chronicle, 51, 4, 23-25.

Max. (2016, September 15). SDG 10 Reduce inequality in people, within & among countries.

Retrieved October 12, 2017, from http://www.mdgmonitor.org/sdg10-reduce-inequality-in-people-within-and-among-countries/

Milanovic, B. (2016). Global inequality: A new approach for the age of globalization.

Cambridge: The Belknap Press of Harvard University Press.

World Health Organization. Regional Office for the Western Pacific. (2016).Sustainable

Development goals (SDGs): Goal 10: Reduce inequality within and among countries. Manila: WHO Regional Office for the Western Pacific.

 

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