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Three key issues related to global inequality are health and social problems (such as education and social relationships), economic stability, and sustainability (Pickett, 2015). Inequality in nations correlates with higher mortality rates and poorer health; social cohesion is typically lacking in unequal societies, education levels are lower, and there is little progress towards poverty reduction in unequal societies. As Pickett (2015) notes, inequality also fosters a spirit of consumerism that is antithetical to the notion of the common good. In societies where there is greater equality, business leaders generally work together to achieve greater environmental care and implement sustainable practices to reduce their carbon footprint.
Some potential solutions to global inequality are to prevent the wealth gap from widening. This can be achieved by creating laws that prohibit Board members from enjoying lucrative contracts; Board should also be staffed by employee representatives. Earnings should be more equal and less heavily distributed to top level executives. A fairer ratio of pay should be implemented by law, thus preventing the wealthy class from making millions while the working class earns less than a tenth of what their managers make.
It is important to reduce global inequality because if we do not the gap between the rich and the poor will grow so wide that a new era of slavery will eventually commence—and it is already here in many ways. Wage slaves in Asia work for multinational and international companies; prisoners in the U.S. are forced to work for pennies on the dollar for the same companies. Plantations may be gone in the U.S. but slavery has never really ended—it was just offshored. If this continues, there will be little human empathy or sympathy left in the world, and no human society can stand in such a state.
References
Pickett, K. (2015). 5 reasons why we need to reduce global inequality. Retrieved from https://www.weforum.org/agenda/2015/09/5-reasons-why-we-need-to-reduce-global-inequality/