Globalization, defined by Merriam-Webster as “the development of an increasingly integrated global economy,” is inextricably tied to the global inequality that has shaped the lives of billions across the globe. Economists Thomas Piketty and Emmanuel Saez suggest globalization has led to an increasing gap between the rich and poor. The 2022 World Inequality Report highlights this gap, finding that the globe’s richest 10% have 75% of global income while the poorest 50% of individuals share just 2% of income. The issue of global inequality is exacerbated by a number of factors like gender and race. For example, research shows that women make up just 27% of individuals in the top 10% of the income distribution and less than 17% at the 1% income level. According to the U.S. Bureau of Labor Statistics, racial discrimination is also prevalent in the discussion of global inequality, with white workers earning approximately 22% more than Black workers. Other data strengthens this finding, highlighting that a median Black family owns $24,100 in wealth compared to the average $189,100 held by a median white family. Globalization has certainly played a role in increasing this high level of global inequality.
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