Question

Based on this lesson's concepts, what are some possible solutions that would allow for greater equality in global economic development?

Answer 1

Answer:

Some possible solutions to allow for greater equality in global economic development are safety nets like social protection floors, to combat segregations between rich and poor, rural and urban, and to foster equal access to food and work.

Explanation:

In order to allow for greater equality in economic development around the world governments and other economic actors will have to commit to new development goals that are more sustainable and that recognize the multidimensional nature of poverty. This includes working towards combatting the segregations that occur in our current urban environments particularly in cities of the global south that perpetuate the divide between rich and poor and urban and rural and often make it hard to secure equal access to food and work. Safety nets and social protection floors like essential health care and basic income security need to exist for vulnerable populations like single mothers and the elderly who are disadvantaged at gainful employment and acquiring more skills. The taxation systems should also be reformed so the focus is less on taxing consumption and more on taxing wealth. Allowing asset building for lower middle class and poor populations in underdeveloped economies is also important and tax reforms should address this.