Posted: February 19th, 2023

Sociological Perspectives on Rising Income/Wealth Inequality and Implications for Social Cohesion

Sociological Perspectives on Rising Income/Wealth Inequality and Implications for Social Cohesion

Income inequality is the unequal distribution of income among individuals or groups within a society. Wealth inequality is the unequal distribution of assets, such as property, savings, stocks, and bonds, among individuals or groups within a society. Both income and wealth inequality have been rising in many countries around the world, especially in advanced economies, since the 1980s. This trend has been driven by a combination of political, economic, and social factors, such as neoliberal policies, globalization, technological change, labor market deregulation, tax reforms, executive pay, union decline, and welfare state retrenchment. These factors have contributed to widening the gap between the rich and the poor, as well as between the middle class and the top earners.

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Rising income and wealth inequality have significant implications for social cohesion, which is the degree of trust, solidarity, and cooperation among members of a society. Social cohesion is essential for maintaining social order, promoting social justice, and fostering social well-being. However, high levels of income and wealth inequality can undermine social cohesion by creating social divisions, conflicts, and resentments among different groups. Moreover, income and wealth inequality can affect various aspects of social life, such as economic opportunity, social mobility, political polarization, poverty, deprivation, crime, family stability, health outcomes, and civic participation.

Some of the main sociological perspectives that can help us understand the causes and consequences of income and wealth inequality and their impact on social cohesion are:

- Functionalism: This perspective views society as a system of interrelated parts that work together to maintain stability and harmony. According to this perspective, income and wealth inequality can have positive or negative effects on social cohesion depending on whether they are functional or dysfunctional for society. Functional inequality is when income and wealth differences reflect differences in skills, abilities, contributions, or rewards that are beneficial for society. Dysfunctional inequality is when income and wealth differences create social problems or injustices that are harmful for society. For example, functional inequality can motivate people to work harder, innovate more, or invest more in education or training. Dysfunctional inequality can lead to poverty, exploitation, discrimination, or alienation.

- Conflict theory: This perspective views society as a arena of struggle and competition among different groups that have conflicting interests and goals. According to this perspective, income and wealth inequality are the result of power imbalances and structural violence that favor some groups over others. Income and wealth inequality are also sources of social conflict and instability that threaten social cohesion. For example, income and wealth inequality can create class divisions and antagonisms between the rich and the poor or between the capitalists and the workers. Income and wealth inequality can also generate social movements or revolutions that challenge the existing order or demand social change.

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- Symbolic interactionism: This perspective views society as a product of social interactions and meanings that people create and share through symbols, such as language, gestures, or objects. According to this perspective,
income and wealth inequality are not only material phenomena but also symbolic phenomena that affect how people perceive themselves and others in relation to their income and wealth status. Income and wealth inequality can also influence how people communicate and interact with each other in different situations or contexts. For example,
income and wealth inequality can shape people's identities,
attitudes,
values,
beliefs,
norms,
expectations,
or behaviors regarding their own or others' income
and wealth level.
Income
and wealth
inequality
can also affect
people's
social relationships,
networks,
or ties
with
others
who have similar
or different
income
and wealth
level.

References:

- Polacko M (2021) Causes and Consequences of Income Inequality – An Overview. Statistics Politics Policy 12(2). DOI: 10.1515/spp-2021-0017.
- Krammer SMS et al (2022) Income inequality,
social cohesion,
and crime against businesses:
Evidence from a global sample of firms.
Journal of International Business Studies 54:385–400.
DOI: 10.1057/s41267-022-00535-5.
- Nolan B et al (eds) (2018) The Social Impact of Income Inequality: Poverty,
Deprivation,
and Social Exclusion.
Oxford University Press.
- Beddoe L et al (2017) Rising wealth
and income
inequality in Australia
and New Zealand:
A sociological challenge for our times.
Aotearoa New Zealand Social Work 29(3):5–13.
DOI: 10.11157/anzswj-vol29iss3id283.

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