HOW TO ADDRESS INCOME INEQUALITIES
Vedantic principles, rooted in the ancient philosophy of Vedanta, offer insights and guidance on how to address income inequalities in society. Vedanta emphasises the unity of all beings and the interdependence of all aspects of existence. This perspective offers several ideas on how to approach the issue of income inequality. In recent years, there has been progress in reducing income inequality between countries due to strong economic growth in emerging economies, particularly in Asia. However, income inequality within countries has increased in the majority of countries over the past three decades, with 71 percent of the world’s population living in countries where inequality has grown. This rise in inequality is due to the increasing concentration of income and wealth at the top, with the share of income going to the top one per cent of the global population increasing in 46 out of 57 countries with data from 1990 to 2015. Additionally, there are inequalities within communities and households, with up to 30 percent of income inequality attributed to inequality within households. Inequalities of opportunity affect a person’s access to basic services such as healthcare, education, water, and sanitation, and can curtail a person’s human rights. Rising inequality has negative impacts on economic and social mobility, human development, and economic growth, and can trigger social discord, tensions and conflicts.
