US Stratification and Social Mobility

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For a long time, there are two various types of inequalities, which humanity is facing worldwide. The first one is inequality within nations, and the second one flourishes between them. Recently, the US authorities have begun to tackle disparity issues and have led the country to the greatest changes. However, class differences and upward or downward social mobility still affect society, therefore, the purpose of this paper is to describe and discuss the following phenomena.

Although it is getting more complex to define what class somebody is in by material goods, the stratification is seen today. There are four major classes: the upper, the middle, the working, and the lower, and they are determined by income, education, and occupation. According to Milanovic (2016), “the richest 1 percent (by wealth) hold three-quarters of their wealth in the form of corporate stocks, financial securities, and unincorporated business equity” (p. 184). Consequently, the overall capital concentration will sustain the upper-class’s political power, making impracticable policy changes in taxation, public education financing, or infrastructure expenses for other strata.

Moreover, the causes for upward or downward social mobility limitations do not take the last place on the list of current problems. Mobility is empowered to a limited extent by higher education, the capability to work hard and compete, various social networks, and even ownership of tools. However, “people with lower incomes are especially prone to overestimate overall upward mobility, and they expect that they have more room to move up than the rich who are already at the top” (Milanovic, 2016, p. 203). For example, family background influences one’s social class in adulthood due to the environment a person grew up in, the acquaintances they made, financial well-being, or whether they gained a proper education. Furthermore, the wealth gap is expanding because of globalization, immigration, and routine task robotization. Even the COVID-19 pandemic has contributed to economic issues, and therefore the income inequality.

In conclusion, it is necessary to underline that the US impact on the disparity changes in emerging and prosperous economies is significant. If the inclination toward mean salary assembly proceeds, the possibilities for the decrease of worldwide imbalance could be crashed by what befalls disparity inside individual nations. Thus, one should maintain that it is always vital to track changes in this field, describe them, and organize the discussions either on the high or the low authority level.

Reference

Milanovic, B. (2016). Global inequality: A new approach for the age of globalization. Harvard University Press.

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