USA HISTORY

Detailed explanation-1: -Income inequality is caused by a variety of factors, including historical racial segregation, governmental policies, a stagnating minimum wage, outsourcing, globalization, changes in technology, and the waning power of labor unions.

Detailed explanation-2: -Economists talk about two types of economic inequality: wealth and income inequality. Income inequality looks at how big the differences in what people get paid are in the economy.

Detailed explanation-3: -Conflict theory poses that economic inequality is detrimental to society because it creates a system of winners and losers. This theory sees the disparity as being a powerful group dominating over a weaker group of society.

Detailed explanation-4: -Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, a lower population-wide satisfaction and happiness and even a lower level of economic growth when human capital is neglected for high-end consumption.