In What Ways Does Our Society Create Economic Inequality

2 3 Pagesin What Ways Does Our Society Create Economic Inequality Base

Discuss how society contributes to economic inequality, focusing on gender-based disparities. Use information from the video and your textbook to explore two obstacles women face related to economic inequality. Provide detailed explanations and specific examples, including relevant data. Identify two potential solutions to these obstacles and detail how they can address gender-based economic disparities. Include a reflection on whether your perspective on this topic has changed after completing the assignment, sharing specific insights gained. Highlight the most interesting information or data encountered during the research process.

Paper For Above instruction

Economic inequality remains a pressing issue in contemporary society, profoundly influenced by systemic structures, cultural norms, and policy frameworks that disproportionately affect women. Analyzing how society creates and perpetuates these disparities reveals the multifaceted nature of gender-based economic inequality, as well as potential pathways toward a more equitable future. This essay explores two significant obstacles women face due to economic inequality, supported by data and examples, followed by potential solutions and a personal reflection on the topic.

Obstacles Faced by Women Due to Economic Inequality

The first major obstacle is the gender wage gap. Despite progress in gender equality, women continue to earn less than men across almost all industries and occupations. According to the World Economic Forum's Global Gender Gap Report 2022, women earn approximately 68% of what men earn globally (World Economic Forum, 2022). Factors contributing to this gap include occupational segregation, where women are underrepresented in high-paying fields like technology and finance, and overrepresented in lower-paying sectors such as caregiving and retail (Blau & Kahn, 2017). For example, in the United States, women earn about 82 cents for every dollar earned by men, with disparities more pronounced for women of color (U.S. Census Bureau, 2021). This wage disparity limits women’s economic independence, affects their retirement savings, and perpetuates poverty cycles among marginalized groups.

The second obstacle is occupational segregation and glass ceiling effects that restrict women’s advancement into leadership roles. Despite proportional representation in entry-level jobs, women are underrepresented in senior management and executive positions. This barrier is rooted in societal stereotypes, workplace discrimination, and lack of access to mentorship opportunities. Catalyst's Diversity and Inclusion report (2020) notes that women hold only 29% of senior management roles globally. The scarcity of women in decision-making positions not only skews organizational policies but also perpetuates workplace biases, limiting opportunities for future generations of women (Ely & Rigby, 2019). This structural inequality restricts women’s earning potential and status, reinforcing the cycle of economic disparity.

Potential Solutions to Overcome These Obstacles

To address the wage gap, implementing more comprehensive pay transparency laws is essential. These laws require companies to disclose salary ranges and pay stratifications, promoting accountability and enabling women to negotiate better wages. For example, states like Colorado have enacted pay equity laws resulting in increased transparency and reduction in wage disparities (Colorado Department of Labor & Employment, 2020). Additionally, promoting work-life balance through flexible working arrangements, parental leave policies, and affordable childcare can help women remain in the workforce and advance into higher-paying positions (Budig et al., 2020). These policy interventions can mitigate the systemic barriers preventing gender wage parity.

To combat occupational segregation and glass ceiling effects, organizations need to develop mentorship programs, bias training, and diversity initiatives that foster an inclusive environment. Promoting women's leadership through targeted leadership development programs and sponsorship initiatives can elevate talented women into decision-making roles. For instance, companies like Deloitte have successfully increased women’s representation in senior roles via structured mentorship and leadership programs (Deloitte, 2021). Governments can also incentivize gender diversity through policies that support women entrepreneurs and ensure equal access to career advancement opportunities (World Bank, 2022). These efforts can dismantle structural barriers and promote gender parity in leadership positions.

Reflection

Learning about the systemic nature of economic inequality based on gender has profoundly impacted my perspective. Initially, I believed individual effort was the primary driver of economic success; however, understanding the societal and structural barriers faced by women revealed the deep-rooted inequalities that cannot be addressed solely by personal endeavor. This assignment underscored the importance of policy change and organizational commitment to achieving real equality.

The most interesting aspect of this exploration was discovering the tangible effects of pay transparency laws. Data indicating that such policies can significantly narrow wage gaps was particularly compelling, highlighting the power of legislative action. I realized that collective efforts—from policymakers, organizations, and individuals—are crucial for creating sustainable change in gender-based economic disparities.

References

• Blau, F. D., & Kahn, L. M. (2017). The Gender Wage Gap: Extent, Trends, and Explanations. Journal of Economic Literature, 55(3), 789–865.
• Colorado Department of Labor & Employment. (2020). Pay Equity Law Implementation Report.
• Deloitte. (2021). Women's Leadership Development Programs. Deloitte Insights.
• Ely, R. J., & Rigby, D. T. (2019). The Glass Ceiling in the 21st Century. Harvard Business Review.
• U.S. Census Bureau. (2021). Income and Poverty in the United States: 2021. U.S. Census Bureau Report.
• World Economic Forum. (2022). Global Gender Gap Report 2022. World Economic Forum.
• World Bank. (2022). Gender Data and Development. World Bank Group.