Impact of financial crises on social equality among countries: A systematic review

Abstract

The study aims to assess the impact of financial crisis on social equality, in terms of income and wealth distribution, across countries. Specifically, it covers the implications of the great depression, the global financial crisis on both developing and developed nations. A qualitative research approach was adopted with the intention of synthesizing the relevant literature to collect the secondary data. Furthermore, semi-structured interviews were used to gather the primary data and were analyzed using thematic content analysis. Study findings indicate that there are numerous variables, which vary from country to country, that affect how the global financial crisis has affected the distribution of income and wealth among countries. The wealth gap between the rich and the poor in developed economies has lately reached its largest point. Even while there are still significant disparities in access to resources like money, healthcare and education, inequality has lessened in some of these nations and is more diversified in developing ones. Both developed and developing countries suffer when trade, commerce, and government spending are slashed during financial crises. Millions of jobs are lost as a result, and this occurs globally and disproportionately. Furthermore, a conceptual framework has emerged upon the concise review of the existing literature, to draw attention to the consequent effects of the global financial crisis on social equality among countries. The study also provides a variety of results that adds to the corpus of knowledge, and have a significant policy implications for reducing the consequent effects of financial crises among counties.

Keywords

• Economic crisis
• income
• wealth distribution
• inequalities.

Impact of financial crises on social equality among countries: A systematic review

Abstract

Purpose: The study aims is to assess the impact of financial crisis on social equality, in terms of income and wealth distribution, across countries. Specifically, it covers the implications of the Great Depression, the recent financial crisis on both developing and developed nations. Proposed Design/Methodology/Approach: A qualitative research approach was adopted with the intention of synthesizing the relevant literature to collect the secondary data. Furthermore, semi-structured interviews were used to gather the primary data and were analyzed using thematic content analysis. Findings An in-depth analysis of the literature shows that there are numerous variables, which vary from country to country, that affect how the global financial crisis has affected the distribution of income and wealth among countries. The wealth gap between the rich and the poor in developed economies has lately reached its largest point. Even while there are still significant disparities in access to resources like money, healthcare and education, inequality has lessened in some of these nations and is more diversified in developing ones. Both developed and developing countries suffer when trade, commerce, and government spending are slashed during financial crises. Millions of jobs are lost as a result, and this occurs globally and disproportionately. Practical Implications: The study offers a variety of results that have significant policy implications for reducing the consequences of financial crises among counties. Originality/value: The research adds to the corpus of knowledge by supporting the critical discussion on how the financial crisis affects social equality.

Keywords

• Economic crisis
• income
• wealth distribution
• inequalities.

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