Dear FSN - Moderators,
The inequity is a serious issue that your organization has rightly pointed out. Therefore, kindly register some of my views on that.
1. By failing to address equity, one invites distrust, affiliation with adversaries, and polarization against governance. On the other hand, no individual in society can be considered equal. People who are creative will be able to produce more goods and services.
2. The World Economic Forum (2017) has published the Inclusive Development Index (IDI) with indicators, like growth and development (GDP per capita, employment, labor productivity, and healthy life expectancy), inclusion (median household income, poverty rate, income Gini, and wealth Gini), and intergenerational equity (adjusted net saving, public debt as a share of GDP, dependency ratio, carbon intensity of GDP). With poor, innovative, equity, and environmental health mobilization, the population may rise with an urge to produce more children who can collectively earn enough income to ensure food, health, and education security for the family.
3. In the United States alone, 0.1% of Americans enjoy 90% of the country's wealth, and in this situation, there is a need for an alternative economic system that respects ecological diversity, the environment, democracy, and social-economic equality, as well as facilitates fair and reasonable redistribution of income and wealth (Siddiqui, 2018).
4. Between 2009 and 2014, there was an increase in China's inequality, since people who support socialism are also inclined to be distrustful, and so, these findings suggest that rising inequality could have political repercussions.
5. As a result, machinery replaces labor in capitalist economies. This leads to unemployment. The amount of working hours per day is reduced in socialist countries. As a result, workers become sluggish and uncreative.
6. As the capitalist system cannot employ all the students passing out from the education system, and the socialist system is observed to promote laziness and lack of ambition; some students are drawn to (social) entrepreneurship to address, employment, equity, and the environment. As a result, universities and their extension networks should place a premium on student (social) entrepreneurship.
7. However, less innovative individuals who are unable to compete in the market will always remain. As a result, they may want lower-cost technologies, simple communication methods, and more and more coordinated participation in extension projects. Involving small-scale producers in the development of a cooperative procurement, production, processing, and promotion system may thus aid in bridging the rich-poor divide. Thus, the most substantial support that can be provided to displaced or idle persons from the capitalist and socialist systems, respectively, is providing additional educational assistance (through extension education programs) and job mentorship. This may also enhance the purchasing power of less innovative individuals while creating demand for goods and services created by more innovative individuals.
Regards
博士 Shekhar Ojha