Timeline by

French Revolution

tbriggs3_1 — 2023-12-04 18:47:10 UTC

Colonialism

tbriggs3_1 — 2023-12-04 18:48:30 UTC

Well major European countries and other major countries were colonizing so they could increase their power, territory, influence, and economic power they created a large wealth inequality gap between the colonizing nations and the colonized. According to "Worlds together, Worlds Apart" on page 876 the industrialized countries that colonized would take the resources from the countries they colonized to use in their industries. This led to the native peoples in the colonized areas being treated unjustly by the colonizers and other natives that sided with the Europeans. Another example of this is found in "The Great Hanoi Rat Hunt" by Michael G. Vann shows the conditions that the native people of Vietnam were treated in Hanoi by the French. They were forced to live in a cramped section of the city and work low paying jobs. They were also given extreme punishments and were forced to work for free as another form of punishment. The colonization of the world by Eruopean and Western countries helped to make the colonizers wealthier and leave the colonized poor and without many options.

Industrial Revolution

tbriggs3_1 — 2023-12-04 18:49:21 UTC

The Great Depression

tbriggs3_1 — 2023-12-04 18:49:29 UTC

The Great Depression made the economic inequality worse. In the United States it led to 25% of the population to be unemployed. This did lead to everyone losing money but the people who were already less fortunate lost everything they had. This was felt worldwide with nearly every country having a decline in their economy. With such a huge loss in global wealth it was extremely difficult for people to rebuild, and it led to people losing trust in liberal democracies. There was a large push around the world to move to either socialism or fascism. These pushes were accepted in some countries such as Germany and Italy. In many countries many socialist policies were passed to help the economy and help with the inequality. These policies helped people start working again but did little to help with the wealth inequality. According to "Worlds Together, Worlds Apart" on page 876 people were expected to help themselves to get out of the depression and not expect government handouts.

The Great Recession

tbriggs3_1 — 2023-12-04 18:57:45 UTC

The Great Recession showed the world the issue with the lack of rules and regulations these large banks had. According to "Worlds together, Worlds Apart" in chapter 22 page 926 banks were able to invest in the ever-expanding housing market with little regard to the risk involved. This led to a huge global recession that started in the United States and quickly spread because of the globally connected economy. The unemployment rate skyrocketed well the entire housing market failed.

Globalization

tbriggs3_1 — 2023-12-06 19:01:14 UTC

A major reason why wealth inequality is the way it is now is from globalization. Globalization led to the integration of different countries' economies and cultures. This massive spread of the world's economies has led to the people already benefiting from the capitalist system to gain more influence. This led to more people all over the country to be faced with impacts of such a large wealth inequality around the world.