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Income inequality can be examined both from a global and national perspective. This paper focuses mostly on the major economic and political issues related to inequality from a global perspective. An attempt will be made to explain how the world has changed over the past several decades due to the progressing globalization which is a set of social processes that appear to transform our present social condition of weakening nationality into one of globality. There is still much controversy over the definition of globalization and driving forces which determine the nature and speed of that process. The same holds true to various challenges connected with globalization and its impact on the well-being of everyone or just only on the richest people, companies and countries. This paper analyses the diverging incomes of rich and poor countries and the sources of rising inequality between those two groups of countries. It also discusses various approaches to measuring of inequality and income equality adopted in the individual countries. Many internal and external factors have been and will be playing an important role in the growth in inequality. Therefore it is highly unrealistic to expect that inequality will fall without some state intervention. The question remains unresolved what kind of state intervention would be needed in order to mitigate the rising inequality which will in the near future create the biggest challenge for the governments and societies of all countries in the world.

Globalization and income inequality: a critical examination of the major economic and political challenges