Abstract
This study tries to find the relationship among poverty inequality and growth. It also tries to connect the Karl Marx’s thoughts on functional income distribution and inequality in capitalism. Using the Household Income and Expenditure Survey of 2010 and 2016 this study attempt to figure out the relationship among them. The incidence of poverty in Bangladesh is one of topmost in this globe; about 25% of the population is living under poverty lines and 12.3% of its population is living under the extreme poverty line. The major finding of this study is poverty has reduced significantly from 2000 to 2016, which is more than 100% but in recent time poverty reduction has slowed down. Despite the accelerating economic growth, the income inequality also increasing where the rate of urban inequality exceed the rural income inequality. Slower and unequal household consumption growth makes sloth the rate of poverty reduction. Average annual consumption fell from 1.8% to 1.4% from 2010 to 2016 and poorer households experienced slower consumption growth compared to richer households.
Highlights
Poverty is a lagging economic indicator (Rector, 2004) and global inequality is the major concern in the recent era, which is rising at an alarming rate
Bangladesh has been suffering in extreme poverty last few decades
Unequal household consumption growth of Bangladesh is the main cause of slower rate of poverty reduction
Summary
Poverty is a lagging economic indicator (Rector , 2004) and global inequality is the major concern in the recent era, which is rising at an alarming rate. Inequality is transferred from one generation to another through the environment of services and opportunities which surrounds each individual. According to recent Oxfam report, 82% of the wealth generated last year went to the richest 1% of the global population, which the 3.7% billion people who make up the poorest half of the world population had no increase in their wealth in another word poorest half of the world got nothing (Oxfam International , 2018). Which is the clear indication of exploitation of labor and these economics rewards are increasingly concentrated at the top from bottom. A CEO in the US earns the same as the ordinary worker makes during the whole year and on average, it takes just over four days for a CEO from the top five companies in the garment sector to earn what an ordinary Bangladeshi woman worker earns in her whole lifetime
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