Inequality and social trust

Won-Yong Oh

Chapter 4 in Market Capitalism and Social Responsibility, 2026, pp 61-75 from Edward Elgar Publishing

Abstract: This chapter examines the structural dimensions of inequality and their impact on social trust and mobility. It highlights how income inequality has evolved into a persistent structural problem reinforced by technological change, financialization, and globalization. Wealth inequality, driven by capital returns and inheritance, further entrenches disparities across generations. Intergenerational inequality in education, housing, and pensions undermines opportunities for younger cohorts, while declining social mobility erodes the belief in meritocracy and weakens trust in institutions. Historical lessons from the US Gilded Age illustrate how unchecked inequality fosters conflict and necessitates reform. Contemporary indicators such as the Atkinson index and intergenerational elasticity underscore the systemic nature of inequality and its consequences for cohesion, opportunity, and trust. The chapter concludes by emphasizing the need for institutional and corporate strategies to mitigate inequality and restore social stability.

Keywords: Structural Inequality; Social Mobility; Intergenerational Disparities; Wealth Concentration; Social Trust; American Dream (search for similar items in EconPapers)
Date: 2026
ISBN: 9781049409207
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