Global Societal Issues
Global societal issues encompass social, economic, environmental and even political problems that are faced by people and countries around the world. They might be considered specific to a particular place or country, but they affect the rest of the world in one way or another. The issues I would like to address are minimum wage and tax havens. Both of these issues have political and economic implications in the countries where they are prevalent. However, one of these issues is considered direr by the ordinary citizenry in the united states and other countries. That issue is minimum wage, and it is the one that will be addressed in this paper.
The process of narrowing down to a specific issue has entailed paying attention to the issues that a country can resolve or otherwise using the structures available. The minimum wage can be reviewed upwards or downwards using legislation. In the case of the tax havens, they are usually beyond the influence of the regulatory and legislative bodies of the countries affected. The negative economic and social impacts of the tax havens cannot be dealt with quickly. Minimum wage, on the other hand, can be handled by the legislative and legal bodies. Hence, it is more productive to discuss the minimum wage.
In the identification and analysis of the credibility of the sources used, the first step is to look at where the source has been published. The author of the source and his/her qualifications are the next items that should be checked. Third, the audience that the source has been intended for is determined to ensure its relevance.
The first minimum wage laws in the US were set in 1938 to prevent a power imbalance between the employees and employers (Lundstrom, 2017). In the absence of a fixed minimum wage, the employers are likely to offer meager wages and, in the process, destroy the purchasing power of the employees (Abd Karim, Chan & Hassan, 2016). Minimum wage ensures that the employees are not exploited and, in the process, ensures a healthy economy. Most of the states in the US have revised the minimum wage upwards to the federal hourly rate of $7.25 (Lundstrom, 2017).
Scholarly sources need to be used to support writing to prevent cases of plagiarism. They also ensure that the information written is factual, verifiable and not just opinions of the writer.
Lundstrom, S. M. (2017). When Is A Good Time To Raise The Minimum Wage? Contemporary Economic Policy, 35(1), 29-52. doi:http://dx.doi.org/10.1111/coep.12169
Abd Karim, M. Z., Chan, S., & Hassan, S. (2016). Minimum wage policy and country’s technical efficiency. International Journal of Economics and Financial Issues, 6(4)