ECONOMIC INEQUALITY AND SOCIAL STRATIFICATION IN CONTEMPORARY SOCIETY

Abstract

Economic inequality and social stratification have emerged as defining structural conditions in the 21st century, shaping life chances, opportunities, and development trajectories across societies. Economic inequality encompasses disparities in income, wealth, consumption, and access to resources, while social stratification refers to the hierarchical arrangement of groups based on class, caste, race, gender, and other socio-cultural markers. Modern globalization, technological shifts, urbanization, financialization, and neoliberal reforms have created new complexities in socio-economic structures, deepening pre-existing disparities. While some groups experience unprecedented prosperity, significant populations remain excluded from growth benefits due to structural disadvantages. This chapter explores the conceptual foundations, historical roots, and contemporary dimensions of inequality and stratification, integrating classical sociological theories with modern research findings. It analyzes how inequalities are produced, reproduced, and legitimized through institutional norms, cultural practices, political systems, and market structures. The chapter also examines consequences for social mobility, democratic participation, public health, and societal cohesion. Finally, it outlines multidimensional policy strategies for reducing inequality, promoting inclusive growth, and ensuring social justice. Through an interdisciplinary lens, the chapter provides a comprehensive understanding of the persistent and evolving patterns of inequality shaping contemporary societies.