1. Introduction

In essence, this work can serve as a very detailed introductory guide to those new to the field of global financial systems and burgeoning technology, as well as academics and industry professionals who wish to further comprehend and appreciate the potential impact of this new digital era.

There is an ongoing debate as to the potential benefits and risks that cryptocurrency and blockchain technology pose to the industry, and how global financial bodies – such as central banks and regulators – should react. This study intends to provide not only a comprehensive introduction to how this dynamic and averse financial landscape works, but also seeks to support and engage in the current discourse by providing knowledgeable insight and understanding.

This study will seek to explore the impact of these technologies in syncing global financial markets by providing a complete journey of the major underlying workings of both the blockchain and cryptocurrency, as well as their implications. Given the vast development and speed in adoption of these technologies over the last decade, and particularly following on from the recent digital revolution that has resulted from the coronavirus pandemic, there is a scarcity of academic research in interfacing these new technologies within existing financial systems and regulation.

However, as innovative and exciting as cryptocurrency technology is, these rapid developments have left many in the field feeling slightly bewildered and unsure as to what either cryptocurrencies or blockchain technology actually mean – particularly within the established structures of financial markets and regulation.

The rapid and increasing use of the internet and technology in everyday life has meant that traditional methods of transacting money are also evolving and changing. For example, when was the last time you paid for something in cash, or visited a bank or building society to transfer money? Many commentators believe that the use of blockchain and cryptocurrencies could revolutionize the way money is used, invested, and traded, much in the same way that the internet did for online shopping and information.

The emergence of cryptocurrency and blockchain technology has introduced a new and dynamic layer to financial markets. Cryptocurrencies present a new kind of digital or virtual currency. They rely on technology that acts as a distributed ledger, a record of all transactions that is maintained and verified by a network of computers rather than a centralized authority. This technology – referred to as blockchain – is the driving force behind the disruptive potential of cryptocurrencies to the broader financial landscape.

1.1 Background

Cryptocurrency, also known as virtual currency, is a digital asset designed to work as a medium of exchange where individual coin ownership records are stored in a digital ledger or computerized database utilizing strong cryptography to ensure transaction records. As a result, cryptocurrency transactions are secure and private. Each cryptocurrency uses a decentralized technology called blockchain, which is a public financial transaction database that is digitized and works on a secure, underlying technology known as distributed ledger technology. This makes the cryptocurrencies resistant to any form of control from the outside, such as a central bank and, importantly, makes the cryptocurrencies for the most part global and immune to the effects of local politics and geological instability. Blockchain technology is similar to the internet in that it has a built-in robustness. By storing blocks of information that are the same across its network, the blockchain cannot be controlled by any single entity and has no single point of failure. As such, it has the possibility to disrupt many industries by “decentralizing” processes and eliminating the need for trust between users – for example, intermediaries such as banks in financial services. Blockchain was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and was implemented the following year as a core component of the digital currency Bitcoin, the first cryptocurrency. Since the inception of Bitcoin, over 4,000 altcoins (alternative variants of Bitcoin) have been created and adopted for some form of application, such as Litecoin and Ethereum. Despite the name, cryptocurrency doesn’t operate like traditional currency. The most important feature of a cryptocurrency is that it is not controlled by any central authority: the decentralized nature of blockchain makes cryptocurrency theoretically immune to the old ways of government control and interference. Cryptocurrencies can be sent or received anywhere in the world, and may offer a lower transaction fee than traditional online payment methods. For these reasons, many different organizations and governments are excited about the potential use of cryptocurrency and blockchain to disburse funds, creating a more equitable system of money distribution on a global scale where power is no longer held by the few. However, the reluctance and at times hostility of some national governments to fully embrace blockchain and cryptocurrencies suggest that this vision will take significant work to put into effect. The motivation for this study is to explore how the advent and increasing presence of cryptocurrency and blockchain technology have impacted and will continue to impact the financial markets. Specifically, this study will focus on the disruptive potential of cryptocurrency and blockchain technology in areas such as investment banking, payment systems, and risk management. Moreover, the study aims to showcase the emergence of new financial products and services utilizing cryptocurrency and blockchain. It will also address the foreseeable regulatory challenges in the cryptocurrency and blockchain space and present a future outlook and recommendations for the envisioned fintech penetration into traditional financial markets. By providing systematic research of various aspects and impacts of cryptocurrency and blockchain technology on financial markets, this study will contribute to the much-needed comprehensive understanding and foster more research into the fintech area.

1.2 Purpose of the Study

The combination of cryptocurrency and blockchain technology has given birth to a new asset class that has caught the interest of investors and industrial players alike. The high level of excitement and speculation that now characterizes the cryptocurrency market means that this market is of high research interest. The purpose of this research is to review how cryptocurrency and blockchain technology have impacted the financial market so far and to judge if this is just another technological fad or if the impacts are substantial enough to spur long-term structural changes in the financial world. By analyzing how cryptocurrency and blockchain technology challenge the traditional financial market and by looking into what new financial products and services have been made possible by the rise of this technology, the main purpose of the study is to expose the transformative potential of cryptocurrency and blockchain technology in a number of critical areas in finance, including banking, investment, and payments. It is hoped that the findings of this research will give valuable insights to financial stakeholders like banks, payment companies, and investors on what to expect and how to make the best use of the new opportunities as well as coping with the changes that are brought about by this revolutionary technology. By discussing the disruptive impacts of cryptocurrency and blockchain technology on three essential components of the traditional financial world, namely investment banking, payment systems, and risk management, and by studying the new financial landscape that has been created such as the rise of cryptocurrency as a digital asset class and the emergence of new ways of raising capital like initial coin offerings, we seek to answer this research question throughout the essay. This research attempts to examine how cryptocurrency and blockchain technology affect not just the basic ways in which financial activities are carried out but also new dimensions in the digital era, in particular the disintermediation of the financial ecosystem which brings about the new notion of digitalized ‘trust’ and a more transparent, fairer environment to both providers and consumers of finance. By understanding the mechanics of these changes, we can also understand the reasons for the current regulatory dilemmas and challenges as well as uncover the potential of this evolving digital finance era.

1.3 Research Questions

Based on the growing trend of cryptocurrency and the heated discussion it has raised around the world, it is interesting to explore the impacts of cryptocurrency on the financial market. In general, the research questions to be addressed include the following: whether cryptocurrency will substitute the traditional fiat currency issued by the government as the standard currency in the future; what is the main advantage of cryptocurrency that draws more and more attention in the financial market; whether blockchain, as the underlying technology which powers cryptocurrency, will also affect the development of the financial market. Also, there is a trend that increasing types of investment in the market are related to cryptocurrency, such as the initial coin offering which means the first sale of a digital currency and it is generally used as a source of capital for start-up companies. However, the practical effect of the new type of digital money in the market still needs to be further investigated. Last but not least, it will be interesting to explore the room for the growth of cryptocurrency and its impacts on the way the current market operates, for example, internet trading as well as illegal activities and market projects such as the Silk Road which uses bitcoin for money exchange purposes. The final direction and scope of the research findings may be influenced, altered, limited, and even constrained by the due date for the work, as Czech (2006:5) as well as Silverman (2005:11) refer that it is important to be aware that research is a timed activity and good time management is essential to plan and execute the research project.

2. Overview of Cryptocurrency and Blockchain Technology

2.1 Definition of Cryptocurrency

2.2 Explanation of Blockchain Technology

2.3 Relationship between Cryptocurrency and Blockchain

3. Traditional Financial Markets

3.1 Definition and Characteristics

3.2 Role of Investment Banking in Traditional Financial Markets

3.3 Payment Systems in Traditional Financial Markets

3.4 Risk Management in Traditional Financial Markets

4. Disruptive Potential of Cryptocurrency and Blockchain Technology

4.1 Impact on Investment Banking

4.1.1 Disintermediation of Financial Institutions

4.1.2 Tokenization of Assets

4.1.3 Smart Contracts in Investment Banking

4.2 Impact on Payment Systems

4.2.1 Faster and Cheaper Transactions

4.2.2 Cross-Border Payments

4.2.3 Decentralized Payment Networks

4.3 Impact on Risk Management

4.3.1 Transparency and Immutable Records

4.3.2 Fraud Prevention and Detection

4.3.3 Smart Contracts in Risk Management

5. New Financial Products and Services

5.1 Cryptocurrencies as an Asset Class

5.2 Initial Coin Offerings (ICOs)

5.3 Decentralized Finance (DeFi)

5.4 Security Tokens

6. Regulatory Challenges and Opportunities

6.1 Current Regulatory Landscape

6.2 Challenges in Regulating Cryptocurrency and Blockchain

6.3 Opportunities for Regulatory Frameworks

7. Case Studies

7.1 Impact on Stock Exchanges

7.2 Disruption in the Banking Sector

7.3 Adoption by Central Banks

8. Future Outlook and Recommendations

8.1 Potential Future Developments

8.2 Recommendations for Financial Institutions

8.3 Recommendations for Regulators

1. Introduction

From providing a direct communication channel between brands and customers, to leading more qualitative data and analytical sorting for a more personal and valuable customer approach, the era of social media marketing and customer-focused brand establishment has arrived. Every single business can benefit from a strong brand that drives consumers to purchase and keeps them coming back – and that is where social media can be harnessed and molded to provide businesses with a successful tool for boosting online brand loyalty and customer community. By having a large volume of customers returning to your brand and engaging positively in their experiences through social media, your brand’s credibility and customer satisfaction can be amped through user-generated content and social proof – which I will elaborate on later.In the age of technology and social media interaction, brands are increasingly leveraging their customer relationships in sync with online community and audience involvement. Social media, in particular, is the aorta of creating this online brand loyalty. The widespread nature of social media platforms such as Facebook, Instagram, and Twitter in our social fabric means businesses and brands have daily access and exposure to their consumer base, probably more so than traditional marketing and advertising platforms. This, in turn, can foster a community for the brand, where customers can be brought together and engaged to enhance the brand experience. The interaction and consumer-generated content on social media can amplify the loyalty towards a brand.Customer loyalty is often formed through positive customer experiences, satisfaction, and the value of the product or service. Customer satisfaction is the degree to which a product or service meets the customer’s expectations, whereas customer experience is the overall experience of a customer pre and post-purchase. Today, customers are no longer just looking for a transactional relationship with businesses. Rather, customer experience has become a key business differentiator, and creating an emotional, personal, and connected experience is key to capturing and holding customers.Brand loyalty refers to the tendency of consumers to choose one brand over others in the same product category. Loyal customers continue to buy products or services from their preferred brands, regardless of convenience or price. Research has shown that increasing customer retention rates by 5% can lead to profits being boosted by between 25% and 95%. As a result, brand loyalty is a critical factor in a company’s success. Therefore, it is essential to understand and promote brand loyalty in order to grow and operate a thriving business.

1.1 Importance of brand loyalty

Loyalty is essential for any business, regardless of size or industry. Research has shown that retaining existing customers is far more cost-effective than acquiring new customers. Furthermore, loyal customers are likely to spend more over time and are more inclined to share their experiences with others. This word-of-mouth marketing can be a very powerful tool for brands. There are many different ways to build and maintain brand loyalty, such as providing excellent customer service, offering loyalty rewards, and creating a unique brand community. However, the rapid rise of digital technology has opened up new opportunities for businesses to connect and engage with their customers. In an increasingly crowded marketplace, the ability to engage with your audience and build a loyal customer base is a highly sought-after skill. Social media provides the perfect platform for creating a brand community and developing meaningful relationships with customers. This kind of online brand loyalty is often known as “relationship marketing,” which focuses on long-term engagement and customer data analysis. Social media allows brands to reach a large audience and connect on a personal level with individual customers. By creating a community space and establishing two-way communication, a brand can develop a personality and reinforce its values in the eyes of the customer. Additionally, the interactive nature of social media means that satisfied customers can easily share their experiences with the wider online community. This can then lead to a buzz about the brand, as more and more customers get involved and start promoting the products or services to those in their network. When a brand proves itself worthy of the trust and advocacy of its customers, this can lead to a strong and sustainable market position over time.

1.2 Role of social media in brand loyalty

Social media is a two-way street that allows brands to engage with customers in real time. The widespread use of social media at any time and in any place has redefined the way people and organizations communicate and share information. Social media has a significant role in driving and building brand loyalty. Brand loyalty and social media interact in a multitude of ways. Every time a brand engages with a customer on social media, the impact can be far-reaching. When customers are loyal to a brand, they not only support it consistently but they also recommend it to others. This concept can be illustrated by Hunt’s “The Nature of Marketing as an Exchange Relationship.” The theory of exchange relationship tells that a brand’s interactive efforts like posting content and replying to mentions on social media is an effort to build a relationship between the customer and the brand. And in return, loyal customers will spread a positive word-of-mouth recommendation to others. In the modern marketplace, network society and digital media become effective and rapid in terms of transferring information in every single second. Customers have a high participation as an active role to contribute and shape brand meaning as to form a co-creative relationship with the brand. When people become a fan or follower of a brand’s social media, many of their friends and followers will see the message and this presents a great opportunity for brands to reach new and larger audiences. Through social media, consumers can connect with the brand 24/7 with no restricting time and this can strengthen the brand-customer relationship. Brands that are active on social media have higher loyalty rates from customers. A report about digital in 2017 shows that 81% of the world population owns smartphones and the usage rate is increasing. This statistic is evidence to prove that social media can undoubtedly impact the brand. In conclusion, in a digitally connected universe, businesses that successfully utilize social media to their brand strategies and actively engage with their customers will enjoy a higher level of brand loyalty as well as having more opportunity to expand their customer community.

2. Building a Strong Brand Presence

2.1 Creating a consistent brand image

2.2 Developing a brand voice

2.3 Sharing brand stories and values

2.4 Engaging with target audience

3. Leveraging Social Media Platforms

3.1 Choosing the right social media platforms

3.2 Optimizing profiles and bios

3.3 Posting relevant and engaging content

3.4 Utilizing hashtags and trends

4. Encouraging User-generated Content

4.1 Promoting customer reviews and testimonials

4.2 Running contests and giveaways

4.3 Sharing user-generated content

5. Providing Exceptional Customer Support

5.1 Responding promptly to customer inquiries

5.2 Offering personalized assistance

5.3 Resolving customer issues effectively

6. Building a Thriving Customer Community

6.1 Creating online communities and groups

6.2 Facilitating peer-to-peer interactions

6.3 Organizing virtual events and webinars

7. Influencer Partnerships and Collaborations

7.1 Identifying relevant influencers in the industry

7.2 Establishing partnerships with influencers

7.3 Co-creating content with influencers

8. Analyzing and Measuring Success

8.1 Tracking social media metrics and analytics

8.2 Evaluating customer engagement and sentiment

8.3 Adjusting strategies based on data insights

9. Conclusion

1. Reasons for adopting AI

One of the main reasons why businesses are utilizing AI in their operations is to increase efficiency. AI is very good at executing monotonous tasks at great speeds. For example, an AI program can go through many pages of documents or data sets which would be a time-consuming task for a human. In most situations, the introduction of AI is not intended to replace all the roles that people play. Instead, it is to make the work that we do more efficient. When AI is utilized to automate lower-value tasks, it elevates the work of the employees when they can focus on higher-value activities such as strategic planning and decision-making. In the McKinsey’s global survey, about half of the respondents said they sought to use AI to allow employees to focus on more strategic and creative work. Businesses are also adopting AI to reduce costs. When processes become more efficient, this naturally leads to cost reductions. For instance, with the use of AI, businesses can accelerate the time it takes to complete a process, which means less operational cost. It is said that by automating just 12% of the tasks, the finance and insurance companies could see a 20% average increase in cash flow. No wonder why in the same McKinsey’s survey, two thirds of the respondents are saying that they are at least supporting one AI priority, by which cost is the most important. Last but not least, AI technology is also being employed to enhance the customer experience. For instance, using AI such as natural language processing to tailor customer interaction, it helps to generate better customer satisfaction. In the survey, it suggests that two out of five companies which have successfully incorporated AI have seen an increase in customer satisfaction of at least 10%. AI has a lack of bias and it can be used to continuously learn and deliver more personalized marketing towards customer, compared to a fixed traditional marketing strategy which may be less effective. As such, it is no surprise to see such a growth from the latest Marketing Automation post that within the marketing industry, adoption of AI is on the rise and more and more marketers see the value of using AI.

1.1 Increased efficiency

Increased efficiency. Efficiency refers to the accomplishment of processes with the least waste of time and resources. This is a critical element for any business. Increasing the efficiency in the processes can lead to a faster development and saving costs. AI is exceptional at finding insights because of the utilization of algorithms to find designs or connections. So as to increase the efficiency of procedures, AI must find important deficiencies through information and produce different alternatives to consider. For instance, the Grid, a start-up, just requires a site and an portrayal of the work that the client needs to put an AI site producer into movement. The Grid would then be able to pull together a few viable sites for them to survey, each made by various ways that the AI formulated. This spares masses of time that’s spent by individuals on really creating the site. Not as it were does this work show up less demanding and quicker, but it’s less expensive as well – removal of perplexity when selecting the ultimate strategy could be a key reason for employing AI for a handle as UI plan and genuine utilize of the item is regularly subject to individual feeling.

1.2 Cost reduction

Moving on from conventional methods and to support the idea of continuous improvement, the introduction of AI technology for cost reduction is proving a popular option amongst businesses. AI is not here to replace the workforce, but it is to provide process optimization, enhanced decision making, and certainly reducing inefficiencies in many operations in order to cut down the costs. Therefore, businesses in all industries and of all sizes should start considering changing to an AI-based, smart, and cost-effective operating model in order to achieve their full potentials and as well as keeping competitive in the future.Last but not least, AI-powered automation is going to help businesses save a significant amount of money as manual work and human errors could be minimized. Businesses can leverage AI to remediate many issues and create better workflows, to avoid repeating the same processes and eventually eliminate costs from much of the manual work that caused by human errors. The upfront cost of implementing AI can be quite high, from purchasing the AI technologies to installing and testing and eventually making sure they work correctly in our businesses. However, the cost saving that is possible in the long term would far outweigh these. As a result, businesses could be more powerful in finding profitable opportunities and focus on innovations that drive business forward instead of wasting resources on other operations.Another example that AI could help in reducing costs would be robots. Robots have the capability of continuously running during the day and night without the need to stop for breaks, sleep or even holidays. By installing robots, it will not only help in saving costs through non-human wages, but it’s also increasing productivity to run processes at a much longer time and more efficient way where errors are minimized due to the reduction of human interferences.Besides, the rise of predictive analytics which utilizes AI technology will also help in reducing costs. Nowadays, we could find different kinds of predictive analytics tools in the market that are designed to make predictions on certain outcomes, for example from key trends to customer behavior and many more. By performing the predictions from historical information and knowledge of the key variables that are affecting an outcome, it will help businesses to adapt in an efficient way which eventually reduces costs through improved efficiency.The most important thing in managing a business is to achieve maximum results with minimal expenditure. By trying to cut down as much as possible on unnecessary costs, it will help us to save in every area of the P&L. For instance, businesses could save costs from task and process-based works which are currently performed by humans. With the adoption of AI, machines could actually complete the same tasks and processes as humans do, but in a much shorter time. And meanwhile, the costs are largely reduced for paying wages as the laborers are not required to perform these tasks anymore.Section 1.2 Cost Reduction

1.3 Improved customer experience

Use is highly important, technological improvement, expertise strategies, customer relationship, higher customer satisfaction, and customer feedback in the content for the improved customer experience. First of all, customer satisfaction is identified by three elements which are market share, customer value and customer retention. In order to improve customer satisfaction, customer feedback is set as the most important feedback for the company. Tesco collects customer feedback in many methods. For example, Tesco collects feedback when customers are making payment at the cashier. Also, it has an online customer opinion questionnaire and Tesco will offer discount if customers complete the survey. Last but not least, Tesco has a Service Department where customers can write in their feedback. These feedback will be analyzed and improvement will be made on the respective areas. Moreover, with the absolute importance of customer’s value, Tesco has utilized methods to gain long term customers. For instance, a clubcard scheme has been used to retain customers. This clubcard scheme can help to track the customer’s purchasing records. By understanding what customers need, Tesco is capable of doing a better job in customers’ retention. Also, Tesco offers point schemes in certain period. Results from Tesco shows that 60% of the total sales were from clubcard customers. This shows how important is customer value to Tesco and how Tesco manages to maintain a good relationship with customers. On the other hand, high customer satisfaction not only brings in long term customers but also lower the chance of customers switching to other retailers. Many researches showed the normal error rate in data entry is from 1% to 10%. However, Tesco claims that the error rate for the clubcard information (Gabbott, M. and Hogg, G. 2007) provided by customers is relatively low. This is because customers are required to submit their personal particulars. Such first hand accurate information surely will benefit Tesco in studies which require personal data.

2. Ways businesses are using AI

2.1 Task automation

2.2 Personalized marketing

2.3 Developing new products and services

1. Economic Empowerment

The issue of economic empowerment is a broad topic that requires keen attention to solve. However, the government has proposed several acts to combat the challenges faced by women. These include The Paycheck Fairness Act, The Family and Medical Insurance Leave Act, and more. By enabling these acts to be enacted, the future for economic empowerment of women can be brighter.Creating and managing a good work environment for women is also a major concern. Out of 2,000 women surveyed by the Center for Talent Innovation, 43% said they intended to leave their corporate jobs within the next two years; 53% of those women cited a hostile work environment as the reason for leaving. In fact, women who are the “only” or the “one of the only” female in their business are twice as likely to be sexually harassed compared to women in gender-balanced business. With the widespread use of the internet and the rise of social media, cyber harassment is also on the rise and women are more and more the targets of online sexual harassment. As technology is now more easily accessible, so is online sexual harassment. It is very difficult to fight against cyber harassment because the perpetrators can hide their real identities. This creates a difficult environment for women, which can deter them from working or going online.While women have seen economic progress over the years, the absence of paid family and medical leave and balancing work and life remains a huge challenge for working women. This applies to businesses with less than 50 employees as employers are not required to grant medical leave. Ensuring workers can earn paid sick days is also a major issue for women. Women with full-time, year-round jobs are nearly a third more likely than men to lack paid sick days. Last but not least, affordable childcare is necessary for a family – children need a safe environment to grow and learn. However, finding quality childcare that is affordable is a big problem for working families. The high cost of childcare often forces families to make tough economic choices – in fact, a study shows that nearly half of parents have cut back work hours or left a job to care for a child. It is particularly frustrating for women as they make up the majority of the minimum-wage work force, where flexible work hours are not always available. In addition, putting children in childcare also leads to problems at work. Without the knowledge that the child is in good hands, many parents feel stress at work, leading to more sick days or concentration issues.Women also make less money than men who work similar jobs. This is referred to as the gender pay gap. As of April 2018, full-time working women in the United States only earned 82% of what full-time working men make. The gender pay gap is much worse for women of color. African American women are paid 61% and Latina women are paid 53% less than white men. This means that in order to make the same amount of money that a man makes in one year, a woman would have to work for the entire year as well as the first three months of the next year. There is no single cause for the gender pay gap. Rather, it is a complex issue that can be attributed to many different factors. One of these factors is occupational segregation – the idea that men and women tend to work in different types of jobs.Economic opportunities for women remain scarce. In the business world, it is difficult for women to get corporate leadership positions. In fact, only 6.6% of all Fortune 500 companies are run by women. One of the reasons that few women reach these high-level positions is the “glass ceiling.” The glass ceiling is an invisible barrier that prevents women and minorities from moving up in the world because of discriminatory practices. There are many laws in place that are meant to keep discrimination out of the workplace. For example, Title VII of the Civil Rights Act of 1964 makes it illegal for employers to discriminate against employees on the basis of sex, race, color, national origin, or religion. However, the glass ceiling remains a serious problem.

1.1 Gender Pay Gap

The gender pay gap is a critical issue affecting many women today. The “pay gap” is the difference in earnings between women and men. On average, women working full-time in the United States are paid just 80 percent of what men are paid. This gap is even greater for most women of colour: African American women who work full time, year round are paid only 61 cents for every dollar paid to white, non-Hispanic men, and Latinas are paid only 53 cents. The pay gap is real and it hurts women and their families. This is a concern for many women voters, as indicated by the AAUW, who state that 78 percent of women surveyed said that the gender pay gap is an important issue – even more women than those who rated affordable healthcare, violence against women, and the need to ensure that social security is there for women and men in their older years. It is also a key issue for younger women who, according to the American Association of University Women, may be uncertain as to the severity of the gender pay gap, but definitely believe in its existence, with 46 percent of recent female undergraduates expressing the view that it is an important issue. Focusing just on the “average” pay gap sometimes masks the extent of occupational segregation in pay; particularly that women are often in lower paid jobs and men in higher remunerated work. Women’s jobs have been systematically and historically undervalued. In the US, the National Committee on Pay Equity states that “occupations with 25 percent or more women workers, such as secretaries and teachers, generally pay less than occupations with similar skill requirements that have 70 percent or more men, such as janitors or truck drivers.” There is a recognition that women need not only better paid work, but the ability to reach higher paid jobs; and this is a part of the reason why there is perhaps, a direct influence to be found between the gender pay gaps and the lack of family friendly policies in many workplaces. Well over half of the participants in a survey undertaken by the Respecting Maternity Campaign have said that they chose to leave a job because flexible working arrangements and family friendly hours were not made available by the employer. This already points to one reason why the gender pay gap in earnings between women and men widens as women get older. And while it is recognised that part time work – which is often the choice of women to work around caring responsibilities – does indeed attract lower pay than full time work, it is also accepted that part time work should not mean people earn less per hour. Once again, the insidious nature of the gender pay gap is revealed in the fact that the European Commission have discovered that just under a third of women work part time, against only 8 percent of men – a figure which has not changed in 10 years. All of these factors are very commonly referred to by social action groups, who consider that “pay should reflect the job; not the gender” and women should have a ‘decent living wage’. Members of the public are often encouraged to support political rallies and camps for change in this area, such as ‘Moms Rising’, which draws attention to the way in which mothers are affected by the gender pay gap.

1.2 Maternity Leave Policies

Expectant mothers who have spent a sufficient amount of time in a company that has at least 50 employees are entitled to at least 12 weeks of unpaid leave to care for a child. Additionally, the company must provide the same or a comparable job when the individual returns from leave. This law is called the Family and Medical Leave Act (FMLA). However, the FMLA only applies to a limited portion of American women. Studies have shown that only a little over half of American women qualify for leave under the FMLA. For example, about 41% of working women do not qualify for FMLA leave because they have not worked in the same place for at least a year. As a result, many women are forced to return to work shortly after giving birth because they cannot afford to take an unpaid leave. Some women are let go while they are on leave, others return to find that they have been demoted or that their work environment has become hostile, and still others never return to the workforce. The lack of a paid maternity leave law at the federal level perpetuates these health and economic risks for women and families. Paid maternity leave legislation is an important part of the ongoing effort to improve access to maternity care and promote maternal and child health. As of now, the United States is one of only a few countries that does not have a federal law providing for paid maternity leave. The only other countries are Papua New Guinea, Suriname, and a few island nations in the Pacific Ocean. Moreover, studies have found that more generous paid leave policies can lead to positive health and economic outcomes for women and children. For example, a report by the United Nations Children’s Fund found that nearly a third of infants in the United States will not receive crucial postnatal care check-ups within six weeks of birth. This is particularly concerning because postnatal care can help prevent serious long-term health conditions for the child. Paid maternity leave can help encourage mothers to seek proper postnatal care for their children. Economists from the National Bureau of Economic Research have also found that paid maternity leave policies can lead to long-term benefits for children. For instance, paid maternity leave led to 10% reductions in infant mortality in countries that implemented paid leave policies. This kind of improvement in infant health may have lasting effects for a new generation of children. The World Health Organization also recommends that mothers should have at least 16 weeks of paid leave in order to properly heal from childbirth and to initiate breastfeeding. Given that paid leave policies have already been shown to produce tangible benefits in other countries, the United States should use the empirical evidence to inform the development of federal maternity leave laws.

1.3 Affordable Childcare

Affordable childcare is a crucial issue for women voters because the high cost of childcare is a significant burden on many women and their families. This is a significant factor. First, in today’s society, many families rely on two incomes. This means that women are increasingly likely to be in the workforce and contributing to the economy. However, without affordable childcare, working is not a viable option for many women. As many as one in four women who are not working say that the reason for this is that they are caring for family members. This can be compared to less than one in twenty men who are not working. This demonstrates the impact of providing care on women’s ability to work. Further, the cost of childcare can be very high. While prices vary across the country and according to the age of the child, the cost of a nursery place is on average about $1,196 every month. However, in many areas of the country, childcare can cost much more. For example, in Inner London, the cost for a nursery place for a child under the age of two is about $1,733. Many families, particularly those with more than one child young enough to require care, simply cannot manage to meet these costs. This can act as a significant barrier to women seeking to work. Without accessible childcare, women are more likely to have to reduce their hours, work part-time and/or have to work in low paid or insecure jobs with more ‘family friendly’ hours. This also has a knock-on impact on the types of jobs that women are able to apply for, as they may be less able to seek promotions or take up new employment that requires greater flexibility. The current system does provide support for pay for childcare. However, this can be confusing and difficult to access, and the costs have been rising over the past years. It is important to note that this is not a small inconvenience; the cost of childcare can have a long-term impact on women’s earnings. For example, research shows that women with children under six years old earn 4% less than women without children. This is known as the ‘child penalty’ and demonstrates that the impact of motherhood on women’s working lives is not just felt in terms of lost working hours – it can also affect women’s earning potential.

1.4 Equal Opportunities in the Workplace

Currently, women make up nearly half of the American labor force, yet women only hold 30.6% of executive and senior managerial positions. Furthermore, the likelihood of a woman working in a male-dominated job is the same now as it was 20 years ago. To combat this issue, multiple planned policy agendas aim on lifting the glass ceiling for women in the workforce. Firstly, it is proposed that women should have the legal right to know how much their male colleagues are being paid, particularly those in the same job. This has been considered as a key first step in closing the gender pay gap in male and female waged earners. Secondly, it has been suggested that companies with 250 or more employees should be required to publish details of pay for male and female employees, enabling higher pay and bonus disparities to be reported on. It is argued that transparency has helped to drive the requirement to business and has supported changes in culture. Finally, the gender pay gap should be included in requirements for gender pay gap reporting for companies where an organization’s workforce is below the 250 employee threshold. This has been put forth as a means to increase the pressure of reform onto businesses rather than just the law alone. It was clear that in the U.K., where similar policies have now become statutory, both success and downfall factors were evident; identifying a need to diversify analysis of such policy. After reviewing the current research findings, it has led me to discover a few critiques on the proposed plans discussed above. It has been argued that imposing obligations is only the raising of awareness and social expectation of what should be the norm. However, this view neglects the reality that change will not occur without awareness or expectation and it is this that is being delivered through such policy. Furthermore, it has been suggested from more hypothetical approaches that males may feel under increased scrutiny in an attempt to resolve a rise in female wages, in particular if there are financial penalties and repercussions for male thriving companies – sectors that have been culturally typified by male employment. I believe that it is clear evidence that these policies have the potential to promote and accelerate the movement towards gender equality in the workplace and thus federal level implementation would only serve to amplify the effect through nationwide companies. However, future research is needed beyond critiques and analysis to understand the main drivers to a better gender diverse working environment other than just policy.

2. Reproductive Rights

2.1 Access to Birth Control

2.2 Abortion Rights

2.3 Comprehensive Sex Education

2.4 Maternal Health Care

3. Gender-Based Violence

3.1 Domestic Violence Prevention

3.2 Sexual Assault Awareness

3.3 Harassment in the Workplace

3.4 Human Trafficking

4. Healthcare

4.1 Affordable and Accessible Healthcare

4.2 Reproductive Health Services

4.3 Mental Health Support

4.4 Insurance Coverage for Women’s Health

5. Education

5.1 Equal Educational Opportunities

5.2 STEM Education and Careers for Women

5.3 Sexual Harassment Policies in Schools

5.4 Scholarships and Grants for Women

6. Political Representation

6.1 Increasing Women’s Representation in Government

6.2 Gender Parity in Political Leadership

6.3 Encouraging Women to Run for Office

6.4 Eliminating Gender Bias in Political Campaigns

1. Introduction

In many different contexts, self-righteousness seems evident on the part of those who critique the poor or make generalizations about them. One does not have to look far to see, for example, people elaborating about the “lazy poor” who are a “parasitic drain on the hard-working class.” Self-righteousness is defined as being smugly superior in one’s own self, and out of the three forms of self-righteousness to be mentioned in this paper, this definition will refer to all. Rather employed or not, the U.S. Census Bureau has consistently estimated that at least “37 million Americans are currently living below the poverty line” as measured by the standard of low-income in the United States. I feel confident in saying that those who critique the poor as such do not have to deal with the ups and downs that poverty gives. It is also fair to say that such people probably do not understand how complex poverty is and how it affects the human mind and spirit in so many life-altering ways. I decided to make poverty the focus of my paper because I learned through AP English 11 in my senior year that this is a critically complex social issue in which how it manifests differs across the United States. Also, many stratification systems are influenced by poverty because it is so widespread throughout the world, and so as a global pandemic, no nation should consider themselves safe from how poverty is or can be worsened on a large scale. As a future member in the world of work and business, understanding the complexity of social stratification and the various systems in which human life is disenfranchised – such as the system of poverty or the issues surrounding access to human and public services such as proper education or healthcare – is instrumental to contributing effectively towards the well-being of society as a whole. My paper will, I hope, portray why self-righteousness regarding the poor is erroneous, but also illustrate that such attitudes are born out of an oversimplification of poverty in the United States.

1.1. Definition of Social Justice

Social justice, in the context of practical ethics, is a concept based on the idea that every person has an equal right to the same treatment and condition in life. Ideally, all individuals should have equal social, political, and economic opportunities. Therefore, the rights of an individual should not be violated based on the class, gender, race, and sexuality. Social justice is expansive and includes a wide array of things from a just society and economy. Social justice is also a concept that certain privileges are unfair. These privileges not only benefit this person or persons but also are a barrier to the rights in which every person should have. There are two ways in which we can understand the concept of social justice. The first is individual rights and the second is good of the community. Individual rights are morally justifiable in which all individuals within a society are benefited in most of the cases. When the rights of different individuals undermine others, for example wealthy people have more opportunities in a society than those who are less fortunate, this would be seen as an unfair privilege and therefore an unfair social justice. Next, common good, this is the understanding that as a society, everyone should have a right to a rich and fulfilling life. It is generally assumed that the benefits of equality and social justice are a better citizen. When groups such as children, elderly, disabled and people of that nature are excluded from the common good it is referred to as social injustice. Social justice means that we, as a society, must provide certain things; such as health care, social security, and education to all. It is most commonly expressed through civil rights. This is a fairly drastic approach and often changing the institution that is enforcing the injustices. Often, the lack of civil liberties is caused by overlap between the various forms of social injustices. In the work “Social Justice: A Case for Marriage Equality,” it is argued that the state must recognize same-sex marriage because doing so is a matter of fundamental civil rights. It makes the case that state discriminations prohibits gays and lesbians from carrying out the common and often cherished human right of formalizing their relationships as heterosexuals can. It is in the denial of this liberty of one to most cherished rights that the injustice exists.

1.2. Importance of Social Justice in Healthcare

Social justice in healthcare is of great importance, especially when the government provides for the health of its entire population. According to the Institute of Medicine, if the society is to move forward, then every individual in the population must have access to adequate and quality healthcare services. The United States has been providing healthcare services to the people such as immigrants and veterans, but there is still a wide gap in terms of who should get the services. Researchers have found out that most of the social injustices in healthcare are brought about by the difference in healthcare management and neglect between places in the same city. People living in places that are naturally endowed with better resources tend to receive better healthcare quality compared to those living in poorer environmental conditions. To exacerbate this, the poorer individuals in the less endowed areas are either underinsured or uninsured and cannot have access to good healthcare as dictated in the National Standards for Culturally and Linguistically Appropriate Services. This trend affects the society as a whole because the sick people in those areas cannot work effectively, hence the national income is affected. The political left supports national uniform healthcare and many theories and articles have been published in favor of equality in health maintenance which result in a thesis and academic writing for students in healthcare. In solidarity with the Catholics Bishops 1993, it is fair to state that the “most important” right of them all is the right to life. Every “right” to education, healthcare, or any other area is a right only if it is based on the inalienable right to life from the moment of conception to natural death. This can justify the importance of social justice and equality in healthcare. Its main aim and purpose are the physical and emotional well-being of the individuals. Governor Arnold declares that the health of society is measured by the quality of life of its most vulnerable members and healthcare is a top priority of government and it is essential to the life and health of a person. He is so much convinced with the belief that social justice in healthcare is vital. He looks at life as a gift from God and it is the duty, and responsibility to protect that “God given” gift. He perceives social justice and all sort of health policies are aimed at addressing various social and economic disparities. Chrétien et al 2007 accused the government for political misuse of the term the life and privacy of patients were often violated and terms of life could be interpreted arbitrarily. There was no guarantee that fair and equal treatment is given based but not because of the financial or social status of an individual and this can reflect the importance of the ethical leadership and the promoting a culture of integrity by the government. Lastly, implementing just in time inventory may actually reduce the waiting time for healthcare services. This is the best way compared to previously used by the hospitals using the behavior and consumption of patients to evaluate patient needs and the number of healthcare services to be provided. Placing the burden of healthcare financial and social success on the patients would not solve the problem of social justice. Patients may not have time to wait until the advance stages of illness, in order to get the treatment provided for rather their life could be posed in danger. Also it could not give equal differential value on life and may be seen as people in certain age or worth of life are to be given more immediate attention. On the hand, patients would not overuse healthcare services as it will be provided at the exactly right personal time and will help to alleviate the pressure on healthcare providers. Such a method allows all patients to receive equal healthcare accessibility because all control is shifted to healthcare providers to anticipate and fulfill healthcare needs.

2. Historical Perspective

2.1. Evolution of Healthcare Distribution

2.2. Challenges Faced in Ensuring Social Justice

3. Ethical Considerations

3.1. Principles of Social Justice in Healthcare

3.2. Ethical Dilemmas in Healthcare Distribution

4. Impact on Vulnerable Populations

4.1. Disparities in Access to Healthcare

4.2. Effects on Underprivileged Communities

5. Policy and Legislation

5.1. Government Initiatives for Healthcare Equity

5.2. Legal Frameworks Addressing Social Justice

6. Healthcare Professionals’ Role

6.1. Advocacy for Social Justice in Healthcare

6.2. Training and Education for Healthcare Providers

7. Strategies for Improvement

7.1. Community Outreach Programs

7.2. Collaborations with Non-Profit Organizations

7.3. Research and Data Analysis for Informed Decision Making

8. Case Studies

8.1. Successful Models of Social Justice in Healthcare Distribution

8.2. Lessons Learned from Failed Attempts

9. Future Directions

9.1. Innovations in Healthcare Delivery for Social Justice

9.2. Potential Challenges and Solutions