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Unequal distribution of wealth
Proper distribution of wealth
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Bill is a “common man.” He works at the factory, 8-5 every day, including weekends. It is the only way in which he can provide for his family. While at the factory one day, the manager comes to the floor. They are all told that they will be facing a pay cut in order to “save the company.” One worker speaks up, and he tells the manager that if they all take a pay cut the manager should as well. The manager is angered, and he sends in their local government official in order to relax the situation. The official reassures them that the cut is a necessary precaution, and that their nation is in tough times and everyone must make a sacrifice. Bill returns home to his family that night with the sad news that they will not be able to afford basic …show more content…
Predatory capitalism is a form of capitalism where the markets are freed from most regulations by the government, and in turn they offer more opportunities to the upper class, allowing them to become the “predators” of the lower classes in turn for profit. In many ways this contributes to a rigged economy. As Margaret Flower’s and Kevin Zeese’s article “America’s Biggest Crises” describes predatory capitalism, “It is predatory capitalism that drives the race to the bottom in worker rights and wages and that drives the dismantling of our public institutions and privatization of education, transportation, health care, the postal service, prisons and more” (Flowers and Zeese). Plainly from that definition predatory capitalism has a biased effect upon the economy. Predatory capitalism drives down worker wages and rights in return for money while also privatizing public institutions such as education and health care. This causes the people doing the privatizing to gain profits quickly while causing the workers and lower classes that use the public institutions to suffer. In turn those things lead to a rigged economy as suddenly the higher classes have an easier chance to prosper in society which rigs the economy into their favor. Predatory capitalism is certainly a strong factor upon the formation of a rigged economy, but a more basic impulse of humanity is also one of the root …show more content…
Herman is a multimillionaire. He is the owner of a manufacturing company which spans throughout the entire world. As time went on, Herman began to worry about his profits. Times were tough of course, with an increase in living costs and rampant inflation. The government, in order to stop the oncoming disaster, began to ask the rich to contribute more of their own money to the government in order to lessen the burden on those who simply cannot afford to pay. Alas, Herman’s money was his own! Why should he have to give any more money than the “common people” have to? He had to ensure his own financial safety if he wanted to survive. Herman went on to talk to his government, and convince them of the fully fledged effects that taxing him extra would cause. Because of Herman, and many others like him, the government changed its mind, and gave the rich tax breaks, effectively making their tax burden less than that of the working classes. Herman had ensured his own financial security, and as a side effect he had also contributed to a rigged economy. According to David Korten’s article “The Post Corporate World,” those who are fortunate enough to have basic resources and finances to live a prosperous life end up squandering their resources while other less-fortunate people are forced to live a life without the basic needs to live. Herman is one of those fortunate people; he is one of those people who
Based on the Gilded Age, literally meaning a layer of gold is displayed on the outside and once you look deeper past through the top layer of gold, you can identify that the robber barons are the culprit of the corruption in the government who monopolized the corporate America. Although, there is a great transition from the agricultural economy towards the rapid growth of the urban and industrial society, the robber barons created a lot of problems for much of the working class poor in America. The robber barons use the power they obtain through their wealth for their own advantage and try to repress any form of the spread of democracy and the regulation in the marketplace, its work safety, the labor laws, and the certain amount of work hours which followed thereafter witnessing of the homestead strikes that touched on the major issues of the American nation. Both Carnegie and John D. Rockefeller dominated giant corporations, but they dictated much of the employees and greatly tried to divide out the employees from desperately trying to organize the reforms that would essentially stop the robber barons from taking advantage of them. The robber barons insisted that if you cannot work the day you are supposed to other than the Fourth of July, some other person will be a willing participant to come and take your job.
A big disadvantage that the lower class has compared to the wealthy is a lack of quality education. While serving as a waitress, Ehrenriech learned about many different people. Some of these co-workers were immigrants who had recently come to this country. “I learn that he [George] is not paid by Jerry’s but the ‘agent’ who shipped him over--$5 an hour, with the agent getting the dollar or so difference between that and what Jerry’s pays dishwashers”(38). Their contracts lacked any benefits, and they were paid below minimum wage. People, like George, cannot read their contracts before they sign because they don’t understand the language. The critic would argue, “…They are baffled at the idea of fighting the class struggle of which…Ehrenriech appears to be the only person complaining about the situation…” In Georg...
The gap in wealth between the rich and the poor continues to grow larger, as productivity increases but wages remain the same. There were changes in the tax structure that gave the wealthy tax breaks, such as only taxing for social security within the first $113,700 of income in a year. For CEOs this tax was paid off almost immediately. Free trade treaties broke barriers to trade and resulted in outsourcing and lower wages for workers. In “Job on the Line” by William Adler, a worker named Mollie James lost her job when the factory moved to Mexico. “The job in which Mollie James once took great pride, the job that both fostered and repaid her loyalty by enabling her to rise above humble beginnings and provide for her family – that job does not now pay Balbina Duque a wage sufficient to live on” (489). When Balbina started working she was only making 65 cents an hour. Another huge issue lies in the minimum wage. In 2007, the minimum wage was only 51% of the living wage in America. How can a person live 51% of a life? Especially when cuts were being made in anti-poverty and welfare programs that were intended to get people on their feet. Now, it seems that the system keeps people down, as they try to earn more but their benefits are taken away faster than they can earn. Even when workers tried to get together to help themselves they were thrown
Year’s ago, mention of this widening gap between the privileged and the struggling was considered “Marxist”, but now the facts are too evident to be blamed on a belief. The richer continue to get richer and the poorer get poorer; due to the fact that, the wealthy pay the labor working majority unfair wages. Ironically, this “supreme” group makes their fortune because of these under paid people. For example, Walmart a low paying corporation owned by the wealthiest family in America. As previously stated, the success of the upper class is at the expense of the lower class and we see this in more ways then one: late fees and rates are collected by the rich, Realestate is bought up by them, and they have control of politics. The solution seen most fit by Ehrenreich and Lowenstein would be to remove the classes and have an egalitarian
Briefly state the main idea of this article: The main idea of this article is that economic inequality has steadily risen in the United States between the richest people and the poorest people. And this inequality affects the people in more ways than buying power; it also affects education, life expectancy, living conditions and possibly happiness. Another idea that he brought up was that the American government tends to give less help to the unemployed than other rich countries.
Democratic ideologies in the United States provide the basis for both the limitations and boundaries given to each individual living in the country. However, the term individual is very tricky in a society that promotes democratic ideals but functions by capitalistic principles. This imbalance is seen throughout society but remains highly prevalent in lower economic classes in the country. The core values of Capitalism are not incorrect; however, when intertwined with American core values – democracy, equal opportunities, and pursuit of happiness – they cause conflict and damage the lives of certain individuals. Low-wage workers are often victims of this disparity and find themselves working for their employers without enough compensation
In the “Gospel of wealth”, Andrew Carnegie argues that it is the duty of the wealthy entrepreneur who has amassed a great fortune during their lifetime, to give back to those less fortunate. Greed and selfishness may force some readers to see these arguments as preposterous; however, greed is a key ingredient in successful competition. It forces competitors to perform at a higher level than their peers in hopes of obtaining more money and individual wealth. A capitalist society that allows this wealth to accumulate in the hands of the few might be beneficial to the human race because it could promote competition between companies; it might ensure health care for everyone no matter their social standing, and parks and recreation could be built for the enjoyment of society.
In laissez-faire capitalism, there are no restrictions on business so the enterprising capitalists were able to obtain monopolies by combining with other companies or simply buying them out. By doing this, the owners could raise the price of their goods or services to an intolerable amount so that they could gain even more money. This often put the common working people out of a job because the owners could get children and poor European and Asian immigrants to do the same menial factory jobs for pennies a day. This angered the Unions of America because their livelihood depended on the American working class. The Unions then persuaded the government to regulate the business giants and control the amount of money the companies could take in by disallowing monopolies and child labor. The "Kings of Capitalism" disregarded the impact their actions had on the lives of the working class men and their families. Many went hungry because of the lack of jobs available and were forced to go into debt to the companies that was impossible to be repaid. The Robber Barons would do almost anything to gain more money and more power even putting hard working people out of their houses.
Unequal wealth distribution is a significant issue in the United States. The U.S. exhibits the widest disparity in wealth amongst developed countries by a substantial margin. (Government is Good, What is Really Wrong with Government”. This problem is on the uptick as the salaries of CEOs continue to increase astronomically while that of ordinary Americans stall and in some cases even decline. Not only is this matter an economic dilemma but it is also a social and political one as well. This fiasco has led many Americans to believe that the bank of justice has gone bankrupt.
The richest people who seem to keep getting richer have been walking into their wealth since the day they have been born. It has been proven by how the companies have been popping up around the world, how the companies are being bribed by governors trying to make their state seem more economically powerful. “Philips, Sony, and Toyota factories are popping up all over—to the self congratulatory applause of the nation’s governors and mayors, who have lured them with promises of tax abatements and new sewers, among other amenities.” (Paragraph 17) People are born into their jobs, and are doomed for their economic boats. IN other countries such as China, it has been proven that the families with the moneys are the ones with the money, are the ones with the economic power. “Many wealthy Chinese and western residents moved their money abroad and some actually left the colony. By 1971, the Cultural Revolution in China had ended in failure and conditions in Hong Kong calmed,” (Lannom) such as Gloria Lannom states, yet it took a while for Hong Kong to rebuild its economic standings because of this
Reich, Robert B. “Why the Rich Are Getting Richer and the Poor, Poorer.” A World of Ideas:
Divisions within the social stratum is a characteristic of societies in various cultures and has been present throughout history. During the middle ages, the medieval feudal system prevailed, characterized by kings and queens reigning over the peasantry. Similarly, in today’s society, corporate feudalism, otherwise known as Capitalism, consists of wealthy elites dominating over the working poor. Class divisions became most evident during America’s Gilded Age and Progressive era, a period in time in which the rich became richer via exploitation of the fruits of labor that the poor persistently toiled to earn. As a result, many Americans grew compelled to ask the question on everyone’s mind: what do the rich owe the poor? According to wealthy
Inequality exist and is high in America because the amount of income and wealth that is distributed through power. In America the income distribution is very inequality and the value of a person wealth is based on their income with their debts subtracted. “As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the 19% (the managerial, professional, and small business stratum) had 50.5%, which means that just 20% of the people owned a remarkable 85%, leaving only 15% of the wealth for the bottom 80% (wage and salary workers)” (Domhoff, 2011). In contrary the poor do not get ahead and the rich get more. Americans are judged and placed in class categories through their home ownership which translates to wealth. Americans social class is often associated with their assets and wealth. “People seek to own property, to have high incomes, to have interesting and safe jobs, to enjoy the finest in travel and leisure, and to live long and healthy lives” (Domhoff, 2011). Power indicates how these “values” are not distributed equally in American society. Huge gains for the rich include cuts in capital gains and dividends and when tax rates decrease for the tiny percent of Americans income is redistributed. Taxes directly affect the wealth and income of Americans every year.
Capitalism is currently one of the two major economic systems that are being operated among the world. For my interpretation, its basics are privatization and individualism. That is, capitals are privately owned, profit of production is also privatized, and the society exists more on the basis of individuals than of groups. From an economic aspect, we undoubtedly acknowledge that capitalism is making great progress and wealth. As an example, the most powerful country in our time, the United States is a typical capitalist country. Yet, we also cannot deny that this system is causing problems and they are gradually getting widely concerned. Therefore, this controversial issue is often brought into public focus. The question is, is capitalism actually good to keep or it is evil to be replaced?
But as many societies modernized and grew much larger then working class became more educated, gaining specific job skills and achieving the kind of finical well-being jobs Marx would of never thought possible. As we see in today era in the year of 2016, workers are no longer getting exploited. Workers are now working under the protection of a union and a labor law. In a recent, New York Time article published on September 13, 2016, titled "Americans Inequality Problems: Real Income Gains Are Brief and Hard to Find". American 's income increasion was presented. A recent count by the Census Bureau provided good news for a beleaguered set of working class. A typical American working class income had increased by a heavy 5.2 percent in 2015. The first sky high jump since 2007, the year right before the economy had sank into a hard recession. The average income for the poorest population increased by a 6.6 percent after three back to back consecutive years of decline, the American economy has began to lift, the fellow ruse of the minimum wage across many states and municipalities. But what many American 's ask is what "why now why after so many years after the increase of labor income?" The answer to this question has many factors that can imply but one cause was mainly on distribution.Most agreed that the only way Americans were going to make it ahead would be through a paycheck. But the question still stands