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Essay on wealth inequality
Essay on wealth inequality
Income and wealth inequality sociology
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Assignment: 04
I believe that both arguments 1 and 2 were very strong and it was difficult to choose between these two. The third argument made some good points as well, I believe that wealth inequality isn’t necessarily politically significant and that the free market benefits the whole of society. The problem with argument three is that I’m not entirely certain what they are arguing (and I also had a little difficulty reading the handwriting at points). It seemed that argument three’s argument was that the Government needs to intervene to prevent inequality, but the market provides the maximum benefit to all in society and if the government intervenes the free market will not be able to efficiently maximize economic growth which is bad for
Time and time again we hear politicians and office holders preach the need for a powerful middle-class. You may then be surprised to hear that “about 82% of America’s net worth belongs to the top 20%, the next 80% of people only own about 18% of America’s wealth” (UCSC). Some may argue that this disproportion is the beauty of capitalism, the chance to create an empire. I argue that the proportions are simply unfair. Why is it that “ the average CEO makes 350X as much as his/her employee” (UCSC)?
In the beginning of the Second Treatise of Government, John Locke showed his protest against Filmer's theory about the omnipotent power of government over human beings. He assured that political power must derive from the divine state of human beings. That is the State of Nature which includes the state of perfect freedom and the state of perfect equality. In other words, he argued that all men are by nature created equal; however, John Locke didn't reject the reality that inequalities of wealth are natural and inevitable. How is he able to reconcile these two ideas?
Why are so a large number of people that beg for money, sitting on the streets, looking for food 's some sort? It is not day-to-day that we consider situations like this, but it is out there constantly without all of us realizing it. A number of states have poverty 's more issues than others, but it is sad to think about how plenty of people are actually considered to be in poverty. This is an inequality concerning me a lot, and is getting worse daily. Poverty in the United States relates to people whose annual household earnings are less than a poverty line set by the United States government. Poverty is common, resulted in by numerous different factors such as failing markets, structural problems, unfortunate mishaps, and poor individual
It is stated by John Locke that in the state of nature no man may take more then he can consume. “…make use of any advantage of life before it spoils…whatever is beyond this is more than his share and belongs to others. Nothing was made by God for man to spoil or destroy. (Locke 14)” Locke then goes on to say, “God gave the world to man … for their benefit and the greatest conveniences of life they were capable to draw from it, it cannot be supposed he meant it should always remain common and uncultivated. He gave it to the use of the industrious and rational- and labor was to be his title… (Lock 15)”
There are many different ideologies in regard to how to deal with poverty in America. One such ideology is the redistribution of wealth. This idea is predominantly held by liberals, and on the surface it may sound like a good idea. However, so far it has proven to be ineffective. As a long term plan the redistribution of wealth will do nothing but harm the economy, and as a result the American people. Not only is it ineffective, but it is also immoral. The redistribution of wealth is most certainly not the answer to the problem of poverty in America.
Everyone has his or her own ideas of how wealth should be distributed properly. Some people believe wealth should be left to family, left for public services, or become the property of others. Others believe that people should not have excess wealth, resulting in non-existent class distinctions. An alternative view is that wealth is not distributed; instead, the wealthy continue to grow wealthier while those in poverty can not escape it and fall further into a life of poverty. The beliefs discussed above come from three different writers. Those writers include Andrew Carnegie, Karl Marx, and Robert B. Reich. These writers all have different opinions on how wealth should be distributed properly.
Throughout American history, wealth inequality has taken many different forms, and has affected many people and groups in different ways. In the following analysis, two measures of 'wealth inequalities' will be used. First is a more traditional view, regarding the distribution of income and wealth among the upper to lower classes. The size of the gap has varied over time, widening and compressing throughout American history. While America has been thought of as a middle class nation, this is a fairly recent phenomena that began after World War II. In this context of today, this idea appears to be fading as wealth is becoming more concentrated towards the upper classes. Additionally, these effects of both the concentration and equalization of income distribution can differently affect groups of people.
Ever since agriculture replaced hunting and gathering, the division of labor led to the creation of social classes and the division of land and unequal distribution of food surplus allowing inequality to flourish. Unfortunately, this has not only remained, but inequality has exponentially grown, making the difference between each social class quite noticeable. This distressing factor makes American economy highly unstable, and there is little to be done in order to fix this grave issue. It is only a matter of time before America’s economy comes crashing down. American economic inequality has been around for a long time, and it has become a monumental issue.
Income inequality has affected American citizens ever since the American Dream came to existence. The American Dream is centered around the concept of working hard and earning enough money to support a family, own a home, send children to college, and invest for retirement. Economic gains in income are one of the only possible ways to achieve enough wealth to fulfill the dream. Unfortunately, many people cannot achieve this dream due to low income. Income inequality refers to the uneven distribution of income and wealth between the social classes of American citizens. The United States has often experienced a rise in inequality as the rich become richer and the poor become poorer, increasing the unstable gap between the two classes. The income gap in America has been increasing steadily since the late 1970’s, and has now reached historic highs not seen since the 1920’s (Desilver). UC Berkeley economics professor, Emmanuel Saez conducted extensive research on past and present income inequality statistics and published them in his report “Striking it Richer.” Saez claims that changes in technology, tax policies, labor unions, corporate benefits, and social norms have caused income inequality. He stands to advocate a change in American economic policies that will help close this inequality gap and considers institutional and tax reforms that should be developed to counter it. Although Saez’s provides legitimate causes of income inequality, I highly disagree with the thought of making changes to end income inequality. In any diverse economic environment, income inequality will exist due to the rise of some economically successful people and the further development of factors that push people into poverty. I believe income inequality e...
The idea or rule that I believe is the is the least “society sensible” is the idea of the abolition of property in land and application of all rents of land to public purposes. As I believe strongly in the idea of equal work for all, I also believe strongly in a right to own, a right to work, in order to deserve this right to own. Ownership will develop a class society, and I think it should. I feel there is nothing wrong with a class system as long as it as developed on a work ethics principle. Educate yourself, in order to add more job options, in order to move up in the class system. My belief in a strong classification of wealth is based on the idea of getting what you deserve. If you are willing to advance yourself through education and hard work, your position in society will follow. Our society’s wealth is not equal, nor should it be.
For thousands of years, individuals have been discussing the benefits of capitalism, socialism, or concepts fundamentally similar to those models within society. Winston Churchill managed to sum up a more modern view of socialism by stating, “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries,” (Winston Churchill). The world recognizes that capitalism is not inherently equal, but economists are united in the notion that capitalism is more efficient than socialism. Gerald Cohen, one of the most vocal advocates of socialism, even noted that market societies function well, but Cohen ultimately argued that capitalism is immoral. In this essay, I will argue that self-interest within market societies is morally justifiable. Cohen misinterprets the concept of selfishness in much the same why he misconstrues ideal socialism to realistic capitalism.
The rich will stay rich or become richer as they benefit from certain situations. The poor will not always benefit from the same situations as the rich and actually may suffer making inequality just to benefit the least well off. The goal for permitting inequalities of wealth would be to improve the poor and only to permit inequalities if it was helpful to the poor. According to the fourth lecture, “Liberals will say if permitting inequalities in wealth and income brings up the level of well being of the poorest of the poor, then the inequality is permissible. Then that’s a kind inequality that’s to everyone’s benefit to those doing better, but the inequality is the benefit of the least well off in society because in the scenario the poorest of the poor do better.” The reason behind that is the rich will always be okay in their wealth and class, but the poor may not always be as lucky so it essential to create a benefit for the poorest of people because if the poor succeed and do better, than everyone is doing
Finally, uncontrolled wealth has in the past and still today promotes injustice, while controlled wealth has limited freedom. A proper balance perhaps might be to establish a limit in the maximum amount of money an individual may have. Although this may put a little bit of a limit on that individuals freedom, the government obviously couldn't make the amount so low that it would take away drastically from there wealth. With the limit on an individual's wealth, injustice among less fortunate individuals would be less then before. The lower poor class would then feel that at least an effort is being made to help take away from the injustice, causing them to be at least a little bit more satisfied.
Today, more than ever, there is great debate over politics and which economic system works the best. How needs and wants should be allocated, and who should do the allocating, is one of the most highly debated topics in our current society. Be it communist dictators defending a command economy, free market conservatives defending a market economy, or European liberals defending socialism, everyone has an opinion. While all systems have flaws and merits, it must be decided which system is the best for all citizens. When looking at the financial well being of all citizens, it is clear that market economies fall short on ensuring that the basic needs of all citizens are met.
Wealth inequality is the uneven distribution of resources in a given state or population, which can also be called the wealth gap. The sum of one’s total assets excluding the liabilities equates the person’s wealth also known as the net worth. Investments, residents, cash, real estates and everything owned by an individual are their assets.In reality, the United States is among the richest countries in the world, though a few people creating a major gap between the richest, the middle class and the poor control most of its wealth. For more than a quarter of a century, only the rich American families have shown an increase to their net worth.Thisis a worrying fact for the less fortunate in the country and calls for assessment (Baranoff, 2015).