Wealth Inequality

1446 Words3 Pages

Wealth Inequality In America Ryan Wallace 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. The second view is with respect to the income and wealth inequality between different racial groups. While all racial groups are subject to class structure and the given income inequality, an additional layer of inequality exists where discrimination or privilege exist. When these two types of inequalities, race and class, are compared against time and the economy, patterns emerge. In the following literature, a link between these two inequalities of class and race will be explored. Furthermore, the analysis will focus on how changing wealth inequality between classes affects the additional inequalities that discrimination and prejudice create. An attempt to explain the relationship of changing wealth inequality over time, with respect to class and race. The basis for this concept, begins with the causes of prejudice. While there are many causes that relate to prejudice, the context ... ... middle of paper ... ... be said about the overall effects of wealth inequality? As supported previously, income inequality among different racial groups will be more intense than if it were solely based on the changes in class income inequality. This is because minority groups are affected by racial inequality in addition to the affects of class. The results are shown through the processes involved in the Great Compression, the reduction in inequality, and its counterpart the Great Divergence, where equality increases. The link between wealth inequalities among race and class has been explored, through the logic that prejudice can be influenced by relative depravation from the current economic climate. Over a process involving almost 80 years of American economic history, the cycle of income inequalities have been reviewed and examined, showing patterns of compression and divergence.

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1410 Words | 3 Pages
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795 Words | 2 Pages
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562 Words | 2 Pages
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3100 Words | 7 Pages
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Though money may not be the root of all evil, it certainly contributes to inequalities between those on opposite ends of the wealth distribution map. Upward mobility becomes difficult for those whose income does not match that of the wealthy because of the lack of opportunities provided to the people who are in the working class (Marx). Unfortunately, this repetitive cycle of wealth inequality draws parallels with the racial inequalities that are seen today. Statistically, people of color and women collect less revenue than white men, who are less restricted in their mobility, in America (Rowe). According to Karl Marx, money can buy anything from education to beauty, due to the fact that money is valued more than the lives of those who do
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1204 Words | 3 Pages
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.
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939 Words | 2 Pages
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1189 Words | 3 Pages
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1524 Words | 4 Pages
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Wealth Inequality

Imagine A Country Summary

A Classless Society In Mantsios's Class In America

Alex de Tocqueville's Teachings on Inequality and Poverty in the United States