Post-industrial nations, such as the United States, have slowly moved in the direction of a plutocracy, a government controlled by the wealthy. The financial disparity between the majority of the population and the top one percent has grown exponentially since the 1980’s. The top 1 percent control over 40 percent of the wealth in the United States, the top 0.1 percent control 20 percent, and the top 0.01 percent control 10 percent. This is compared to the bottom 80 percent which controls at most 15 percent. During the de-industrialization of the 1970’s the loss of employment for a large portion of the working class is a contributing factor to the concentration of wealth at the top 1 percent. In Noam Chomsky’s article, Plutonomy and the Precariat,
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“Concentration of wealth yields concentration of political power. And concentration of political power gives rise to legislation that increases and accelerates the cycle.” The wealthy are able to use their power to control legislation through lobbyist groups and political donations. The term Precariat is used to describe a new form of the proletariat, who due to the economic climate is suffering from lack of job security and must accept a number of activities necessary to maintain access to employment. Whereas, the proletariat was simply a laborer. The insecurity of the precariat is essential to the economy which supports the wealthy. Fed Chairman Alan Greenspan when testifying to Congress, claimed a substantial reason for the successful economy during his supervision was the “growing worker insecurity.” The worker is less likely to make demands. Alongside this, representation for the …show more content…
Plutocracy is an idea created to give an excuse as to why some are unable to succeed. When it is an issue of personal accountability. Unfettered capitalism is self-maintaining and can lead to many private efforts to fix social problems. This can be seen in the philanthropic efforts of Bill Gates. Once deregulated, competition will spring new jobs and drive the price down. Moreover, trickle-down economics will over time allow for a middle class to grow from the gains made by the top percentage. With the right idea and business model, anyone can reach the top. For example, Mark Zuckerberg gained financial success and started out just like everyone
“Concentration of wealth yields concentration of political power. And concentration of political power gives rise to legislation that increases and accelerates the cycle.” The wealthy are able to use their power to control legislation through lobbyist groups and political donations. The term Precariat is used to describe a new form of the proletariat, who due to the economic climate is suffering from lack of job security and must accept a number of activities necessary to maintain access to employment. Whereas, the proletariat was simply a laborer. The insecurity of the precariat is essential to the economy which supports the wealthy. Fed Chairman Alan Greenspan when testifying to Congress, claimed a substantial reason for the successful economy during his supervision was the “growing worker insecurity.” The worker is less likely to make demands. Alongside this, representation for the …show more content…
Plutocracy is an idea created to give an excuse as to why some are unable to succeed. When it is an issue of personal accountability. Unfettered capitalism is self-maintaining and can lead to many private efforts to fix social problems. This can be seen in the philanthropic efforts of Bill Gates. Once deregulated, competition will spring new jobs and drive the price down. Moreover, trickle-down economics will over time allow for a middle class to grow from the gains made by the top percentage. With the right idea and business model, anyone can reach the top. For example, Mark Zuckerberg gained financial success and started out just like everyone