Many Americans do not think that wealth distribution in America is as bad as it really is. In a study done in 2005 by Michael Norton and Dan Ariely, they found that American people thought the top 20% of Americans owned roughly 57% of the nation’s wealth when in actuality the top 20% of Americans own roughly 85% of the nation’s wealth (Building a Better America). This leaves roughly 15% of the nation’s for the rest of Americans to fight over. Due to the very little wealth left for the rest of America this puts people under the poverty line. In 2013, “more than 45 million people, or 14.5% of all Americans were below the poverty line” (Gongloff). Many of these people are assisted with government aid. In 2012, 23.1% of Americans received government…
considered to be a prosperous country in many aspects, especially in terms of wealth. In fact, as of 2016, France was ranked as one of the top wealthiest countries in the world. Although France has been viewed as a wealthy country, there is inequality in the distribution of wealth amongst its people. As a result, this often causes a sense of alienation and differentiation between people of different economic standing. This segregation and Othering between the wealthy and the poor has been very…
economic wealth to take care of its people and their basic needs. Unequal distribution of wealth negatively impacts many people with attaining financial security. Religion is one doctrine that inadvertently directs our economic attitudes. Humanity and the well being of the universe is a main objective that also aligns with economics. Authors Sallie McFague and Norman Solomon both critique the economic system through separate religions and their basic principles. McFague is concerned with…
Based on Rawlsian theory America’s current economic system, capitalism, is unjust. In Rawls, Property-Owning Democracy, and Democratic Socialism by Tom Malleson, capitalism is rejected for having unequal political power, unequal opportunity, and unequal wealth distribution. Unequal wealth is the major issue as it affects both political power and opportunity. Those who have more wealth can donate more to political campaigns and therefore have a louder voice in elections. Opportunity, such as…
In a country that is often recognized for its equal rights, vast majorities of the United States population face pressing social issues that disrupt their daily lives. Of these issues income inequality is something that affects(?) majority of the country. Inequality is not a new concept, in fact it has affected(?) millions of people across the world and is a political conflict in every nation. In the United States however, its measures don 't reflect our country 's healthy economy. Due to the…
Income inequality is the uneven distribution of assets among a population. In India, income inequality has been rapidly increasing over the pass years. Due to the expeditious growth of population, the discipline of the society begins to collapse, resulting in a rise of many inequalities in health, education and gender. In India, the top 1% holds nearly half of the country’s wealth and the rest of India owns only the remaining quarter. This unequal distribution of wealth is caused by the failure…
Thomas Piketty’s book entitled Capital in the Twenty-First Century, entails the economic and social patterns of the world from the eighteenth century into the twenty first century. Piketty discusses the idea of wealth inequality in the world economies and the contributing factors. He notes that distribution of wealth is one of the most thorny issue in the world. Piketty goes further to argue that most of the debate on wealth distribution has been baseless due to lack of emphasis on the…
Indeed, both Marx and Mill felt that freedom or the struggle for it played a part in societal progress. Furthermore, while Mill had no qualms against the government, they both believed that excessive government intervention did not benefit society. Indeed, Marx believed that violence was necessary for a societal transition to occur and Mill also justified violence in the name of liberty. Moreover, while Marx was critical of Mill’s views on the distribution of wealth, they were both against the…
rising inequality in the United States is the increasing importance and power of money in politics. I subscribes to Stiglitz beliefs concerning the purpose of a democratic government; to protect consumers, sustain favorable market conditions and provide common defense. The average citizen determines what should be considered “favorable market conditions “-not the elites. Income distribution is a product of market conditions, and since government regulates the market, I “politics is the…
illustrates the fundamental existence of varying social statuses and wealth allocation. The theme of this story stresses the unequal distribution of wealth between different social classes in America, how this divide often reflects racial differences, and the importance of educating people to realize that this gap exists. In addition, it also attempts to encourage people to not become complacent, but to instead strive for greater achievement and standing in society. As the story unfolds, the…