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Essay on economic inequality
Essay about economic inequality
Economic inequality in society
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In 2004 a Swiss banker called the upper class’ demand for increasingly high salaries as “a call to class warfare from above.” (Baer) The new decade has seen outcry against a growing discrepancy in wealth. The global financial crisis exacerbated the already prominent fiscal divide. Ideological thinkers have been wrestling with resolution of this exact divide for centuries. Modernly Switzerland has attempted to regulate monetary divides by banning bonuses and mandating shareholder consent in major decisions. A recent proposition also suggested implementing an initiative that “would permit companies to award their best-paid worker no more than 12 times what the worst paid.” (Stamm) This measure invokes sentiments similar to those invoked by historic ideologies. The societal problems that Locke and Bernstein attempted to address with Liberalism and Social Democracy respectively manifest in the recent discussion surrounding the Swiss salary initiatives. This validates the relevancy of their ideological arguments because societal issues of private property, the value of labour, and ethical concerns surrounding wealth persist in current political discourse.
The current questions of ostentatious wealth, fiscal practices, and salary settings, which are being discussed in Switzerland, invite for examination through the lens of John Locke’s liberalism. Principles of liberal ideology and ideas articulated in Locke’s own writings are applicable to both sides of the argument. Some in Switzerland have advocated that companies would leave or not be attracted to develop in the country because of new laws. Johann Scheider-Ammann, the head of the Swiss Department of the Economy, Education and Research, noted that failing to pass the law "will ...
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... He may also critique the gross over-payment, which arguably distances the direct ties between labour and payment value. Bernstein would most likely support the measure, which is ethically inclined and democratic in nature signifying an evolution to socialism out of capitalism. Both perspectives offer beneficial arguments, which remain pertinent to the modern search for modest and reasonable acquisition of wealth, and global financial security.
Works Cited
Baer, H. (2004). It's not all about money: memoirs of a private banker.
Bernstein, E. (1909). Evolutionary socialism.
Locke, J. (1689). Second treatise of government. (Paragraph 33).
Maclucas, N. (2013, Nov 24). Swiss voters reject high-pay initiative referendum to limit executive pay overwhelmingly rejected. Wall Street Journal
Stamm, P. (2013, Nov 22). Why the Swiss scorn the superrich. New York Times
The Populists and Progressive were form of movement that occurred during the outbreaks of the workers union after the civil war. The populists began during the late 1800s.The progressive began during the 1900s. There are many differences between these two movements, but yet these movements have many things that are similar.
...o conclude with, the worst fate is waiting for rich people in Marx’s “Communist manifesto”, and is explained by 2 factors: mismanagement of given resources and negative result in the class struggle between the poor and the rich. Reich, on the contrary, argues that the wealthiest people, these are the symbolic analysts, will thrive due to the higher demand for their services and better technologies. Both authors see the capital factor in different lights and predict the rich to either succeed with the help of it, or lose because of its mismanagement. Meanwhile Reich does not mention any tension among different classes Marx sees the doom of the rich in its defeat to proletariat. Nevertheless, considering that Reich describes modern times and having witnessed the fall of USSR, a model of Marxist regime, should we incline more to Reich’s predictions on the rich’s fate?
Social inequality has been around for as a long as history can recall. However, according to Joseph Stigliz, it was created by us and did not just appear. As we delve into the history of social inequality, several things stand out to the great economist Joseph stiglitz. In order for Stigliz to portray how inequality is alive today, he uses primarily the rhetorical analysis technique logos and a little ethos to explain how rent seeking causes inequality in many countries including our own.
Wilhelm, Heather “The Great Income Inequality Sham” Real Clear Politics. May 2013. Web. 29 Apr 2014.
Mandelbaum, Robb, “There is a Salary Gap when pay themselves”. New York Times. Ed. Abramson Jill, Pub: New York City, February 18, 2014
Their morals prevailed over economics and used their “solidarity” to unite their differences and solved a problem that was affecting the country as a whole. Reid demonstrates how in Switzerland, equality matters and that is how they are able use the basic rule of everyone having equal rights to solve the problems that most countries cannot figure. Reid states, “To have a great sense of solidarity among the people, all must have an equal right—and particularly, a right to medical care. Because it is a profound need for people to be sure, if they are struck by the stroke of destiny, they can have a good health care system. Our society must meet that need” (177). The Swiss were able to determine the basic concept that every human being is thought and changed their system that was resembling the American system and were able to tactically consult their issue. Their current system in which the government is in charge, individuals get their own insurance with a basic package, which is mandatory and if one desires, they can buy more insurance and also their companies are non-profit which reduced competition between the companies. This system can be beneficial in aiding everyone have insurance but the more conservative individuals will view this system as “socialized medicine”. The main arguments that are made
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)?
Due to the noticeable difference between Proletariats and the Bourgeoisie, social relations came to be excessively discussed across the European continent. Many people adhered to the idea that individuals were members of economic...
This paper discusses Adam Smith's and David Ricardo's view on the labor theory of value. It includes a discussion of the validity of the arguments they present in relation to social and Economic contexts. To the pursuance of this objective, the paper has explored five published articles available both in the internet and as hand copies.
The rich and the working class rely on each other, just as the capitol and labor also. By having both cooperate with each other will promote stability in society. Within the paper it states that the workers should be res...
Probably no other pronouncement on the social question has had so many readers or exercised such a wide influence. It has inspired a vast Catholic social literature, while many non-Catholics have acclaimed it as one of the most definite and reasonable productions ever written on the subject. Sometimes criticized as vague, it is as specific as any document could be written for several countries in different stages of industrial development. On one point it is strikingly definite: "Let it be taken for granted that workman and employer should, as a rule, make free agreements, and in particular should agree freely as to wages; nevertheless, there is a dictate of natural justice more imperious and ancient than any bargain between man and man, that remuneration should be sufficient to maintain the wage-earner in reasonable and frugal comfort. If through necessity or fear of a worse evil the workman accept harder conditions because an employer or contractor will afford him no better, he is made the victim of force and injustice.
In 2003 the average pay for CEOs at 200 of the largest U.S. companies was $11.3 million--but there are a good number whose compensation packages approach the $100 million mark. Faced with these figures, Americans from all walks of life--who revile CEOs as greedy fat cats--are overcome with bewilderment and indignation. Astonished to learn that what an average worker earns in a year, some CEOs earn in less than a week--people ask themselves: "How can the work of a corporate paper-pusher be worth so many millions of dollars?"
It is a well-known fact that many people holding high positions in companies make an exorbitant amount of money. Some, however, say that they do not deserve the amount that they are paid. They feel that for the amount of work that is done by these executives, their paycheck is simply too high. Also, they believe that these high paid workers often do a mediocre job, while still managing to reap the benefits of being an executive. While these are viable arguments against this issue, the other side of the spectrum shows that this is not so. There is an equal amount of evidence, if not more, that suggests that executives earn every penny of their paychecks. The CEOs of companies are under an extra...
However, majority of scholars argue that the problem of excessive compensation should never be addressed via legislation. It is argued that involving the legislature would end up creating more problems than solutions (WAGNER, 2012). This is largely because it is never easy to set a standard guideline as to how much a CEO should receive. Companies that are doing fairly well prefer to pay their CEOs highly. Likewise, with the increasing technological advancements and innovations, companies seem to be performing much better than the previous years. Improvement in performance translates into increased CEO salaries and compensations. All in all, internal regulatory bodies should be created to ensure that these compensations are not too extreme (WAGNER,
The Great Philosopher Karl Marx (1844, p 1) said “wages are determined through the antagonistic struggle between the capitalist and worker. Victory goes necessarily to the capitalist. The capitalist can live longer without the worker than the worker without the capitalist”. The aforementioned philosophic statement by Marx opens for many issues to be debated between workers and employers, employment cadres and employment policies. As can be seen, in the hands of the capitalists are resources in the form of pay or wages that a worker desires to have in their own hands to provide for their individual needs and wants. Henceforth, the capitalist employ workers and in turn pay wages which are an income