Extreme Inequalities in Contemporary Capitalism: Should We by Maurizio Franzini, Elena Granaglia, Michele Raitano

By Maurizio Franzini, Elena Granaglia, Michele Raitano

This booklet explores the mechanisms wherein most sensible earning are completed via paintings in today’s complicated economies and asks to what volume present severe inequalities have compatibility with extensively held values of social justice. Reflecting at the heterogeneity of the operating wealthy, the authors argue that very excessive gains usually end result now not from heightened pageant triggered through globalization yet really from a scarcity of festival, or at top poor festival. it really is proposed that such earning can't be justified when it comes to potency or benefit and don't generate confident trickle-down results with advantages for all of society; really, severe inequalities in gains chance jeopardizing equality of chance. The booklet concludes by way of delivering a big selection of leading edge coverage prescriptions that aren't punitive in reason and aren't in simple terms directed towards source of revenue redistribution. Readers will locate the publication to be a desirable resource of insights into the topic of the operating wealthy, which is still mostly unexplored inside either economics and ethics.

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Extra resources for Extreme Inequalities in Contemporary Capitalism: Should We Be Concerned About the Rich?

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1 % of the population, without considering the income levels and, even more importantly, the extent to which the rich differ from the rest of the population does not get the job done. To get to know and improve our evaluation of that planet, we need a direct criterion for identifying the rich. There being no universally approved criteria in the literature, we have come up with a definition that identifies the affluent as anyone who has an income that is at least three times more than the median income of the reference population, and the rich as those having an income that is at least five times as much (we have not dealt with the super-rich, who would ideally be those with an income equal to at least 10 times the median, seeing as the data in the sample surveys we have used for our empirical analyses are extremely inaccurate).

It also appears that ownership of considerable assets, especially if inherited, is not an essential pre-requisite when it comes to securing a place among the super-rich category, a fact that can be partially confirmed by a quick review of the list of the 400 richest Americans published by Forbes magazine. Many of those included in the list, as Kaplan and Rauh (2013) claim, come from families that, even though not poor, were not particularly rich and did not have access to large estates. Explaining the super-rich phenomenon is not easy, but this is the main purpose of the pages that follow.

Gladwell (2008, p. 51), for example, claims that Bill Gates’ meteoric rise was marked by “luck”—essentially linked to his family upbringing—, which meant he went to one of the few schools that at the time could boast a computer and spent all his time outside lessons, which he found very boring, in front of this tool. If this stroke of “luck” explains how Gates started out, how things later panned out, and all the billions of dollars he earned, resulted from many different factors: his own ability, but also the market clout Gates acquired which was not necessarily a consequence of his capacity for innovation (Stiglitz 2012).

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