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Price of Inequality
In the wake of the most recent economic downturn and an apparently ongoing depression in the world markets, many economists, political scientists, and social theorists have examined the roots of these dire times. For the most part, it appears that many blame "unstoppable developments" (Edsall, 2012), and particularly in the forms of globalization and automation, as being responsible. Joseph E. Stiglitz uses his new work, The Price of Inequality, to outline his reasons for not believing that these forces are unstoppable or even inevitable. Instead, Stiglitz suggests that, by addressing the political and economic roots of inequality in an integrated way, new frameworks can be constructed for a better and more sustainable economy.
According to Stiglitz (2012), the main driving force for the "two-tier" society in evidence today is the somewhat toxic integration of politics with the economy. According to Stiglitz, politics have played a major role in shaping the economy in ways that benefit the wealthy at the expense of the rest. Globalization has played a major role in this, with a basic lack of regulation resulting in poverty-perpetuating practices like child...
Indeed, Stiglitz (2012) argues that it is a basic lack of regulation and oversight that perpetuated these practices and result in solidifying basic inequalities. Further conducive to this problem is a basic lack of moral compass that perpetuates the top economic and political sectors today. These sectors feed each other in a toxic cycle of wealth perpetuating wealth but not creating wealth for those in the lower tiers. This is an unsustainable, benefiting only a few and not making use of the vast potential of human and natural resources across the world. As a result, what Stiglitz terms "the engines of growth" suffer since the investments that should be due to systems like education and infrastructure are channeled instead to the pocket lines of the already wealthy. This creates a stagnant system in which wealth is maintained but not created.
There are two major important lessons inherent in Stiglitz's work. The first is that factors like globalization and automation can be regulated in such a way to benefit all rather than a few wealthy persons. In the world today, the tendency is towards some sense of fatalism, where society is…
Stiglitz Analysis of the Price of Inequality In the year 2013, issues of socioeconomic inequality are perhaps as pressing and problematic as they have ever been. This is the assertion at the crux of Joseph E. Stiglitz text, The Price of Inequality: How Today's Divided Society Endangers Our Future (ISBN-13: 9780393345063). Released in 2012 by W.W. Norton & Company publishers, the 560-page text is a timely and compelling contribution to the current
Thus it was confidence ebbed that had ebbed actual income. The Hiscox Wealth Review of 2009 found: "The recession has left its mark on the psyche of the Working Wealthy with a lack of confidence impacting their perceptions of wealth and appetite for risk. Whilst two in five (41%) say the recession has not had an impact on the amount of money they have to spend, almost an equal
Rapid innovations in technology, particularly telecommunications and transportation, have accelerated the globalization process in recent years, and a number of positive outcomes have been associated with these trends, including increased levels of international commerce and improved cross-cultural understanding and communications. Despite these significant positive outcomes, the same globalization processes have also further exacerbated existing economic and political inequalities between developed nations such as the United States and the United Kingdom.
Globalization in Terms of Family Studies and Psychology Globalization: The Realities of Families Globalization can be defined as the unfolding resolution of the contradiction between ever expanding capital and its national political and social formations. While the expansion of capital once represented that associated with national capital and later that associated with corporations expanding from the national to the transnational, it has now come to represent that which occurs without the assistance
In this setting, it is perhaps difficult or even impossible for many Westerners to conceptualize the various factors that might contribute to the decision of an individual Muslim to pursue suicide as a terrorism tactic, but game theory provides a useful framework in which this can be accomplished, and these issues are discussed further below. Game Theory Overview. Game theory was invented in order to satisfy a mathematical curiosity; from the
Carrabine, Lee and South 193) Industrial/Infrastructural Decline As has been said before, the UK no longer makes anything, builds anything or sells anything tangible. The decline in industrial production has resulted in an overall decline in employment of industrial workers, who have not been aided by a failing system to transition to other work. Some would say that the changes occurring in the UK, at this time with the increased importance of service