For Hobbes, individuals must be a larger population beneath authority, and those individuals must, by the very nature of the perpetuation of the species, cede all rights and control over to that authority. It is also well within the natural rule of law that there might be abuses of authority, and that even though rebellion might be expected, it is up to the individual to maintain that the State is the grand master and the individual but the pieces on the chessboard. The State, therefore, must control military, civil, judicial and even ecclesiastical powers (Martinich, 1992).
For Locke and ousseau, however, the individual takes personal responsibility for action - liberalism and optimism show through in that life is not as it is now- but as its potential allows. This view of the social contract and natural rights was central to the progress of mankind. The idea of natural rights is…… [Read More]
Wealth & Happiness
Surveys have indicated that although citizens of the United Kingdom earn double the income they earned forty years ago, they find themselves less happy. There is no shortage of fables that support this story -- from Ebenezer Scrooge to Willy Loman the pursuit of wealth in modern society has often led to unhappiness in one form or another. Yet the myth that connections wealth to happiness remains powerful in our society. If one considers Maslow's hierarchy of needs, wealth certainly can aid in bringing happiness by meeting basic needs. In our society -- beginning with 19th century industrialization -- the pursuit of wealth beyond those basic needs has become a hallmark. Yet Maslow identifies as higher order needs not the creation of more wealth but the cultivation of self-actualization. This paper will examine the connection that wealth has with happiness, in an attempt to explain why the…… [Read More]
Wealth and Captial
Wealth and Capital: Relationship with Race and Crime
Income and wealth are two very different animals- someone's income constitutes their salary, hourly wage and other forms of income; but, wealth is a different term that embodies several different forms of having cash- wealth includes net worth which includes homes, cars, and stock portfolios, among other things. Though these concepts have definitions, in a sociological sense, wealth is reflected in society in a different way. Being wealthy is having access to the resources and things, whether it means educational resources, or living and being able to sustain a certain lifestyle that includes large homes, luxury cars and high end designer labels in regards to fashion. It seems that wealth is reserved for the Caucasian and other "white populations," while people who rely mainly on income are those of the minority race. Stereotypically, ghettos are made up of African-Americans,…… [Read More]
The benefits of being wealthy are numerous and varied. Perhaps the most obvious is the ability to live a comfortable lifestyle and enjoy indulgences that only someone with money can enjoy, such as exotic vacations, spending sprees at the mall, and grown-up toys such as luxury cars and boats. However there is perhaps a responsibility involved with wealth.
Most truly wealthy people are major contributors, donors, and sponsors of various charitable foundations, many of which would not exist if it were not for the considerable donations of the wealthy. And many wealthy individuals actually create their own foundations. In 1999 Bill Gates, for example, merged several of his existing foundations that bore his name into one, the Bill and Melinda Gates Foundation, a philanthropy that was estimated in 2003 to be worth some $32 billion (Gates Pp). The foundation provides grants for projects relating to global health care, education…… [Read More]
ealth of Networks
It is said that the estern culture is going through some sort of cultural war in terms of communication and technology (Braman 153-182). The battlegrounds are seen in the courts, the legislatures, international bodies, local communities, and distant countries that individually may not have much power to affect the outcome though they do have a vital interest in who wins. The war is global -- and is one that has little to do with gay marriage, abortion, terrorism, Darwinism, or religion. It is, in one sense, a war going on above our heads, as it is largely concerned with law and policy, and society and property; this is all in connection to the new media and technology (Doyle). In another sense, it is very much a war in the trenches, as it affects our ability to choose how we will live and interact with each…… [Read More]
When I am 37 years old, I check my investments and discover that I now have a portfolio of approximately $128,000. During the preceding 7 years I have fathered three children (two boys and a girl) and they are now at an age where the private schools they attend are costing me an arm and a leg, the house my spouse and I purchased is quite extravagant, and the two cars, insurance, and other of life's amenities are all crowding in on the investment picture. For the next seven years I decide to forgo the monthly investments, but decide not to change the initial investment strategy.
The next 7 years pass by and I am now 44 with gray showing in my hair and small wrinkles appearing about my eyes. I check my investments and discover that the 10% rate of return has held true and because of that my…… [Read More]
Executives as owners vs. Executives as representatives
Stock Options on wage growth
Taxes on wage growth
Inflation on wage growth
Individual Wealth Education (Mutual Fund Fallacy)
A very contentious issue arising within public domain is that of compensation and its repercussions on overall society. Over the past 3 decades executive compensation has ballooned while the average worker continues to see only modest gains in income. The average annual earnings of the top 1% of wage earners grew 156% from 1979 to 2007; for the top 0.1% they grew 362% (Mishel, Bivens, Gould, and Shierholz 2012). In contrast, earners in the 90th to 95th percentiles had wage growth of 34%, less than a tenth as much as those in the top 0.1% tier. Workers in the bottom 90% had the weakest wage growth, at 17% from 1979 to 2007. If inflation averaged just 2% a year over…… [Read More]
The mere availability of clean running water, indoor plumbing, electricity, heat, air conditioning, refrigeration, automobiles, quality food, and cable television would be considered extreme "wealth" in most of the rest of the world.
Unfortunately, because the prevailing concept of personal wealth is relational rather than absolute or defined by the objective benefits and conveniences of modern life in the developed world, most Americans take for granted the lifestyles, benefits, conveniences, and opportunities available to them in modern American society. n the early 20th century, for just one typical example, the wealthiest Americans enjoyed the thrill of automobile excursions because the first cars were so expensive that they denoted wealth and privilege. However, as soon as the first mass transportation systems and more affordable automobiles made traveling more available to the masses, weekend drives to remote areas previously available much more exclusively to the wealthy lost their attraction to the wealthy.…… [Read More]
Wealth of Nations, published in 1776 during the Age of Enlightenment and on the cusp of the Industrial evolution, consists of Adam Smith's considerations on political economy. It is an accessible summation of economics and is highly valued as the first comprehensive work of its kind. As with most literature, The Wealth of Nations reflects its contextual social conditions; revolutionary ideas, technologies, and practices strongly influence the work. With this treatise, Smith sets out to explain an obvious social phenomenon -- the economic engine, combined with ways in which it may flourish.
A lucid description of national economy forms the introduction of the composition. Smith skillfully discusses the merits of dividing labor and the benefits of using machinery to increase production. This instructive passage exposes the powerful mechanism that connects society. Next, an examination of the development of industry and commerce along with urban and rural economic contributions provide the…… [Read More]
Wealth of a Nation to Be: The American Colonies on the Eve of the evolution" by Alice Hanson Jones. (New York: Columbia University Press, 1980.) xxxvi, 494 p.: ill.; 24 cm, (HC104.J67).
This book is a more modern look than some of the other books scrutinized in these reports. It takes a newer look at America poised for evolution, and indicates how the quest for American freedom and the country's economy were so clearly and closely intertwined. Perhaps one of the most interesting portions of the book is the clear indication of more economic development in the northern colonies rather than the southern. In a pattern that would continue throughout the country's development, the north geared itself more toward manufacture and industry, while the south geared itself more toward agriculture and rural life. These would be the deciding factors when Civil War tore the country apart only 100 years after…… [Read More]
Disturbing reports from the Pew Research Center indicate that race-related wealth disparity is not shrinking but growing. Even though all ethnic groups surveyed are earning less, the decline in household incomes and net worth was significantly greater for blacks and Hispanics versus whites. Kochhar, Fry & Taylor (2011) claim that lower property values are partly to blame, along with bursts in the housing market bubbles disproportionately affecting nonwhite homeowners in specific geographic areas like Arizona, Florida, California, and Nevada. The research generally points to a “rich getting richer, poor getting poorer” phenomenon. Given that nonwhites have historically bore the brunt of wealth inequality, further gaps between rich and poor will affect nonwhites exponentially more. This article also shows the dangers inherent in keeping the bulk of net worth tied up with home equity; Kochhar, Fry & Taylor (2011) claim that one of the reasons for the widening gap between whites…… [Read More]
In “The Black-White Wealth Gap is Unchanged After Half a Century,” the author discusses the history, evolution, and implications of the race-related income disparity problem in America. The article opens with a powerful anecdote about how black lives, businesses, and whole communities have been destroyed nonsensically and in blatant disregard for the law and the principles upon which the nation was founded. On all metrics, including median wealth and home ownership, African Americans have lagged behind their counterparts due to factors like the inability to transmit earned wealth to future generations. The article, published in The Economist, shows how understanding root causes of socio-economic injustice helps to guide sensible public policy.
According to the author, discrimination remains a persistent and pernicious problem. Mass incarceration and the economic degradation of traditionally black communities has also been part of the problem. Possible solutions include the creation of a government funded bond program…… [Read More]
Wealth inequality results in many Americans not having access to necessities such as adequate healthcare. It is also linked to ethical and racial inequality and, as such, can be a source of social dissention. In the final analysis it is a sad truth that such radical disparities should exist in one of the most advanced societies in the word.
lack Wealth / White Wealth: A New Perspective on Racial Inequality. Retrieved June 25, 2009, from http://www.infibeam.com/ooks/info/Melvin-L-Oliver/lack-Wealth-White-Wealth-A-New-Perspective/0415913756.html
Concentration of Wealth in the U.S.A. Retrieved June 25,
2009, from http://web.pdx.edu/~psu01435/wealth.html
Domhoff W. Power in America: Wealth, Income, and Power. Retrieved June 25,
2009, from http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
Keister, L. (2005). Getting Rich: A Study of Wealth Mobility in America. New York:
Report details black-white wealth inequality. Retrieved June 25,
2009, from http://www.msnbc.msn.com/id/7397962
Walsh D. (2008) America's "Fortunate 400" control vast wealth. Retrieved June 25,
2009, from http://www.wsws.org/articles/2008/mar2008/rich-m07.shtml
Figure 1. Distribution of net…… [Read More]
wealth of knowledge available to the world increases algebraically every day (Zadeh, 2004). Part of this knowledge explosion is due to the increased dependence of business, education, and the professions on the use of the computer. Since the introduction of the personal computer in the mid-1980's, computers have gradually, and fully, begun to dominate nearly every aspect of our society's daily life and there is no indication that this trend will ebb at any time in the near future (Ifrah, 2001). Quite simply, computer literacy is an absolute essential for anyone who anticipates participating in today's society.
To understand how important computer literacy has become one needs only to review a typical day in anyone's life. It is impossible to go to a bank, difficult to apply for a job, borrow a book from the library, visit the doctor or even purchase gas without having at least a basic knowledge…… [Read More]
Wealth of Nations, According to Adam Smith
Adam Smith's seminal text The Wealth of Nations stands a tribute to the value of capitalism. Fundamentally its author espouses an optimistic faith in the essential rationalism of human society and human desires. He believes in the ability of human economic impulses to balance one another in a state of equilibrium of supply, costs, and consumer demand, if not interfered with by outside forces. Smith suggests that there is a famously invisible hand that guides market forces in a harmonious way that the state should not interfere with. The state should only enforce laws so conflict between human beings is kept at a minimum, and so the economy can function. The reason for the existence of this invisible hand is not purely generated by the economy, but by the nature of modern, human social life that Smith believes is, at is essence, rational…… [Read More]
ESOPs are becoming increasingly commonplace and many notable corporations participate in ESOP plans. Individuals who work for ESOP companies earn more on average than their non-ESOP counterparts. Their retirement funds are far more attractive too, and the trend in ESOPs is progressively moving toward full ownership rights for employees. Some examples of employee-owned firms include the Appleton paper company in Wisconsin, Reflexite Optics in Connecticut, Western Solutions, and the Gore-Tex corporation, which the author notes has one of the best ESOP plans in the country. One of the reasons why we have witnessed an increase in worker-owned corporations is due to 1974 federal legislation that proffers tax benefits to firms that implement ESOPs. In some cases ESOPs only give workers stock, without enabling ownership rights. An ESOP acts as a trust that receives and holds stock on behalf of the employees (82). Tax incentives have stimulated interest in ESOPs but…… [Read More]
Communities are looking for social expenditures by the business to benefit the community (hospitals, stable employment, donations, and investments). Managers face a challenge in making such crucial decisions. Therefore, corporations must be clear on how to make tradeoffs between these often inconsistent and conflicting interests from different stakeholders.
In the Shareholder Wealth Maximization model, three types of maximization exist in a company. They include total stakeholder maximization, shareholder maximization and stakeholder-owner maximization. Shareholder maximization is based on a single stakeholder maximization whereby the sole business owner is taken into account during maximization. The stakeholder owner maximization focuses on desired interests and resources important for shareholders commitment. It is crucial for the overall success of the business venture (Tricker, 2012).
Of all the three-wealth maximization of companies, shareholder wealth maximization is more significant than the other two. While most businesses presume total stakeholder maximization to be the most significant role, it…… [Read More]
Unfortunately many aspects of modern American society threaten individual liberties. For example, the disparity between the rich and the poor in American society impacts the level of freedom enjoyed by certain segments of the population. The "freedom" to pay workers a pittance in order to increase profits in a large corporation is therefore not really a "freedom" at all. Therefore, it is up to the government and to the people who support it to ensure that the rights and freedoms of all persons are preserved. Similarly, when religious institutions hope to influence public policy, they inadvertently infringe on the rights and freedoms of the American people. Even if well-meaning, religious institutions cannot bind people in a free society to do what they do or believe what they believe. Morals are a reflection of common sense and education, not of specific religious values. Therefore, the government cannot bend its legislation to…… [Read More]
Economics and Global Capitalism
The American Dream has always been tied to homeownership, yet homeownership has always been a prospect made possible through long-term loans made to credit-worthy applicants. For Main Street, this was mainly the case at least since the Baby Boomers came to age. For subsequent generations, predatory lending came about as the monetization of debt became another way for Wall Street to make money off Main Street. The American Dream prior to this was connected to the concept of upward mobility, but this too has been linked to the prospect of homeownership. Essentially, the American Dream has always been a dream about ownership of assets, of being at the minimum part of the middle class—a status that anyone could achieve in America so long as he was willing to work hard. Today, with globalization and the offshoring of manufacturing, the blowing of credit bubbles, the devaluation of…… [Read More]
n spite of subsequent attempts to control spending, the average net savings, as estimated in the NPA attained a low of negative $40 billion or negative 0.4% of GDP during the first quarter of the year. A majority of these authorities are subject to balanced -budget necessities and added rules which need them to respond to fiscal disturbances. Hence in addition to decreasing operating expenses, government relied on reserves, introduced bonds in the market, sold assets and performed lot of one-time corrections in the timing of payments to balance their books.
Of late, a lot have even enhanced taxes and fees thus countering the trend towards lower taxes, which existed during the late 1990s. Latest indications have been that the fiscal stress in this sector has started to relieve. The enhancement shows a perceptible upturn in collections of taxes in recent quarters whereas control on operating expenses on the whole…… [Read More]
Straightened Circumstances": A eview and Analysis of the Current Debate about Measuring Poverty and Wealth in Canada
Although there is no official definition of poverty in Canada, recent estimates place the percentage as high as 14% overall, with significantly higher levels for vulnerable populations such as single elderly females, indigenous peoples, and single females with children. These levels of poverty indicate that the problem is severe and it is important to ensure that the steps that are taken to address poverty in Canada are timely and effective. In order to ensure that the scarce resources that are used to assist impoverished Canadians are applied effectively, though, there must also be some reliable ways of determining whether progress is being made or not. To this end, this paper provides a review and analysis of the relevant literature concerning the current debate about measuring poverty and wealth in Canada, followed by a…… [Read More]
Scramble for Wealth in Africa
1880-1900 was a period that was characterized by rapid colonization of the entire African continent by European nations. This was what was known as the scramble for Africa and it took place due to various economic, social as well as political evolutions that were taking place in Europe. This scramble was known as the race of Africa or partition of Africa was a process of invasion, occupation and eventual annexing of the African territory by European powers during the new imperialism period.
By 1880, around the coast of Africa and a small distance inland found along major rivers like Niger and Congo were under the European rule which was only a small part of Africa. This paper will therefore look at the scramble for Africa and the reasons that led to this evolution. There are various factors that led to the impetus scramble for Africa,…… [Read More]
This is true, if you think in terms, as Pareti apparently does, of the economy of the product by way of the labor investment, sans the accounting processes. That is, sans the cost of materials purchased to be labored upon; the cost of the performance of the labor by way of tools, electricity, and, of course, water cooler time, lunch and beaks; and the other costs that the manufacturer must invest in and pay inn order for the working class to be employed in his craft or skill.
Workers employed by Intel and Exxon," Parenti informs us, "received only about one ninth of the value they created." This is probably true, and although Parenti does not offer or present the formula by which he made this astounding calculation, it sounds, off the top of one's head, that he is close if you consider the profit value of the product vs.…… [Read More]
An example is given that shows a working man doubling his income from $50k to $100 k per year as compared to someone who earns $1,000 doubling income to $2,000 per year.
It uses these figures to tout what a huge difference there is between the two. This makes no sense at all. An individual earning $50,000 per year is far less likely to double his income than someone making $1,000, and in fact the individual earning $1,000 is probably not working at all and therefore would probably earn twenty to thirty times more if the individual would actually go get a job.
Using examples like those stated above, and including the nonsensical writing, it is no wonder that those who cry inequality 'wolf'…… [Read More]
Having wealth is one thing; managing hat wealth in an effective manner such that it produces more wealth at an efficient rate is quite another. As a great deal of wealth ends up in the stock market -- where wealth can be quickly created and even more quickly eroded -- understanding how to conduct a comparison of stocks is essential for proper portfolio management. There are many different considerations that should be taken into account when selecting stocks, but one simple and straightforward method of analysis is to simply compare the past performance of stocks that are being considered. Both the price changes and the volatility of past stocks performance can be an indicator of the risk and rewards associated with a given stock, especially in comparison with other potential investments, and this can lead to a better decision regarding which investment to select for the…… [Read More]
It is only the commodities that change hands as they are exchanged according to the value that is given to them by a fetishizing desire.
Because commodities can be exchanged for one another, Marx believed that all commodities have something in common (and one of the most interesting aspects of commonality is the fact that nearly all of the producers of commodities remain, for the most part, invisible). This commonality cannot be ascribed to their use value because they differ in quality. Marx drew the conclusion then that capital (in general) and fetishism (specifically) "must be equal to a third, which in itself is neither the one nor the other" (Marx). This third thing is different from the use value of the goods concerned and thus also from that which provides these goods with their visibility and materiality and makes them useful with respect to the satisfaction of consumer needs.…… [Read More]
Global Food System
Multinational agribusiness is thriving, yet nearly 40 developing countries urgently need food to feed their starving populations (Lean, 2008). Food security is being held hostage by giant food and biotech companies (Lean, 2008). Profits take priority over solutions for the expanding global food crisis, and farmers in the developing world are not benefitting from their labors (Lean, 2008).
The profits and earnings of giant agribusinesses have increased dramatically, pleasing shareholders commodities traders across the globe (Lean, 2008). Few programs of scale sufficient to assist hungry people are established and implemented by agribusiness. Programs that are developed are a step in the right direction, but are too small to have much impact -- many critics see these programs as a form of public relations to ease the collective conscience and to signal corporate social responsibility. Many highly profitable companies engage in Fair Trade practices that ensure farmers in…… [Read More]
Wealth, Power and Insider Trading on Wall Street
In today's increasingly internationalized worldwide economic system, defined by the expansion of multinational corporate conglomerates into foreign shores, the necessity for effective and efficient financial regulation to prevent criminal conduct covered by the catchall term "insider trading" has never been greater. Whereas autonomous countries once maintained clear authority over businesses which were built on their shores, through levying taxes, enforcing fiscal regulations, and instituting a lawful system of commerce, today the most successful companies are those with the wherewithal to transfer their operations abroad. Global financial management requires a comprehensive comprehension of foreign exchange and currency markets, derivatives securities, international financial debt and equity markets, international portfolio investments and the global market for real assets. Due to the fact that "financial markets and intermediaries today are globally linked through a vast international telecommunications network," with this continual process resulting in "the trading…… [Read More]
. . . The gains of both are mutual and reciprocal, and the division of labour is in this, as in all other cases, advantageous to all the different persons employed in the various occupations into which it is subdivided."
Therefore, the division of labor and human nature combine to produce a natural growth of the market, and the more people that are involved, the more opportunities for growth there will be as a result. In this regard, Smith adds that, "The greater the number and revenue of the inhabitants of the town, the more extensive is the market which it affords to those of the country; and the more extensive that market, it is always the more advantageous to a great number" (Book III, chapter 1).
This point is also made by McLean (2006) who reports, "After discussing the division of labour, Smith moves on to point out that…… [Read More]
A nation faithful to democracy is blessed and called to spread this "good news" throughout the nations "(Withrow,2007, p.15 ).
Coupled with this "gospel" was the support and verification of major scientific theories during this period. Social Darwinism was derived from Darwin's work on the evolution of the species. In essence, Darwin's theory of human evolution refers to the principle of the 'survival of the fittest," on which the ideal of human progress becomes possible. Therefore, taking this principle into account, Social Darwinism attempt to explain and justify the social and economic inequalities in society in terms of those who are the strongest and fittest in the society i.e. those who are the most prosperous and who accumulate the most. Therefore, the vision that this theory produced was one that favored and justified the strongest and most successful in society.
In order to understand the impact of Social Darwinism one…… [Read More]
rise of business and the new age of industrial capitalism forced Americans to think about, criticize, and justify the new order -- especially the vast disparities of wealth and power it created. This assignment asks you to consider the nature and meaning of wealth, poverty and inequality in the Gilded Age making use of the perspectives of four people who occupied very different places in the social and intellectual spectrum of late nineteenth-?century America:, the sociologist William Graham Sumner, the writer enry
George, a Massachusetts textile worker named Thomas O'Donnell, and the steel tycoon
For Andrew Carnegie, wealth was a good thing. In his "Gospel of Wealth," Carnegies talks about the problem of "our age" which is the proper administration of wealth. e has his own philosophy of how wealth has come to be unequally distributed with the huge gap existing between those who have little and those…… [Read More]
Thus, investors are taxed at low rates and CEOs receive high pay specifically because they deserve it.
Thus, the facts are not contested by any side of this debate. The reality is that one must draw the line somewhere with respect to what sort of society one prefers to live in. The wealthy seek political power because they want to design a society in which they receive most of the benefits of opportunity while avoiding as much of the cost (taxation, regulation) as possible. Their ideal society probably already exists somewhere in the developing world, but alas American voters have sought to strike a more balanced approach to opportunity and cost. Many Americans -- some of them among the wealthy -- argue that too much wealth disparity is harmful to the country. First, as many Americans as possible should have the opportunity to succeed, something that does not come from…… [Read More]
successful aging as viewed by Generation X versus Baby Boomers over the age of
Successful Ageing: Generation X versus Baby Boomers
Numerous studies have focused on understanding and defining the constituents of successful aging. The term "successful aging" is popular in the gerontological literature to cover processes in aging. The processes of aging are positive, and at times, the term has shown relations to "vital aging" or "active aging" implying that later life is characterized by sustained health and vitality. According to Moody (2005), "successful aging" suggests main ideas including life satisfaction, longevity, freedom from disability, mastery, and growth, active management with life and independence.
According to Dubey et al. (2011), as people grow older, they have incidences of illnesses. However, an older population has numerous needs as compared to a younger population. Life satisfaction continues to be an important aspect in the study of aging. This is because it…… [Read More]
This is because they are interested in increasing their overall bottom line numbers at all costs. While, their American counterparts want to see an increase in market share and address a host of social issues. As they believe that the community is playing a vital role in helping to support the organization and its success. This is significant, because it shows how American entrepreneurs want to offer everyone some kind of program that will help to address a host of problems affecting their communities. (Studwell)
A good example of this can be seen by looking no further than idu.com. What happened was the firm was established by Google based on a desire to rapidly expand into China. At first, Google was considered to be the dominant player in the industry. However, the Chinese government began to impose a host of restriction on what content was available. Reluctantly, the company agreed…… [Read More]
Much of what passes for unassailable historical truth turns out to rest upon shaky assumptions. However all aspects of investing are not so grim it is important to have your wits about you and do proper research.
Langstaff (1999) expressed how finance and investments have never been higher. He went further to report two more avenues for growing wealth and broadening investments. The internet represents an unprecedented opportunity for personal wealth creation, and the rules of wealth creation have been, and will continue to change by the new economy. As a result, books that do well address issues of, online trading, day trading, Internet stock valuations, or other subject specific content.
The three principles to use in homeownership/real estate to build wealth are being patient, borrow money cheaply, and build a success team (Johnson, 2005).
Futrelle, D. (2004, September). Build ealth in Any Market. Money, Vol. 33(Issue 9),…… [Read More]
'" (oolman, Chapter 3).
Franklin's Autobiography, in contrast, is a tale not of submission, but self-realization -- Franklin even absconded from the tyrannical rule of his brother to begin his own enterprise because the young Franklin was determined not to bend to what he saw as a tyrant's rule. Some of his advice in "The ay to ealth" echoes oolman's in spirit, like the advice to avoid fancy dress: "you are about to put yourself under such tyranny, when you run in debt for such dress! Your creditor has authority, at his pleasure, to deprive you of your liberty," Franklin advises (Franklin, "The ay to ealth," 1758). But the purpose of such avoidance is not spiritual salvation through material denial, but to pursue "The ay to ealth" by avoiding going into debt.
Rather than trusting in God's Providence, Franklin trusts in his own efforts. Perhaps Poor Richard's most radical theological…… [Read More]
Private Property & the Commons of 16th Century Spain
Private Property in 16th Century Spain
Historically, 16th-century Castile was considered to be fundamentally an urban society that depended on cities and towns for the articulation of its local and centralized administration (Elliott, 1991). Privilege was considered to be a matter of a priori rights founded on traditions associated with nobility and wealth. The lower social stratum was maintained in order to provide fiscal and military support for the crown. The qualities of separateness -- both cultural and logistical -- between the urban central and diffuse local jurisdictions engendered very different perspectives regarding authority. ather than arbitrating reasonable agreements, local authority worked to undermine what was considered to be overreaching by the crown. I contend that the autonomy of local jurisdictions worked against the crown's insistence on absolutism and a monarchy of estates that were grounded in medieval social concepts, however,…… [Read More]
hat did I learn?
The interview with an individual named Beverly Santa Maria was intellectually rewarding and I learned a lot of about her past, her culture, and her language. Her middle name is her mom's maiden which is a common practice for this culture, and subsequently got her last name from her father which is common in almost every culture. Furthermore, her mom was named after Beverley Hills which seems to indicate the power of the American culture and its influence on other societies. Another interesting tidbit that was identified was that nearly everyone in her family was a very strong, or even famous, person in her country. Despite this, her family still decided to immigrate to the United States.
The decision to immigrate to the United States could not have come lightly. It is hard to imagine the fear of uncertainty that the family faced. However,…… [Read More]
This type of conviction also conveniently disenfranchises the poor of whatever minority from voting if they are convicted felons, and conveniently prohibiting the right to bear arms, or harsher sentencing if they do.
These effects of the initial cause, wage payers using the courts to provide themselves cheap labor, push down on eligible voter rates and election to office as well, which makes sense if election takes expensive campaign expenditure and time off working in order to win. Those with the wealth to take time off work to campaign, and to generate the publicity that translates into higher campaign contributions dominate the highest elected office and participation rates compared to ethnicities with lower median incomes (Barak, Leighton and Flavin 108). The result is that minorities lack the power to change public policy and thus the institutions that represent higher incidence of blacks and Latinos in prisons; lower earnings for everyone…… [Read More]
Neighborhood as Community: Scarsdale, New York
With a per capita income of $113,000, a median household income of $230,750, a median sales price of a single-family home of $1.34 million and one of the leading school districts in the state, the Village of Scarsdale is a relatively exclusive suburb of New York City that has a poverty level that even other affluent communities envy. Using an ecosystems perspective, this paper provides a review of the literature as well as online government resources to describe the demographics, available social networks, income and wealth distribution, an assessment of the educational resources, housing, health and welfare issues, as well as formal and informal control systems. An ecosystems perspective merges general systems theory and ecology to provide insights concerning the interactions between individuals and various aspects of their social environment (Tangenberg, 2009) to determine adaptations of the neighborhood over time, the interface of the…… [Read More]
Full creativity allows the production of greater wealth, for a stronger and more evolved society.
Further in defense of the moral systems or perceived lack thereof in terms of newly created wealth, D'Souza asserts that most wealth currently created is the result of personal effort, rather than means such as inheritance. The wealth can then indeed be seen as the reward for effort, rather than wealth as a result of luck in its pure sense. Morality's role should then not be concerned so much with justifying the accumulated wealth, but rather with using it wisely for the benefit of humanity, creativity, freedom and evolution.
Another characteristic of freedom, as seen above, is the recognition of new and revolutionary ideas, and implementing those when they are superior to the old. In terms of economy this is as true as in terms of morals. Those in power for example refuse to accept…… [Read More]
Economic inequality refers to the situation whereby wealth, assets or wealth are not distributed equally among individuals within a group, among some groups within a population or even among countries. Economic inequality is also described as income inequality, gap between the rich and poor, wealth and income differences and inequitable distribution of wealth. This issue of economic inequality can imply various notions such as equality of outcome, equality and the equality of opportunities. There exist differing opinions on the importance of economic inequality and the impact it has. There are some studies which have put emphasis on inequality as being a social problem. Whereas some inequality might promote investment, when it is too much inequality can end up being destructive. Though income inequality hinders long-term growth, it can also help long-term growth. Economic inequality differs between different societies, historical periods, and the existing economic systems and structures. This paper will…… [Read More]
Talented Mr. Ripley
The titular character of Patricia Highsmith's novel The Talented Mr. Ripley is driven by what might be called a pathological desire for commodities. Tom Ripley has essentially bought into the promise of post-war capitalism to the point that he is willing to kill for it, thus undercutting the hegemony of capitalism itself by demonstrating the powerlessness of wealth in the face of simple physical violence. hen examining Tom's desire for commodities, consumer goods, and material pleasures, it becomes clear that this desire, which is the main symptom of a dedication to capitalism, serves to repress the unconscious, unexpressed knowledge that money is ultimately meaningless, an ephemeral stand-in for other commodities, which are themselves ultimately stand-ins for real power, which is to say physical violence. Thus, Tom's murder of Dickie represents a kind of psychological trauma resulting from the violent eruption of the unconscious, a trauma that can…… [Read More]
Moral Criticisms of the Market
Moral Criticisms Market This assignment requires read article Ken S. Ewert (found eading & Study folder). Note article, Ewert defending free market "Christian Socialists." He states position a rebuttal
Moral criticisms of the market: A critique of Ewert's analysis
It is interesting to read Ken S. Ewert's 1989 criticisms of 'Christian socialists' in light of current debates on other types of economic policies today. Ewert portrays Christian, leftist defenders of socialism as impervious to logic, in contrast to other former critics of capitalism, who grew more acclimated to capitalist principles in light of the failure of the Soviet Union Similar criticisms are made of 21st century religious fundamentalists, who stress the need for private enterprise to address societal problems 'on principle,' even when public regulation might be helpful and who try to define science, including science education, in religious terms rather than in terms of…… [Read More]
The concept of being an over-privileged child is concurrently amusing and unsettling to me. To an outsider, being an over-privileged child may appear to be a life of advantages and comfort and a life that is free of the worry and concerns of "normal" everyday life. I have no need to worry if I can afford to buy the latest fashions, and in the future I know I will not need to worry about paying bills. There are certainly many benefits, but like any life condition, there are also disadvantages attached to the situation, which may only be considered when the full context of being over privileged is considered.
Writing about a genetic happenstance that many see as an unfair advantage due to being unearned has taken a great deal of thought. Writing about this subject will likely bring me ridicule and accusations of being self-pitying or insincere.…… [Read More]
The Gap in America's Distribution of ealth and the Socioeconomic Consequences
The United States often characterizes itself in the context of political rhetoric and public displays of patriotrism as the wealthiest and greatest nation in the world. Unfortunately, the wide variance of living standards represented in this plurality suggests that this is an experience reserved only for those with the means. Quite to the point, the poverty that a substantial percentage of Americans live with everyday indicates that this apparent enormity of wealth is not accessible to all. Indeed, the discussion here centers on the understanding that 50% of all of America's vast wealth is possessed by no more than 1% of Americans. This means that the wealthiest individuals in America on their own control more wealth than entire communities and regions. And as the discussion hereafter will show, this is a trend with serious and negative consequences…… [Read More]
It offers a good theory as it emphasizes on the production and export of those items for which a country possesses a comparative advantage. Furthermore, through its focus on the reduction of taxes and tariffs in international trade and the adherent practices, the theory of comparative costs has set the basis for the contemporaneous processes of market liberalization and globalization.
But the theory has not been spared from criticism. Oumar Bouare states that "the market price of a commodity does not converge toward its natural price. (Then) the outcome of complete specialization in icardo's framework locks third world and developing countries out of industrialization; and free trade could destroy the industrial base of a country, which in the long run could generate more wealth for the country than an imported product. This might also lock the country out of industrialization." b) in 1848, utilitarian economist John Stuart Mill wrote the…… [Read More]
median and the mode. The mean is the average of the total set, the median is the middle of the total set and the mode is the most frequently reported number of the total set. The median can be found by literally writing the numbers in a string, and then finding the number that sits exactly in the middle. hen measuring family wealth in order to make political decisions, it is the median that is the most important of these three (Boeree, 2005).
The mean reflects the average of all the different numbers within the set. The mean is not a bad number with which to work, but it can be skewed upward or downward by very large outliers. For example, consider the set 1, 1, 3, 4, 2, 3, 1, 22. The mean of this set is 4.625. The median is 2.5 and the mode is 1. The mean…… [Read More]
America was not founded as a Democracy or as a Monarchy, for the educated and landed founding fathers felt assured that neither would provide the nation with rights for all and privilege for the few. America was founded as a Republic, and one might add as an ogliarchic republic at that. Those with the right gender, race, and wealth were represented through their while others were represented through the votes of their betters. Today, nearly-universal sufferage (age and past misbehavior are both barriers) assures that these factors do not determine whether a person can vote -- but an argument can still be made that the majority of the political process is determined by wealth. "The creators of America's constitution and government were among the wealthy aristocrats of their day. When they created their new government, the founders excluded democracy to the extent politically possible at the time. ..The great…… [Read More]
Marital Power U.S." discuss describe advantages disadvantages married U.S. How role gender plays Education, Earned Income, (Professional: Occupational / Title) Does wage difference explains subordination home ? discriminating women, Is a systematic pattern dominates women men?( include race differences describing discrimination) Does domination public sector private sector? How ? Include discussions couples inherited wealth powerful status divorce rates types marriages average married couples? type family formation pattern affects continues future generations (children involved type families).
Marital power in the U.S.
Advantages and disadvantages of being married in the U.S.
Marriage is a wonderful union of two people who are bonded in love. One advantage of marriage is that it gives the two people in love the ability to love and to be loved in return. Marriage gives the two people an avenue to channel their love and attention towards a greater feeling. A second advantage of marriage is that it…… [Read More]
Looking at art and historical artifacts can tell us immense amounts of information regarding the society and culture from which these objects came from. Art can be revealing and informative in the same manner that books can tell readers about history and cultural conventions, many times providing specific details about its origin. These details can then provide viewers with an informed and comprehensive view of cultures and societies. Art is a reflection of not only the artist which creates the piece, but also a reflection of the atmosphere in which the artist lived. These reflections through art can point to specific themes and subjects that were important during the times that these artists lived. Power and Status are themes that can be considered universal in virtually all cultures regardless of their respective geographical location or historical era.
The intention of this essay is to provide the historical background…… [Read More]
Education in the Community
A major issue currently effecting culture, population, and demographics is that of wealth inequality. As the global economic downturn continues throughout the world, wealth disparity is increasing rapidly. This affects culture, population, and overall demographics in a litany of ways. First, due primarily to lower wages, families are postponing child birth. The uncertainty surrounding the future creates an atmosphere of fear. Families are now waiting until the economic climate becomes more certain before they have their children. Furthermore, the median income for middle class families has plummeted within the last 3 years. The median income for the average American household was roughly $51,000 in 2008. Now the median income is roughly $48,000. This creates problems as families are less apt to spend money are discretionary activities that form the basis of their culture. Holiday spending, for example has yet to reach its 2007 heights. Families are…… [Read More]
If just about anyone but the poorest people in America can afford what once were considered luxuries, what is there left to aspire to or hope for? The author's concept of wealth states that people acquire desirable objects to illustrate their superiority over those who cannot afford them, and their meshing with the wealthy and powerful who can. So, many luxuries are acquired as status symbols that say, "look what I can do" rather than for necessity or even personal pleasure.
I don't know if I agree with the author's conclusion that this need to acquire luxury goods could ultimately be good for the globe, and bring people closer together. This seems to simplistic to me, and too glib. He notes that many of the world's underprivileged will ever see this consumerism, and to me, it sometimes seems wasteful and unnecessary in the light of so many other important issues…… [Read More]
Why company pay dividend to shareholders? Why dividends not really affect the shareholders? What the shareholders prefer low or high dividends? Why, Explain?
A company may opt to pay dividend to its shareholders in order to make considerable earnings of the corporate profits. State's law varies on how dividends ought to be paid. Dividends do not really affect the shareholders because it is not compulsory for a company to pay dividends. Kurtz & Boone, (2011) indicates that companies are under no legal obligation to pay dividends to shareholders. Shareholders prefer high dividends because they earn more profits from their shares on the company (Kurtz & Boone, 2011).
In term of Dividends and Signals, Asymmetric information -- managers have more information about the health of the company than investors. Changes in dividends convey information:
• Management believes it can be sustained
• Expectation of higher future dividends,…… [Read More]
Murray characterizes educational romantics as people who believe that the academic achievement of children is determined mainly by the opportunities they receive and has little to do with their intellectual capacity. Educational romantics believe the current K-12 education system is in need of vast improvement.
Murray describes two types of educational romantics, one set on the Left and one on the ight, and differentiates between the two thusly:
"Educational romantics of the Left focus on race, class, and gender. It is children of poor parents, and girls whose performance is artificially depressed, and their academic achievement will blossom as soon as they are liberated from the racism, classism, and sexism embedded in American education. Those of the ight see public education as an ineffectual monopoly, and think that educational achievement will blossom when school choice liberates children from politically correct curricula and obdurate teachers' unions (Murray, 2008)."
Both of these…… [Read More]
Finally, the rise of science and technology due to industrialization militated against institutionalized religion (Bruce, 2002, p. 18). As people became more educated and reliant on science and technology in their everyday lives and work lives, religious disagreements with science and led people to abandon institutional religions as unscientific and backward. People knew that science and technology worked; therefore, religious arguments against science and technology tended to be rejected. In sum, the religious and secular teachings of the Protestant Reformation caused people to move toward greater secularization for religious, economic, social and intellectual reasons.
The Protestant Reformation significantly contributed to both Capitalism and Secularization in the est. By eliminating or reducing the Roman Catholic Church's underpinnings, including the Sacraments and obedience to Church authorities for salvation, the Reformation caused individuals to search here on earth for signs that they were saved and to rely on themselves rather than…… [Read More]
Secret; The Power
honda Byrne's The Secret: The Power (2010) is truly an incredibly bad book, simplistic, repetitive and divorced from real history, politics or economics, yet it has sold 19 million copies. A cynic might say that the real secret to wealth is writing a bestselling book that millions will buy. Her 2006 book The Secret sold more over 19 million copies and was translated into 46 languages, and she was also a guest on the Oprah Winfrey Show and many others on the daytime TV chat circuit. Like all self-help writers, she has a talent for publishing the same advice repeatedly in new books that claim to offer even greater insights than past philosophers and religious teachers and in 2007 Byrne wrote The Secret Gratitude Book, followed a year later by The Secret: Daily Teachings. Her latest offering is about 250 pages long and quickly appeared on the…… [Read More]
- these actions are not punished by the law because, while immoral according to many, they do not cause injury to the rights of others.
Adam Smith further emphasizes the centrality of property rights. For Smith, the ownership and acquisition of private property is an essential right that contributes to and maintains individual well-being. Individuals who do not own property are individuals with no real say in their own affairs, and no voice in their government. Smith cites the case of the plebeians in the Roman Empire as an example of a class of people who were purposely kept from ownership of the land as a means of keeping power in the hands of the patricians.
He also makes reference to the slaves of his own day, and to residents of nations where a king may, at his own discretion, dispose of his subjects' property, as examples of conditions under…… [Read More]
In addition, he argued that human behavior is mainly based on the pursuit of material profits.
According to Smith the society could develop only in case of existence of freedom and equality. These rational principles according to Smith could stimulate objective development of society and development of economical relations. His philosophical and moral ideas of course influenced his political economy. Smith's political economy based on freedom of competition and Smith principles of political economy based on the natural needs of developing capitalist society of Great Britain in many respects defined the economical policies of the major 19th century capitalist states.
3. Provide a sense of the historical context and the nature of the main debates in political economy during the first quarter of the 19th Century in Britain and how these debates shaped the complexation of early classical economic thought.
At the beginning of the nineteenth century there still existed…… [Read More]
Harvard Professor of History and Economics David S. Landes states in his book that that no has the simple answer as to why some nations are very rich and some are very poor today, he nevertheless argues that the West has been way ahead of the East in progress and success. He categorically points to England as the first country in world history to develop and this happened in the 18th century. Because of this, he writes that Europe (or England) shows how a nation can succeed. The book is a direct negation of the concept of multiculturalism in declaring that even the Chinese and Islamic civilizations' great scientific and technological advancements could not continue to progress as Europe has. He attests to a European miracle in earlier centuries.
Landex compares the development of the West and the East to show how the West won and has led. He uses…… [Read More]