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Unread 01-14-2017, 11:21 PM
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Default Does the wealth of few benefits the whole society?

The distribution of wealth is one of the most vivid and controversial issues of our time. Does the dynamics of the accumulation of private capital inevitably lead to a growing concentration of wealth and power in a few hands, as Karl Marx believed in the nineteenth century? Or is it that the balancing forces of growth, competition and technological progress lead spontaneously to a reduction of inequality and to a harmonious organization of society, as Simon Kuznets thought in the twentieth century? -Thomas Piketty

II

It has become common ground that the best way to help the poor out of misery is to allow the rich to become richer and richer. However, as new data on income distribution are released *, there is a daunting imbalance: the gap between those at the top of the social hierarchy and those at the bottom is growing.The stubborn persistence of poverty on the planet that lives the spasms of a fundamentalism of economic growth is enough to lead attentive people to pause and reflect on the direct losses, as well as on the side effects of this distribution of wealth.
One of the basic moral justifications for the free-market economy, that is, the search for individual profit also provides the best mechanism for the search for the common good, it is thus questioned and almost denied.
A recent study by the World Institute for Development Economics Research at the University of the United Nations reports that the richest 1% of adults owned 40% of global goods in 2000 and the richest 10% accounted for 85% of the world's total wealth . The lowest half of the adult population in the world had 1% of global wealth. - Zygmunt Bauman


III

A certain 'Rousseauan spirit' seems to have seized our time, which now sees private property and the market economy as responsible for all our ills. It is true that they favor the concentration of wealth, especially income and wealth.This, however, is only part of the story. The same market mechanisms that promote disparity - they require a certain level of structural inequality to function - are also responsible for the most extraordinary process of improving the material living conditions that humanity has experienced.
If capitalism exhibits the elitist bias of income concentration, it also presents the more democratic vocation of making virtually all goods more accessible by improving productive processes. I have nothing against persecuting ideas of justice, but it is important not to lose perspective on things.
- Hélio Schwartsman
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Unread 01-21-2017, 03:09 AM
KD7BWB KD7BWB is offline
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