Analysis of the Article 1% by Joseph Stiglitz - 718 Words

In the article â€Å"Of the 1%, by the 1%, for the 1%† Joseph Stiglitz, a noble prize winning economist, argues that the upper 1% controls about 40% of all wealth in America. This top 1% has taken about a quarter of all income in America, and has seen their income rise about 18% in the past decade. This has made the inequality between classes in the US expand. Eventually, this inequality gap will even hurt the top 1%, because the other 99% will either fight for a bigger piece or just stop working all together. The top 1% can buy anything they need, but their fate realizes on the other 99% to work hard and not fight back. If the 99% stopped working, there would be a simple way to gain back money†¦ that would be to raise taxes on the rich. However, the rich get rich by capital gains, which have a low tax policy. So overall, the upper percent can eventually learn, but a majority of the time it is too little too late. Throughout the article, Stiglitz approaches the topic of the 1% and how that prestigious group rarely tries benefiting anyone besides his or her self. Joseph Stiglitz gets that point across and explains it well within his article. The topic of the 1% only benefiting his or her self is extensively explained in the statement about the rich not caring about common problems. The rich has a large sum of money that they could invest into infrastructure, education, war and technology, but the upper 1% does not want to do that because it does benefit that group enough. IShow MoreRelatedThe Negative Effects of Globalization on South Africa Essay1699 Words   |  7 Pages Advocates of globalisation who benefit from the new global economy actually brag about the ability of capital to penalize unsound policies, and the fact that money capital now rules. In his book â€Å"Globalisation and its Discontents, Joseph Stiglitz argues that the backlash against globalisation draws its force not only from the perceived damage done to developing countries by policies driven by ideology but also from the inequities in the global trading system. Today, few—apart from thoseRead MoreThe Socialization Of Poverty : America1552 Words   |  7 PagesHarro, in her work â€Å"The Cycle of Socialization,† there are things which are also ascribed to us. These are characteristics which we have no control over yet drastically influence our life, such as race, ethnicity, biological sex, class, etc. Harro’s article is important, not only because it addresses how we learn through experience, but how we notice the effects ascribed factors have in one s life and our value in a world where all the rules and regulations involved with social and economic factorsRead MoreThe Effects of War on the U.S. Economy3070 Words   |  13 Pagesconfli ct. With the war in the Middle East entering its seventh year and past debt from World Wars I II still remaining on the national deficits’ books, what does this mean for our economy? Economists have drawn different conclusions on topics such as: 1. The economic cost of War on the economy 2. The economic impacts on oil markets, energy prices, financial and credit markets 3. The economic stimulus produced through wars This research of the economists’ views of the effects of war on the U.S. economyRead MoreEssay on International Economics of Renewable Energy1860 Words   |  8 Pagesaccept all renewable energy to their grid at the stated rate of payment (Mendonca Jacobs, 2009). Feed-in tariffs have been so successful because they are inclusive to all types of renewable energy, provide a stated fixed rate to be paid for cost analysis, and have no real cost impacts to governments because the end users are paying for the program in the form of high energy costs (Mendonca Jacobs, 2009). Government mandated levels of renewable energy use required by be used by energy companiesRead MoreEfficient Market Hypothesis and Behavioral Finance – Is a Compromise in Sight?6423 Words   |  26 Pagesdirection of price movements. One of the most interesting (and currently relevant) research projects of that earlier era was undertaken by Harry Roberts, a statistician at the University of Chicago. In his paper, â€Å"Stock Market ‘Patterns’ and Financial Analysis,† published in the Journal of Finance in 1959, Roberts wrote: If the stock market behaved like a mechanically imperfect roulette wheel, people would notice the imperfections and, by acting on them, remove them. This rationale is appealing, if forRead More International Capital Mobility Essay examples2849 Words   |  12 Pagescross-border flows of trade, finance and technology. In our hearts, we know that there is no going back.† -Maria Livanos Cattaui, Secretary General of the International Chamber of Commerce. As evidenced by the above quotation, any analysis of the central economic issues of our time is incomplete without a clear understanding of the increasing interconnectedness among nations. Globalization and integration are two very potent and monumental forces that are rapidly transformingRead MoreMinimum Wage Essay2213 Words   |  9 Pageswhilst those states not enforced by the law to use the minimum wage didn’t indicate any growth. Whereas leading economists such as Paul Krugman and Joseph Stiglitz (2002) do acknowledge the methodology of Card and Kreuger’s (1995) study Richard Berman (1998) conversely went on to disagree with their study to a certain degree. He argues that the analysis should have focused on the number of hours worked instead of the number of employees (Berman 1998). Brown (1999) also holds to support along the sameRead MoreEssay on The Credit Crunch2520 Words   |  11 Pages2008, due to the failures of large financial institutions, there were severe liquidity problems within the US banking system. When the housing bubble peaked in late 2007 the values of securities linked to U.S. real estate pricing began to plummet (Stiglitz 55). This was a critical hit to financial institutions across the globe. Questions began to arise amongst consumers and members of government alike in regards to the solvency of banks due to poorly performing loans and mortgages, which in turn ledRead MoreGst: t he Challenges Amd so on for Implementation of Gst4681 Words   |  19 PagesBusiness e-Bulletin Vol. 1, Issue 1, 55-64 GOODS AND SERVICES TAX, PROBLEMS AND EFFECTS OF IMPLEMENTATION ABOOD MOHAMMAD SALMEEN ALEBEL INTRODUCTION In taxation, taxpayers are taxed in two forms: whether through direct taxes such as income tax and road tax or through indirect taxes such as the sales tax and the services tax. For direct taxes, taxpayers will definitely realize that they are facing the tax burden since taxpayers are required to declare their income and to pay tax accordingly to theRead MoreContent Analysis Paper On The Poor And The Rich2118 Words   |  9 PagesDanielle Conaway Content Analysis Paper 3 A) There is a very big gap between the poor and the rich. The middle class is shrinking and now looking more and more like the poor. In the first video they asked 5,000 Americans how they think wealth is distributed in the United States. Of these Americans 92% of them believed that wealth should be equally distributed across the board. The bottom 40% of Americans barely have any of the nation’s wealth and the top 1% have more wealth than people believe the