Creating More Wealth or Creating More Poverty

Paper Summary:

This paper discusses the current worldwide economic gap between the rich and poor. The author examines some of the different reasons for this gap including a shrinking middle class, the exit of many production facilities from the United States to countries with cheap labor. According to this writer, the information age has helped establish a global economy whose members do not all share the same successes, or political stability. The paper also discusses the differences between American and European economic policies and how these policies helped or hindered recovery from the economic downturn that began in the early 1990s. The author also discusses how economic inequality, government policies, or lack of them, international financial investments and policy, deregulation and privatization and abuse of free trade have have all contributed to the growing worldwide gap between the rich and poor.

From the Paper:

"In America, during the Great depression of the 1930, President Roosevelt placed on the back of the one-dollar bill, an unfinished pyramid with a glowing eye at the top. The pyramid represented the economic strength and the durability of the American economy. The unfinished section represented the vast potential that could still be attained. It encouraged the American people to work harder and attain more. The bill also has two Latin inscription (Annuit Coeptis) and (Novos Ordo Seclorum). The first tells Americans that God favors their undertakings; the second prophesies a new American order of wealth. (Thurow, 1999) This indicates that no matter how much society as a whole has progressed, the fundamental measures by which man measures himself in terms of wealth and possessions have not changed from the Egyptian society of prehistoric times to the current societies. The need for man to be able to satisfy his daily needs and save some thing for a rainy day will always be a good motivator."

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