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Poverty and wealth within capitalism (Essay Sample)

I will attach the case 3.3( the reading that needs to be done before the assignment) on print screen pics \ Assignment info: Case 3.3 explores poverty in the United States. Please read the case and ponder the issues of poverty and wealth in the United States. Write a 3-or more-page essay in which you address the following topics: - What are the causes of poverty? Are they structural or individual? What are the causes of wealth? Are they structural or individual? Do poor people have an equal opportunity to become wealthy? Why or why not? Do wealthy people have an equal opportunity to become poor? - Given the widespread poverty (44 million people of 314 million in 2010) in a very prosperous country, is the U.S. economic system fair? Why or why not? Given that one-third of the people in poverty are children, does the U. S. have any special obligations to relieve poverty? - Given the concept of the declining marginal utility of money, do you believe there is a point where the very wealthy have too much money? Should the very wealthy pay a much higher percentage in income taxes and inheritance taxes? Or, given that they – or their ancestors – worked hard to achieve what they have, are they entitled to the fruits of their labor? Should everyone be taxed at the same (flat) rate? Should there be a maximum wage? If so, what should it be? - Two of the more prominent moral justifications of Capitalism are The Invisible Hand and The Difference Principle. Include in your paper your understanding of what each of these two concepts implies, and then analyze whether you believe the concepts do indeed justify the way Capitalism is currently practiced in the United States. - In the conclusion to your paper, develop a clearly-stated ethical position that expresses your reasoned view towards poverty and wealth in the U. S. (Even if you believe that we should ignore poverty, you need to formulate your view from an ethical standpoint..) [One way to approach this is to look at the questions Vincent Ruggiero asks at the end of Chapter 2 as part of his moral synthesis.] ----------- You may certainly include your personal experiences with poverty and wealth in addressing these issues. (For example, have you or your family ever been poor? What were the circumstances? Have you ever been rich?) If you intend to be rich some day, you could explain your motivation(s) and whether you believe you will have any special obligations because of your wealth. Including your personal experiences is optional. If you've lived in other countries under other economic systems, you can offer comparisons. You may organize your response as you see fit. For example, you may use a straight essay format, you may include headings and sub-headings, or you could simply list the above topics and respond. (I'll put this assignment in Blackboard so that you can cut-and-paste the questions if you wish.) Please give your paper an appropriate title. Statistics from Case 3.3 don't require citations, but if you include other information from a source, please supply citations. source..
Name Professor Course Institution Date Poverty and wealth within capitalism Poverty and wealth, have for a long time, been associated with the mode of economic organization of a given state or nation. The two major dominant modes of economic organizations are capitalism and communism. Capitalism dominates almost every part of the globe. Capitalism system is claimed to the best towards economic growth. It has the ability to raise the living standards of every individual on the planet. However, it is also seen as the cause of widespread poverty in capitalist nations. The United States is a capitalist nation. It is referred as a nation dominated by middle class people. In the US, it is claimed that equality of opportunity exists; that it is easy for a poor person to climb the ladder. This claim seems very contradictory and impractical as millions of Americans continue suffer in poverty. President Lyndon Johnson had declared war on poverty more than forty five years ago yet 38.7 million Americans are still living in poverty. The federal government in the US has defined a poverty level of income. Defined as the level of income below which it would be difficult for a family to live without serious problems and below which families would find themselves in danger when faced with the economic crisis. This level rises and falls depending mainly on the performance of the economy. Statistics have also shown that, on average, an American adult has a 60 percent chance of living at least one year below the poverty level. This in itself is a clear indicator of how prevalent poverty is in the United States. The effects of poverty are greatly felt by children. Children living in dilapidated areas get exposed to environmental toxins and usually survive on poor nutrition. Such children also experience unhealthy levels of stress hormones that impairs their memory and level of language acquisition. These, among other things, suppress their brain development. This g...
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