 Differences in national income equality around the world as measured by the national Gini coefficient. The Gini coefficient is a number between 0 and 1, where 0 corresponds with perfect equality (where everyone has the same income) and 1 corresponds with perfect inequality (where one person has all the income, and everyone else has zero income). Countries in red tones have societies with more income inequality than those in green tones. Distribution of wealth is a comparison of the wealth of various members or groups in a society, and is one aspect of the economy and social structure. Typically, various racial and ethnic groups possess differing amounts of wealth, and the same is true when people are grouped by age or education. Different jobs bring in greatly different wages; the pay for some jobs is thousands of times greater than the pay for other jobs. Image File history File links Information_icon. ...
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Graphical representation of the Gini coefficient The Gini coefficient is a measure of inequality of a distribution, defined as the ratio of area between the Lorenz curve of the distribution and, to the area under the uniform distribution. ...
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Human relationships within an ethnically diverse society. ...
Social structure is a term frequently used in social theory - yet rarely defined or clearly conceptualised (Jary and Jary 1991, Abercrombie et al 2000). ...
This article is about race as an intraspecies classification. ...
An ethnic group is a group of people who identify with one another, or are so identified by others, on the basis of a boundary that distinguishes them from other groups. ...
JOB rolling papers are a popular brand of cigarette paper produced by Republic Tobacco in France. ...
The phrase "distribution of wealth" should not be confused with the phrase "redistribution of wealth". The statistical study of the distribution of wealth is designed to provide data, not recommend policy. Income redistribution or redistribution of wealth is a political policy promoted by members of the political left, especially socialists, and opposed by members of the political right. ...
Statistical distributions There are any number of ways in which the distribution of wealth can be analysed. One example is to compare the wealth of the richest ten percent with the wealth of the poorest ten percent. In many societies, the richest ten percent control more than half of the total wealth. Mathematically, a Pareto distribution has often been used to quantify the distribution of wealth, since it models an unequal distribution. More sophisticated models have also been proposed. [1]. Look up distribution in Wiktionary, the free dictionary. ...
The Pareto distribution, named after the Italian economist Vilfredo Pareto, is a power law probability distribution found in a large number of real-world situations. ...
Redistribution of wealth and public policy In some countries, attempts are made through taxation or regulation to redistribute capital and diminish extreme inequalities of wealth. Examples of this practice go back at least to the Roman republic in the third century B.C.,[2] when laws were passed limiting the amount of wealth or land that could be owned by any one family. Motivations for such limitations on wealth include the desire for equality of opportunity, a fear that great wealth leads to political corruption, to gain the political favor of a voting bloc, or fear that extreme concentration of wealth results in a limited consumer base. This article is becoming very long. ...
A voting bloc is a group of voters that are so motivated by a specific concern or group of concerns that it helps determine how they vote in elections. ...
The political systems of socialism and communism are intended to diminish the perceived conflicts arising from the unequal distribution of wealth. The idea is that a government, serving the interests of the proletariat, would confiscate the wealth of the rich and then distribute benefits to the poor. Critics of state-managed economies, notably Milton Friedman, point out that the slogan "From each according to his ability, to each according to his need." turns ability into a liability and need into an asset. They cite the former Soviet Union and The People's Republic of China as examples of countries where, despite aggressive economic regulation, wealth continues to be distributed unevenly. Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to social control. ...
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Conflict is a state of opposition, disagreement or incompatibility between two or more people or groups of people, which is sometimes characterized by physical violence. ...
The proletariat (from Latin proles, offspring) is a term used to identify a lower social class; a member of such a class is proletarian. ...
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while advocating laissez-faire capitalism. ...
Wealth creation and its effects Alternative political systems such as capitalism or objectivism reject most redistributions in favor of wealth creation and abolishment of trade barriers. Wealth can be created through several means, such as harvesting and selling natural resources, improving production methods to allow faster creation of wealth, or applying skill and labor to increase the value of materials. This box: Capitalism generally refers to an economic system in which the means of production are mostly privately owned, and in which capital is invested in the production, distribution and/or other trade of goods and services for profit. ...
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The creation of wealth affects economic growth that can boost demand and trade, create jobs and increase wages. However, since wealth often trickles down unevenly, the standard of living may improve while simultaneously increasing wealth inequality. Thus wealth distribution must be considered alongside such factors as job opportunities, the costs of goods and services, and the base standard of living.
Charity In addition to government efforts to redistribute wealth, the tradition of charity or tithing is a voluntary means of wealth transferrence. There are also many voluntary organizations such as Rotary International making concerted efforts to aid those in need. A tithe (from Old English teogotha tenth) is a one-tenth part of something, paid as a voluntary contribution or as a tax or levy, usually to support a religious organization. ...
Rotary International is an organization of Rotary Clubs (service clubs) located all over the world (more than 32,000 clubs in more than 200 countries and geographical areas). ...
Distribution of wealth in the 21st century At the end of the twentieth century, wealth is concentrated among the G8 and Western industrialized nations, along with several Asian nations. The Group of Eight (G8) consists of Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States. ...
A developed country enjoys a relatively high standard of living through a strong high-technology diversified economy. ...
World map showing the location of Asia. ...
A study found that the richest 2% own more than half of global household assets.[3] In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e. ...
Despite this, the distribution has been changing quite rapidly in the direction of greater concentration of wealth.[4]
In the United States The United States is the richest country, and in 2000, the mean wealth was $144,000 per person.[3] In the United States at the end of 2001, 10% of the population owned 71% of the wealth, and the top 1% controlled 38%. On the other hand, the bottom 40% owned less than 1% of the total wealth. In statistics, mean has two related meanings: the average in ordinary English, which is also called the arithmetic mean (and is distinguished from the geometric mean or harmonic mean). ...
Due to progressive taxation, in 2003, the top 1% paid over 34% of the nation's federal income tax, while the wealthiest 10% bore 66% of the total tax load. The trend continues down the income scale to where 25% of income earners paid 84% of the income taxes, and the upper half accounted for virtually the entire revenue (nearly 97%). A progressive tax, or graduated tax, is a tax that is larger as a percentage of income for those with larger incomes. ...
References - ^ "Why it is hard to share the wealth"
- ^ Livy, Rome and Italy: Books VI-X of the History of Rome from its Foundation, Penguin Classics, ISBN 0-14-044388-6
- ^ a b The rich really do own the world 05 December 2006
- ^ "Wealth Inequality Charts"
See also Differences in national income equality around the world as measured by the national Gini coefficient. ...
Wealth condensation is a theoretical process by which, in certain conditions, newly-created wealth tends to become concentrated in the possession of already-wealthy individuals or entities. ...
World map of the Gini coefficient This is a list of countries or dependencies by Income inequality metrics, sorted in descending order according to their Gini coefficient. ...
The Lorenz curve is a graphical representation of the cumulative distribution function of a probability distribution; it is a graph showing the proportion of the distribution assumed by the bottom y% of the values. ...
In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e. ...
Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. ...
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A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy...
This box: A planned economy is an economic system in which a single agency makes all decisions about the production and allocation of goods and services. ...
An example of Money. ...
For other uses, see Bank (disambiguation). ...
Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means...
Social class refers to the hierarchical distinctions between individuals or groups in societies or cultures. ...
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