Figure 3 shows the changes of global economic power over time. There are many reasons for the shifts in economic power such as the Second World War and the collapse of the British Empire. In 1913, Britain had a GDP almost twice the size of The USA's and made up 37% of the world's economy. By 1950, Britain's economic influence had decreased, its GDP now making up only 7% of the global economy. During this period The USA had become the world's largest economic power, making up 27% of the world's economy compared to the 19% in 1913.
America is considered to be upon the most prominent and successful nations in the world; so, why is over a tenth of our population deemed as "poor" by our government? According to Robert Rector, senior research fellow on welfare and family issue, poverty can be defined as an inability to provide a family with nutritious food, adequate clothing, and a decent home for shelter
Have we ever had a middle class or poor president? It turns out we have, and some that have even gone bankrupt. After adjusting for inflation, the two wealthiest presidents in American history where George Washington and John F. Kennedy. Washington was worth over a half a billion dollars in today`s money. And his presidential salary was much higher than later presidents, totaling 2 percent of the U.S. budget for 1789.
$9.04 is the highest and 5.15 is the lowest recorded state wage as of January 1st 2012. Australia's minimum wage average is $15.51 per hour or $589.30 per week. More than double America's national average minimum wage. They have laws and regulations that force their company owners and corporations to invest a certain percentage of company profits back into their workers' wages. If Americans were making 15$ for minimum
This inequality within our nation is the culprit behind America’s insignificant health. “Wealthy Americans make considerably more money than their counterparts in other wealthy countries, while the bottom 10% of our households make considerably less than poor people in Europe or Japan” (Page 228). The breach between America’s poor and rich is causing the overall health to lessen. The wealthy American will spend their money on unnecessary items that they will dissipate; “as private wealth become more concentrated, the quality of public life suffers” (228). Researchers have identified an association between household income inequality and mortality rates.
Unfortunately, this disproportion has grown even bigger since the 1980s. During the 1980s, the richest ten percent controlled over 45% of the nation’s wealth. During the 1990s, that number increased to over 50%. The high levels of income inequality found in Brazilian statistics are due more to the existence of an extended upper middle class in the urban areas, benefiting from the large wage differentials that exist between the more and the less educated, than to the contrasts between the few very rich and the millions of poor, portrayed sometimes in the mass media (Schwartzman, 2000, p. 30). Because of the large inequality between people in society, this indicates a high power distance.
In that same year the average yearly income for was $750! Present day standards for the yearly average income are 18,500. Henry Ford now would be making around 345 million. The disparity in wealth grew largely throughout 1920 .the number of millionaires increased from 21 in 1920 to close to 15,00 in 1929 . The average disposable Income rose 9% from 1920 to 1929, while the top 1% enjoyed a stupendous 75% increase of disposable income.
income inequality. Sixty-one percent in this ABC News/Washington Post poll think the wealthgap is larger than it’s been historically. And despite longstanding public concerns about activist government, six in 10 also say the federal government should seek to reduce that differential. The public’s concern is buttressed by a recent Congressional Budget Office estimate that the wealthiest 1 percent of Americans have nearly tripled their incomes since 1979, while the bottom 80 percent of earners have seen their share of the nation’s total income slightly decline. This poll, produced for ABC by Langer Research Associates, finds that 37 percent perceive the wealth gap as “much larger” than it’s been; just 5 percent think it’s smaller.
Measurement of inequality in the modern world A study entitled "Divided we Stand: Why Inequality Keeps Rising” by the Organisation for Economic Co-operation and Development reported its conclusions on the causes, consequences and policy implications for the ongoing intensification of the extremes of wealth and poverty across its 22 member nations . "Income inequality in OECD countries is at its highest level for the past half century. The average income of the richest 10% of the population is about nine times that of the poorest 10% across the OECD, up from seven times 25 years ago." "Other traditionally more egalitarian countries, such as Germany, Denmark and Sweden, have seen the gap between rich and poor expand from 5 to 1 in the 1980s, to 6 to 1 today." The combined wealth of the "10 million dollar millionaires" grew to nearly $41 trillion in 2008.
Sociology Factsheet Role and Purpose of Education; 1) What are the main roles of the Education System? * The economic role- Teaching skills for work. * The selective role- Choosing the most able people for the most important jobs. * The socialisation role- Teaching norms and values. * Social Control- Teaching acceptance of rules and values.