Essay: Theory Free Market Fairness

Pages: 6 (2230 words)  ·  Bibliography Sources: 10  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

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[. . .] Free Market Fairness would provide more economic freedom and work to balance social injustices in countries with excessive amounts of sweatshop labor and other forms of exploitative labor. The effects of economic inequality and unfair wealth distribution are not only economic in nature; they are also social:

"It's not just wealth. In 2007, U.S. income inequality hit its highest mark since just ahead of the Great Depression in 1929. And that was before the current recession brought joblessness and financial peril to scores of Americans, most of whom are on the wrong side of the wealth divide. According to the CIA's World Factbook, the United States now ranks 39th in the world when it comes to income inequality. What that means is that only 38 out of 136 countries have a less equitable distribution of income than the United States; the list of countries with a more equitable income distribution includes Iran, Russia, Turkmenistan and Yemen. The financial gap has been widening." (Montopoli, cbsnews.com, 2012)

Free Market Fairness could create job opportunities as well as assist sweatshop or mistreated workers, as more companies would be required to follow Free Market Fairness procedures. The move to Free Market Fairness could manifest in such ways as improvement in work environment, increased wages, greener business practices, and improvements to healthcare or at least a provision for it. Free Market Fairness may also provide more opportunities for the poorer entrepreneurs to jumpstart his/her business and not be so dependent or reliant on large conglomerates for supplies, distribution, or otherwise.

Just as the Internet, forms of social media, and aspects of the global market economy have caused debates, struggles, protests, and in some cases, violence, so would a change to Free Market Fairness be objectionable in parts of the world. There are many countries that perceive the United States of America as an example of imperialism. There are many cultures that adamantly resist western culture, western practices, and western ideals. They are enraged and repulsed by the thought of assimilating things, cultural objects, or systems from the west. These would be the places where Free Market Fairness may cause issues and/or conflicts. The encouragement and support to utilize Free Market Fairness may be perceived as another imperialist maneuver by America as part of a strategy for world domination, politically, economically, militarily, or otherwise. There is a shift toward a more global capitalist economy due in large part to the Internet and eCommerce, but there is still resistance. The resistance diminishes, though, as more countries around the world, in an effort to stay current culturally and financially competitive, are compromising and participating. Hopefully, Free Market Fairness will be another trend, such as going green, that receive initial resistance and mixed review, but ultimately proves to be a morally valuable and financially viable option for many.

References:

Alden, William. "Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution of Wealth': Study." The Huffington Post, 2011, Available from http://www.huffingtonpost.com/2010/09/23/americans-support-wealth-redistribution_n_736132.html. 2012 April 19.

Chakrabarti, Amanda, S., & Chakrabarti, Bikas, K. "Statistical Theories of Income and Wealth Distribution." Economics, Vol. 4, 2010. Available from http://www.economics-ejournal.org/economics/journalarticles/2010-4. 2012 April 21.

Davies, James, B., & Shorrocks, Anthony, F. "Chapter 11 -- The Distribution of Wealth." Handbook of Income Distribution: Volume 1. Atkinson, A.B., & Bourguignon, F. (eds), Elsevier Science B.V., 1999.

Fields, Gary S. "Accounting for Income Inequality and its Change: A New Method, With Application to the Distribution of Earnings in the United States." Articles and Chapters, Page 265, 2002. Available from http://digitalcommons.ilr.cornell.edu/articles/265. 2012 April 19.

Glasmeier, Amy, Martin, Ron, Tyler, Peter, & Dorling, Danny. "Editorial: Poverty and place in the UK and the U.S.A." Cambridge Journal of Regions, Economy, and Society, Vol. 1, 1 -- 16, 2008.

Montopoli, Brian. "Left behind in America: Who's to blame for the wealth divide?" CBS News, 2011, Available from http://www.cbsnews.com/8301-503544_162-20102289-503544.html. 2012 April 21.

Norton, Michael, I., & Ariely, Dan. "Spreading the Wealth." The LA Times, 2010, Available from http://articles.latimes.com/2010/nov/08/opinion/la-oe-norton-wealth-inequality-20101108. 2012 April 19.

NPR. "Study: America's Wealth Not Widely Distributed." NPR, 2011, Available from http://www.npr.org/2011/04/16/135472478/study-americas-wealth-not-widely-distributed. 2012 April 23.

Ravallion, Martin. "Growth, Inequality, and Poverty: Looking Beyond Averages." Wolrd Development, Vol. 29, No. 11, 1803 -- 1815, 2001.

Strachan, Matthew. "15 Facts About U.S. Income Inequality That Everyone Should Know." The Huffington Post, 2011, Available from http://www.huffingtonpost.com/2011/04/05/us-inequality-infographic_n_845042.html#s261411&title=Wage_Inequality. 2012 April 22. [END OF PREVIEW]

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"Theory Free Market Fairness."  Essaytown.com.  April 23, 2012.  Accessed July 18, 2019.
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