What Makes A Nation Wealthy Essay - 1668 Words

What makes a nation wealthy? Answering this basic question may not be as simple as it seems. Because we must first analyze what â€Å"wealth† is. This essay is going to cover Adam Smith and Karl Marx’s work and their views how the society works and how wealth is created. It is going to highlight the theory of â€Å"Division of labour† and how it shaped the social relations. Lastly Robert Heilbroner’s concept of â€Å"drive for capital† will be discussed and how it produces wealth and misery to analyze Sinclair’s insights into the nature of industrial life in the late 19th and early 20th centuries. In earlier times Gross Domestic Product was one of the main indicators to measure a country’s wealth. Gross Domestic Product (GDP) is defined as the total value of all the goods and services produced by a nation in any given year (Is the Gross Domestic Product (GDP) a Good Measure of Prosperity?). There are two ways of calculating a country’s GDP. The first is the income approach which is calculated by adding the wages of workers, income from rent, interest and profits. The second, more common form of calculating GDP, is the expenditure approach. Here GDP totals consumption expenditure, investment, government spending and net exports. GDP statistics are considered to reflect a county’s economic output which could possibly lead to growth. However GDP is a measure of income and it should not be confused with wealth. Which is why most modern economists do not consider GDP to be a good measure of aShow MoreRelatedHardin Durning Skinner Essay Draft 21480 Words   |  6 Pagesdescribes the wealthy population of the world as being in a single lifeboat that is almost filled until buckling while the poor population of the world treads water below. Hardin’s essay gets his readers to feel the natural instinct to survive. The lifeboat metaphor that Hardin uses relieves the wealthy population of their moral obligations to the less fortunate, but in addition, puts all of the blame and cause of the depletion of earth’s resources on the poor. As much as his argument may make sense, thereRead MoreThe Gilded Age During The Nineteenth Century1220 Words   |  5 Pagesstrategies to gain more power and success. Two Americans, who where among those trying to make social reform, were Henry Demarest Lloyd and Andrew Carnegie. Lloyd and Carnegie wanted social reform, but they strongly disagreed on how to accomplish it. Loyd stated that the rich, with all of their wealth, destroyed society and its economic order. Carnegie, on the other hand, argued t hat if not for the wealthy, there would not even be a social and economic order. Living in Chicago in the nineteenthRead MoreSocial Issues756 Words   |  4 PagesWealthy: The term Wealthy is only mentioned by the most recent presidents, Bill Clinton, George W. Bush, and Barrack Obama. The terms are mentioned in different ways. Clinton was talking about how America can take pride in being the only wealthy country with the most productive economy. Bush spoke on the idea of limiting benefits for wealthy retires, but soon after, the possibility of indexing benefits to prices instead of wages was suggested, which would make sense because they could just pay forRead MoreHow Much Aid Should Wealthy Nations Provide For Developing Countries?780 Words   |  4 PagesHow Much Aid Should Wealthy Nations Provide for Developing Countries? Introduction Politics have been important throughout history, but in the last century, government has changed a large amount. With the rise of the standard of living in first world nations, there has been a push to help bring everyone in the world up to a minimum standard. There have been many perspectives taken on the issue, and there are many articles for helping and against helping developing nations shown through politicalRead MoreLifeboat Ethics : Saving The World By Stripping Morals Doesn t Float1447 Words   |  6 Pagesfloating in an ocean where the â€Å"poor of the world† are overboard. This metaphor appeals greatly to one of humanities greatest instincts, survival. The main focus of Hardin’s essay and metaphor is to strip all morals, take the fault from the rich nations and place the responsibilities and blame on the poor. There are a few rebels who seem to think that the blame and responsibilities are incorrectly placed. One of these rebels is Alan Durning who pres ents his argument in his essay â€Å"Asking How MuchRead MoreThe Case Against Helping The Poor915 Words   |  4 Pageshave an equal right to an equal share of its resources?† To answer this question Harden uses the metaphor of a lifeboat. Each wealthy nation represents a lifeboat full of rich people while the poor are adrift in the ocean outside of the lifeboats who are desperately trying to climb on board. For this exercise, Hardin divides the world such that two thirds of the nations fall into the poor category while one third are considered rich. Each country has a limited number of resources and can thereforeRead MoreLifeboat Summary1161 Words   |  5 Pagesif not some but all us. In his piece about hunger and poverty, Hardin argues that we have no obligation to help poor nations. With a consequentialism prospective, Hardin argues that rich nations such as the United States, giving to poor nations has devastating consequences, specifically in countries/nations where overpopulation cannot be controlled. Hence, people in rich nations have an obligation not to help others in such countries (645). His argument is founded on the metaphor of a lifeboatRead MoreThe Economic Disparities Between The United States And Other Nations1033 Words   |  5 PagesThe economic disparities between the United States and other nations are extensive. Outsourcing American jobs are still not enough for struggling nations, but why? The conditions in peripheral countries on things such as roads, vehicles used, and the homes broadcast are just a few of the images continuously televised on a nightly basis. With this in mind, what is it that makes our condition differ from the ot hers? As a core nation, the United States appears to have the best of everything whileRead MoreCapitalism Is Best For Our Economy1326 Words   |  6 Pagesproductive area in the world, we suffer from high poverty rates and unemployment rate per capita in our nation. How is it that amongst all the wealth coming in to our city, there are people that are struggling on a day to day basis to obtain some of that affluence? Is it possible to create a new and improved economic system that can benefit everyone? If so, will it even help our economy or just make it worst? I strongly believe that a combination of both socialism and capitalism is best for our economyRead MoreThe Harsh Reality Of Ethics1342 Words   |  6 Pageswhere harsh ethical standards must be upheld to reach maximum potential. Garrett Hardin’s essay, â€Å"Lifeboat Ethics: The Case against Helping the Poor† sets the precedent of these ethical standards to determine the nature of a society which favors the wealthy. Hardin’s definition of ethics is a harsh reality that calls for complete utilitarianism where the moral implications of an action are solely dependent on how the outcome affects the greater good; a concept which can be applied to the Syrians seeking