The
current Economic system in the USA is a clear indication as per why the Wall
Street Movement started in 2011. The wealth is captured and owned by the 1% of
the population, which are usually referred to as the "elites" and the
majority of the population (amazingly 99%) is getting poorer day by day. The
system is place supports the elites in eating away all the money from the poor
and filling in their pockets. The movement simply aspired to seek changes in
the economic system of the country, which was in large control of politicians
and large corporations. The movement was initiated because of the failure of
the legitimate political process to enact serious reforms in addressing the root
causes and/or consequences of the economic crisis in the country.
Not
only in the US, but the current economic system developed by politicians is in
similar shape in many countries like Pakistan too. Political Economists need to
find ways to reduce the disparity between the rich and the poor or a similar
movement may start to emerge in Pakistan as well.
I agree with your point that inequality and inefficiency is deteriorating the society. . One solution to create equality is the introduction of transparent tax system with the introduction of progressive taxation so that the wealth of the rich passes to the poor, which leads to lower disparity and stabilize the society.
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