WEALTH: WHAT ITS VALUE?

“WEALTH PROVIDES AN IMPORTANT MECHANISM IN THE INTER-GENERATIONAL TRANSMISSION OF INEQUALITY.” APPROXIMATELY ONE HALF OF THE WEALTHIEST PEOPLE IN WORLD INHERITED FAMILY FORTUNES. THE CONCEPT OF WEALTH IS RELATIVE AND NOT ONLY VARIES BETWEEN SOCIETIES, BUT VARIES BETWEEN DIFFERENT SECTIONS OR REGIONS IN THE SAME SOCIETY. A PERSONAL NET WORTH OF US $10,000 IN MOST PARTS OF THE UNITED STATES WOULD CERTAINLY NOT PLACE A PERSON AMONG THE WEALTHIEST CITIZENS OF THAT LOCALE. HOWEVER, SUCH AN AMOUNT WOULD CONSTITUTE AN EXTRAORDINARY AMOUNT OF WEALTH IN IMPOVERISHED DEVELOPING COUNTRIES. UPPER CLASS VALUES INCLUDE HIGHER EDUCATION, THE ACCUMULATION AND MAINTENANCE OF WEALTH, THE MAINTENANCE OF SOCIAL NETWORKS AND THE POWER THAT ACCOMPANIES SUCH NETWORKS. CHILDREN OF THE UPPER CLASS ARE TYPICALLY SCHOOLED ON HOW TO MANAGE THIS POWER AND CHANNEL THIS PRIVILEGE IN DIFFERENT FORMS. IT IS IN LARGE PART BY ACCESSING VARIOUS EDIFICES OF INFORMATION, ASSOCIATES, PROCEDURES AND AUSPICES THAT THE UPPER CLASS ARE ABLE TO MAINTAIN THEIR WEALTH AND PASS IT TO FUTURE GENERATIONS. THE MIDDLE CLASS PLACES A GREATER EMPHASIS ON INCOME. THE MIDDLE CLASS VIEWS WEALTH AS SOMETHING FOR EMERGENCIES AND IT IS SEEN AS MORE OF A CUSHION THOSE WITH THE LEAST AMOUNT OF WEALTH ARE THE WELFARE POOR. WEALTH ACCUMULATION FOR THIS CLASS IS TO SOME EXTENT PROHIBITED. PEOPLE THAT RECEIVE AFDC TRANSFERS CANNOT OWN MORE THAN A TRIVIAL AMOUNT OF ASSETS, IN ORDER TO BE ELIGIBLE AND REMAIN QUALIFIED FOR INCOME TRANSFERS. MOST OF THE INSTITUTIONS THAT THE WELFARE POOR ENCOUNTER DISCOURAGE ANY ACCUMULATION OF ASSETS. EXPRESS YOUR SELF: Friday Night JULY 16 2010. 10:00 CENTRAL TIME Please tune in online at: http://www.blogtalkradio.com/BIGGIESRADIO Or call in: (347) 826-7579 Biggies Radio: Love