financial crisis paper_Essay - ADD somethingThe rising...

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ADD something The rising inequality is a direct cause of the financial crisis. The rich took advantage of the knowledge gap between them and the poor, and profited on the naiveté of the lower classes. In America, the government is supposed to help those in need but today, the policy makers in the Bush administration are not helping the poor. They are actually giving more relief to the banks and the richest people in society who brought about this financial crisis; they are rewarding the villains and favoring the rich over the poor. To examine the crisis and the correlation between the crisis and the rising inequality, it is first necessary to look at the evolution of the inequality. There has always been and will always be inequality in any type of society, however there was a huge rise in inequality during the quantum revolution and the development of the atom bomb. This revolution gave birth to a new type of capitalism, Information Capitalism. Now, in addition to goods and services, there was a competition for knowledge; it put a market price on information. This created a new class of workers, called speculators, that speculated on the profitability of technology, energy, food, and most importantly the housing market (Information Capitalism, ?) . They took on risk by buying certain things in order to profit from the fluctuation in value. Moreover this new way of earning income
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This essay was uploaded on 02/20/2009 for the course DSOC 1101 taught by Professor Hirshel during the Fall '07 term at Cornell University (Engineering School).

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financial crisis paper_Essay - ADD somethingThe rising...

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