Inequality on the rise
Capitalism can be viewed as the foundation of the society and we as individuals have grown accustomed to this economic system where trade and industry take precedence. There are aspects of the society which clearly need to be addressed as we don’t live in a utopian world with global inequality on the rise.
Many theorists have look at capitalism and it’s relationship with inequality in the society. American writer Clay Shirky and French economist Thomas Piketty both have opposing views on the complex economical issue. Shirky believes that capitalism can create abundance and this evident through print media and the scientific revolution. Newspapers have assisted in shaping a modern democracy as people are allowed to express their opinions on the world. In addition, technology has advanced and through the power of the internet collaboration is easier as evident in website, Wikipedia where people are able to learn, edit and build pages for people to visit from right around the world.
In contrast, Piketty argues that captalism can’t create abundance and inequality. The formation of Piketty’s argument is based around the fact that poverty is continue to increase right around the world. Inequality has flourished due to a number of economic factors impacting the society including the Global Financial Crisis which has caused a disruption right around the world in 2008. Due to the financial crisis austerity measures have been enforced by Governments.