Question

What’s the connection between wealth inequality and meritocracy?How is wealth inequality maintained?Should individuals be able to hold more wealth than an entire state population? Why or why not?

Answer 1

The connection between wealth inequality and meritocracy:

Wealth inequality means inequality among people due to unequal distribution of assets such as house, land, savings, investments, vehicles etc. the unequal distribution of wealth widen the gap between rich and poor people.

Meritocracy means giving powers to people on the basis of their talent or achievements.         

Wealth inequality and meritocracy are connected because meritocracy also increases inequality of wealth among people. Meritocracy is considered as a fair way to reward a person on the merit basis and the wealthy person get more facilities for his growth and better standard of living so he gets quality education and skills which enhances his talent and achievements due to which he gets rewards, his wealth increases further. It increases unequal distribution.

The wealth inequality is maintained through following ways:

1. Making policies in favour of wealthy persons.
2. Providing rewards or powers through meritocracy.
3. Capital investment by wealthy people.
4. Regressive taxation policy    

        

No, individuals should not be able to hold more wealth than an entire state population because:

• Concentration of entire wealth in the hands of few people affects our economic growth negatively.
• Increases exploitation of poor people.
• Leads to economic instability as wealthy people try to dominate the society.
• Increases their interference in economic activities.
• Leads to more privatization.