Question

Summarize Chapter 24. Concluding Notes on the Social Philosophy towards which the General Theory might Lead

What are the key takeaway points?

Why are these points important and how are they backed up?

What is the conclusion?

Answer 1

The General Theory of Social Philosophy refers to the Philosophy to understand the faults of the economic society in which we live and fail to provide the employment and unequal distribution in the wealth and income in the society.  

key takeaway points :

In the end of the 19th century, there was significant progress seen in the society in respect of distribution of income and wealth and some changes in taxation policies to make progress.

The author in this chapter thinks that the growth of capital also depends upon the strength of the motive towards individual saving and that for a large proportion of this growth we are dependent on the savings of the rich out of their superfluity.

It is important to cite that the fiscal policy of heavy death duties affect the increasing community’s propensity to consume.

These points are important to image a balance in the society and calculate the consumption.This particularly affects our attitude towards death duties with certain justifications for inequality of incomes which do not apply equally to inequality of inheritances.

Conclusion :

The argument leads towards the conclusion that in contemporary conditions the growth of wealth is dependent on the abstinence of the rich. There are many other reasons unaffected by our theory, capable of justifying the inequality at some extent. The most important reason we thought that it prudent to move carefully, is being disposed of.

I also believe that large disparities exist today and there are social and psychological justification for significant inequalities of incomes and wealth. There are certain human activities that require motive for money making and private wealth ownership for their own.

Today also across the world there are inequalities in terms of money, equal distribution of income and wealth. The rich are becoming richer and the poor are becoming poorer.