Wealth and Democracy - Assignment Example

Running Head: Wealth and Democracy Question Wealth and democracy is a depiction of the politics of the poor and the rich in the US. This text displays the impact of accumulation of wealth on politics and governmental matters. The book portrays the history of America, it describes the formulation on how the huge fortunes in America came to be, who catalyzed the acquisition of the properties and why America is that rich. Wealth is never a hindrance to democracy but it turns problematic when it is converted into political power (Phillips 2003). In his context, Philips supports his argument by developing theoretical and historical analysis of the country. Great wealth has always been built on the cooperation between the public sector and the private sector. The mutual operability in these two sectors is always very profitable. Theirs is a cyclical pattern in the economy of the country; economies are based on the financial speculations instead of production of goods or services. Capital interest is never superior over labor interests; it is on the basis of these three aspects that Philips bases the arguments (Phillips 2003). The banking system spurred growth of wealth in the country; unfortunately it is the fraction of Americans who benefited in the expense of an average citizen. Maintaining the bank of Hamilton contributed immensely to profiteering of few individuals. Further the civil war also led to accumulation of wealth to some people, for example, Robert Morris was among the first individuals to gain from the war by operating ships during the war. Alexander Hamilton economic policies also established a foundation of enrichment of some of the economic speculators who bought federal and state certificates. However, in the 20th century there was an opposing reaction between economic factors and political proponents. Theoretically the poor will outdo the rich because of their huge numbers but this is not the real situation. Philips demonstrates the consequences of allowing wealth to control politics by analyzing various countries in the world that have either fallen or succeeded. Allowing those with money to lead will crop a venomous seed in the country as they will tend to choke the country; democracy will basically be suppressed just to allow wealth accumulation (Phillips 2003). Question 2 I like the way the assigned writing portrays the fatality of wealth on democracy in the US. If you check the list of the richest individuals in the US, they will mainly match with the names of huge companies internationally. These lots have continuously manipulated the government system just to match their requirements or desires not considering the poor. It is this manipulation which to a large extent which weeds out democracy. The demands artificially created and instilled by these corporations create a huge cycle leading to oppression rather than service delivery. The annual financial records depict huge profits realization in these corporations; CEO’s get huge bonuses in return for the achievements. In real sense the workers ensured that the company succeeded, but instead they are paid millions less than the CEO’s who earn five hundred times than them. The famous cliché the poor get poorer and the rich get richer holds in such scenarios. In 2009 a report was formulated which showed that the accumulation of wealth among the first class in the society amounted to 1.57 trillion dollars. This is almost seventy percent of the countries budget. This is a realization that it is these few people who majorly run the country (Phillips 2003). The recent economic crisis is a significant indication of how the middle class people in the country suffered. Losing houses to mortgage companies, pensions withdrawn, savings cut out and personal debts rising. This is never going to imply that democracy is playing its part, majorly oppression is the word to apply or worse than that. America ranks first in the poverty scale among the industrialized countries, yet it finances and fosters major operations in the world. One may stop to ask why? But the answer is often staring at you (Phillips 2003). Obama care may be a brilliant move by the president to ensure that medical coverage is achieved. But according to Philips, the rich will often find a mechanism or chance to come up with a source of wealth. Big Pharm, Insurance and the medical operators will immensely grow or expand their wealth portfolio at the expense of the entire population. In the context “wealth and democracy” this analysis is entirely entailed and can allow future prediction. The United States is at its end stages of becoming a leading economic force. According to Phillips financialization leads to collapse or vulnerability of institutions. It is this doctrine which led to the decline of Holland and Britain from the economic powers (Phillips 2003). Question 3 The grammar in the book is quite easy to comprehend as the writer made a good word choice. There are no stuffy vocabularies which could render confusing meanings to the reader, hence reader ability of understanding and correctly interpreting the text is guaranteed. Paragraph structure is another step which has been accurately taken care of, no confusing paragraph is found in the book. Each idea streams down to the next effectively; chronology is applied to aid proper follow up. The book offers a platform for disagreement if need be, every reader is allowed to convey their opinions in a positive manner. Hence, the structure of the book is formulated to handle opposing views, it is not dictatorial or pushy in the manner the sentences are framed. Coherence of the sentences is further heightened by ensuring proper punctuation and pros mechanism. Each sentence explains the other or completely conveys the message as it should be stated. The writer chose never to be too didactic in the book, but she embraced lucidity. The short sentences and general formula of bringing the message out was an important approach as the readers will always revisit the text to further analyze it. Working with the reader to ensure clarity is one of the approaches Phillips adopted to ensure clarity. Question 4 The main thesis is that of economic powers. The transition of economic powers has led to the verification that wealth accumulation significantly spur political power hence democracy infringement. From the various sampled analysis in the text, it demonstrates the degree at which the rich in the society influence decision making. In the US, majority of the individuals holding huge positions in the senate, parliament and companies as well as in the government portray a higher level of influence as compared to a double number of common citizens in the country (Phillips 2003). It never happens that other citizens are encouraged to spur the government to make decisions. The recent demonstrations in the country are a sign that democracy is infringed and abused. It is within this context that Phillips says that the rich in the society are an impediment to democracy simply because they will definitely try to protect themselves at whatever cost. Fighting against such people will be like punching a wall expecting the wall to cry stop you hurting me. In the American political history, the rich have subjected themselves to numerous favors; tax evasion and living in bungalows far from the rest of the population. It is actually not wrong for a person to grow rich the negativity arises in the manner in which this richness is accumulated. It is an illusion that both the politicians and the commoners trudge on the same road. This objective is meant to corrupt the minds of the innocent civilians who wake up each day to make ends meet. The unfortunate aspect is that the hard earned livelihood is merely enjoyed by the deserving individuals basically the opportunistic people who grab to power steal them away (Phillips 2003). It is outrageous to note that over 50% of the country’s output goes into the hands of just 1% in the country. It is this scenario which shows the undemocratic ground in the country and lays a bed full of evils. The reality is there is a huge disparity in the oven as noted by Phillips. International relations is the main augmenting aspect by Phillips, the trajectory created on other countries for example; Holland and Britain offer a framework for the US to follow in its quest to assume an equal platform which is seemingly not there. Phillips sees a progression from initial development stages which were vital to an abuse and eroded society. Commercial expansion, military triumphs and ideological developments are some of the expansive tools employed by the rich to continuously rule. Technology expansion is also one of the regions which have been used for wealth accumulation by ensuring streaming of finances from all over the world. Technology is actually meant to increase production but that is not the case here (Phillips 2003). Question 5 The book does not explore major issues encompassing the government. Phillip dedicates his time to describe polarization and economic decline in the US. According to Phillip, these aspects are treated as if they are some of the least four challenges experienced in America. American existence or success is founded under many variables not only the ones depicted by Phillips in the book. The American self-assigned mission to be an agent of improvement is one of the major challenges eating up the economy. This condition is not effectively captured in the text of the book. This was an impossible and irrational idea to pass in the year 1988. The idea by both the America’s and Europe’s ruling class to capture immigrants from the third world countries to work in these countries has relentlessly revolutionized into cultural wars and oppressions. Phillips has significantly over time opposed the notion of commercial civilization, bringing out the doctrine of capitalism and technology. Crisis has faced capitalism and technology which have turned uniquely selective on the skill level required. Generally, achieving those skills and continuously updating them is a nightmare (Phillips 2003). Finally, it is important to note that no single book will cover all aspects needed. A given book will try to present its part of the story better relying on the current data. Phillip’s book is an agglomeration of issues which face the present society; economic powers, polarization of wealth or income and wealth and democracy. These are majorly the major themes portrayed in the assigned work. Reference Phillips, K. P. (2003). Wealth and democracy: A political history of the American rich. New York: Broadway Books. Read More