In a capitalist society, the rich people own most of the wealth. The Guardian reports that the three richest people in the US who own as much wealth as the bottom half of the nation’s population and talks about a resultant moral crisis (https://www.theguardian.com/business/2017/nov/08/bill-gates-jeff-bezos-warren-buffett-wealthier-than-poorest-half-of-us (Links to an external site.)Links to an external site.). How would Marx and Weber explain this income gap (or, inequality, more precisely)? Discuss the mechanisms in capitalism that allows only a few individuals to be rich. Based on your analysis of the current state of inequality in society, make a ‘moral’ statement/argument of your own.
Use theories of:
Capital and value of commodity
Exchange value
Division of labor
Iron cage
Spirit of Capitalism
Bureaucracy
Sample Solution