Fortunes and Fairness

Joseph Shaanan

Chapter Chapter 12 in Economic Freedom and the American Dream, 2010, pp 155-171 from Palgrave Macmillan

Abstract: Abstract For generations, America’s image worldwide has been that of a land of opportunity. Americans enjoy a variety of freedoms ranging from religious to artistic freedom. Yet the most coveted of freedoms, to both residents and potential immigrants, is economic freedom. It includes the freedom to make a fortune, a livelihood, to apply one’s skills, intelligence, and industry and be able to enjoy the fruits of one’s work. The United States has far fewer legal or cultural obstacles standing in the way of those wishing to engage in business and pursue profits. People can elevate themselves beyond their ancestors’ station in life. Parents’ occupation does not restrict their children’s choice of livelihood, and one’s individual accomplishments matter more than one’s background. There is a clear and widely accepted standard of success—financial success. Those who succeed are held in high regard; they certainly are not despised, thereby representing a turn from feudal and caste systems to a meritocracy. How success is attained is irrelevant; whether through hard work, cunning, sheer luck, or borderline legality, the outcome is admired and respected.

Keywords: Income Inequality; Economic Freedom; Wage Inequality; Income Share; Wealth Inequality (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10223-1_12

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DOI: 10.1057/9780230102231_12

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