Effects of World War II
Economists assert that the largest transfer of wealth will be as the older generation leaves wealth to the baby boomers. Inheritance has been estimated to make up 6% of the US GDP each year. The current generation is wealthier than any generation before. This increase in wealth and inheritance indicates a rise of "old money" in American families. Stephen Haseler argues that America is becoming an inheritance culture in which much economic opportunity is from family inheritance and not personal achievement.
Read more about this topic: Old Money
Famous quotes containing the words effects of, effects, world and/or war:
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“The hippie is the scion of surplus value. The dropout can only claim sanctity in a society which offers something to be dropped out of—career, ambition, conspicuous consumption. The effects of hippie sanctimony can only be felt in the context of others who plunder his lifestyle for what they find good or profitable, a process known as rip-off by the hippie, who will not see how savagely he has pillaged intricate and demanding civilizations for his own parodic lifestyle.”
—Germaine Greer (b. 1939)
“Your mouth, dear child, is envied of the bees.”
—Unknown. The Thousand and One Nights.
AWP. Anthology of World Poetry, An. Mark Van Doren, ed. (Rev. and enl. Ed., 1936)
“The peace conference must not adjourn without the establishment of some ordered system of international government, backed by power enough to give authority to its decrees. ... Unless a league something like this results at our peace conference, we shall merely drop back into armed hostility and international anarchy. The war will have been fought in vain ...”
—Virginia Crocheron Gildersleeve (1877–1965)