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 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)
“Whereas Freud was for the most part concerned with the morbid effects of unconscious repression, Jung was more interested in the manifestations of unconscious expression, first in the dream and eventually in all the more orderly products of religion and art and morals.”
—Lewis Mumford (1895–1990)
“The places we have known do not only belong to the world of space in which we situate them for the sake of simplicity. They were but a thin slice between contiguous impression which formed our lives back then; the memory of a certain image is but the regret of a certain instant; and the houses, the roads, the avenues are fleeting, alas! as the years.”
—Marcel Proust (1871–1922)
“High on a throne of royal state, which far
Outshone the wealth of Ormus and of Ind,
Or where the gorgeous East with richest hand
Show’rs on her kings barbaric pearl and gold,
Satan exalted sat, by merit raised
To that bad eminence; and, from despair
Thus high uplifted beyond hope, aspires
Beyond thus high, insatiate to pursue
Vain war with Heav’n, and by success untaught,
His proud imaginations”
—John Milton (1608–1674)