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:
“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)
“Society’s double behavioral standard for women and for men is, in fact, a more effective deterrent than economic discrimination because it is more insidious, less tangible. Economic disadvantages involve ascertainable amounts, but the very nature of societal value judgments makes them harder to define, their effects harder to relate.”
—Anne Tucker (b. 1945)
“All my life long I have been sensible of the injustice constantly done to women. Since I have had to fight the world single-handed, there has not been one day I have not smarted under the wrongs I have had to bear, because I was not only a woman, but a woman doing a man’s work, without any man, husband, son, brother or friend, to stand at my side, and to see some semblance of justice done me. I cannot forget, for injustice is a sixth sense, and rouses all the others.”
—Amelia E. Barr (1831–1919)
“Force, and fraud, are in war the two cardinal virtues.”
—Thomas Hobbes (1588–1679)