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:
“One of the effects of a safe and civilised life is an immense oversensitiveness which makes all the primary emotions somewhat disgusting. Generosity is as painful as meanness, gratitude as hateful as ingratitude.”
—George Orwell (1903–1950)
“Each of us, even the lowliest and most insignificant among us, was uprooted from his innermost existence by the almost constant volcanic upheavals visited upon our European soil and, as one of countless human beings, I can’t claim any special place for myself except that, as an Austrian, a Jew, writer, humanist and pacifist, I have always been precisely in those places where the effects of the thrusts were most violent.”
—Stefan Zweig (18811942)
“Women realize that we are living in an ungoverned world. At heart we are all pacifists. We should love to talk it over with the war-makers, but they would not understand. Words are so inadequate, and we realize that the hatred must kill itself; so we give our men gladly, unselfishly, proudly, patriotically, since the world chooses to settle its disputes in the old barbarous way.”
—General Federation Of Women’s Clubs (GFWC)
“The inconveniences and horrors of the pox are perfectly well known to every one; but still the disease flourishes and spreads. Several million people were killed in a recent war and half the world ruined; but we all busily go on in courses that make another event of the same sort inevitable. Experientia docet? Experientia doesn’t.”
—Aldous Huxley (1894–1963)