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)
“If one judges love according to the greatest part of the effects it produces, it would appear to resemble rather hatred than kindness.”
—François, Duc De La Rochefoucauld (1613–1680)
“When a woman starts out in the world on a mission, secular or religious, she should leave her feminine charms at home.”
—Jane Grey Swisshelm (1815–1884)
“War and culture, those are the two poles of Europe, her heaven and hell, her glory and shame, and they cannot be separated from one another. When one comes to an end, the other will end also and one cannot end without the other. The fact that no war has broken out in Europe for fifty years is connected in some mysterious way with the fact that for fifty years no new Picasso has appeared either.”
—Milan Kundera (b. 1929)