Evolution of Economic Systems impacts Inequality from "summary" of Theory of the Leisure Class by Thorstein Veblen
The concept of evolution of economic systems is intimately bound up with the question of inequality. In the course of economic development, the economic structure of society undergoes changes. These changes have a direct impact on the distribution of wealth and income among the members of society. In the earlier stages of economic evolution, when the economic system is characterized by simple production and exchange, inequality tends to be relatively low. This is because production is carried out mainly by individual effort, and the benefits of production are shared more or less equally among the members of society. However, as the economic system evolves and becomes more complex, new forms of economic organization emerge. These new forms of organization give rise to new classes of people who control the means of production. This leads to a concentration of wealth and income in...
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