Many people object about the Morality of Wealth. Most think that if one person gains, the other loses. This usually is not the case, or else why do you think money was ever invented?
Many common objections about the morality of being wealthy exist, such as, “Market Economies exploit the poor.” This one is wrong because before, most poor people died, and now there are more than 10 times the amount of people that there were before. In fact, the fact that most people are living today is proof that capitalism has succeeded. Many people worked in factories before, and the people living there had a horrible time, but the factory work really helped the poor people. Since England started letting people work in the factories, the population doubled in 30 years.
Another thing you might hear is, “Money is the root of all evil”. Wealth can be used in a bad way, but most people use it well, plus, wealth itself is not evil, its what you can do with money. Anyways, where did money even come from? The money we use came from a few people deciding to trade things. Let’s say I had a dog and some cat food, and my friend had a cat and some dog food. Then, I might trade the cat food for the dog food so that both of us would benefit from the deal. That is called a voluntary transaction, and most of the time, we make voluntary transaction with a product and our money.
Now the effect of Rising Wealth nowadays really affects the poor. Most “poor” people in the US have things people would call luxuries in the past. 99% have electricity, running water, flush toilets, and a refrigerator; 95% have a television. 88% a telephone, 71% a car, and 70% air conditioning. Cornelius Vanderbilt had none of these. Cornelius Vanderbilt was very poor when born, and worked with perseverance and intelligence to mold himself into a very wealthy person. It is the same with another person called Andrew Carnegie, here is a link to an essay I made about him: You can see that even though these people had next to nothing in today’s society, they managed to make it up the ladder. Nowadays, people have a bigger chance to be successful, although there are more distractions too.
Also, some person said economic considerations alone govern our choice and decisions. But economics is a study of choice and decisions. If moral goals require feeding the hungry, clothing the naked, housing the homeless, material wealth helps people accomplish all these things.
Businesses are often praised for “giving back to society”. But what did the businesses take away from the customers? Did not the customers pay it themselves? Are the Products defective? If no, then should the customers “give back” to the businesses?
I think that we are all lucky, no matter how unlucky we think we are, we are in the Industrial Revolution, and if we focus and persevere, we can get rich without others losing money.