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CA 1: Discuss the effectiveness of “trickle-down” economic policies with regards to modern social equality. The United Kingdom is one of the countries with the most concentrated wealth and where a large number of super-rich are found. However, one of the biggest problems is the economic inequality among the English population. The BBC made a documentary, starring Jacques Petretti, in which he investigates the life of the super-rich and how this behaviour has transformed the country. It explains terms such as trickle-down economics, the 1% and the hourglass society, but one of the main themes is the inequality between the two worlds. Trickle-down economics is a political theory initiated by British politicians Margaret Thatcher and Ronald Reagan. This theory is based on lowering taxes on the richest (companies and entrepreneurs) with the aim of enriching the entire population. The main idea is that the rich support the population by enriching them as well. For example, when they go shopping, or with their hobbies like riding a helicopter, they create employment, and thus wealth for the population. Therefore, the second point of the theory is that if the population, with a fairly high purchasing power, is taxed less, they will have more money to spend and invest in the market. Theoretically, this is an effective economic measure because it makes sense. But when it is put into practice, it does not produce the expected results. As an example of this statement, we have countries like the UK and the USA. In 1974, this theory began to be discussed because in the UK, the number of non-doms, i.e. those who evaded their taxes or declared in other countries with lower taxes or in tax breaks, had increased. Despite the financial penalties, the number continued to increase. The main reason, according to experts, is that money is not a problem for this type of population because the amount of money they have is disproportionate. In 1979, taxes were lowered from 83% to 60%. This was a turning point in the English economy. In this way, it was intended to attract the "super-rich" population through this economic policy. The 1% is a theoretical term that represents the percentage of the population that owns wealth. Specifically, it refers to the richest population in the world, which, when adding up the wealth and assets of only 1% of the world's population, would equal the wealth of the rest of the world. In fact, this percentage is increasing since the great economic crisis of 2008, widening the gap between the two sides This means that while the wealth of a family within the average remains stable, the wealth of the already rich has doubled. Equality and inequality are terms born of the economic system of capitalism. As can be seen, economic equality among the population is no longer a theoretical term. As explained above, with the 1%, inequality is the socially present term.
In addition, new websites were created to search for precarious jobs, which became known as micro-jobs. The following years were lived with some tension and violence in the streets as the population that is part of the 99% was tired of situations of inequality and injustice. They demanded fiscal transparency and justice as they were ready to take justice into their own hands. The solution theoretically found to put an end to inequality is a change in society's behaviour and its way of wasting.
The Super-Rich and Us - 1. Episode 1 - video Dailymotion The Super Rich And Us (2 of 2) - video Dailymotion
