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LATEST NEWS UPDATES | The selfishness and graft of the rich drive inequality -Aashi Gupta, Vani S Kulkarni and Raghav Gaiha

The selfishness and graft of the rich drive inequality -Aashi Gupta, Vani S Kulkarni and Raghav Gaiha

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published Published on Jul 1, 2022   modified Modified on Jul 2, 2022

-The Hindu

The central argument of Almåsa et al., that this is seen in countries with weak institutions, is corroborated in India

G.K. Chesterton, the writer, asserted in The Flying Inn (1914): “The rich are the scum of the earth in every country”. Perhaps not all but many.

Our contention is that their selfishness, criminality and corruption aggravate inequality. Much experimental evidence corroborates this hypothesis. 

Some insights

A particularly compelling case for ‘Selfish Rich Inequality’ is constructed by Almåsa et al. (2022), based on an analysis of the Gallup World Poll of 2018; that is, whether the rich are richer than the poor because they have been more selfish in life than the latter. They demonstrate that the non-productive grabbing behaviour of the rich is typical of countries with weak institutions, stemming from a weak rule of law, malfunctioning bureaucracy and corruption. Hence, people in such countries are more likely to believe that the rich have become richer because they have been involved in selfish grabbing activities. Support for the selfish rich inequality hypothesis rises with the level of corruption and decreases with an individual’s rank in the country’s income distribution. This study’s final analysis shows that popular belief in selfish rich inequality is positively associated with broad agreement that inequality in their country is unfair and that the government should aim to reduce it.

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The Hindu, 1 July, 2022, https://www.thehindu.com/opinion/op-ed/the-selfishness-and-graft-of-the-rich-drive-inequality/article65586763.ece?homepage=true


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