A widespread belief is that over time free markets lead to a growing and unsustainable level of inequality between the rich and the poor, requiring the intervention of government to remedy. In a highly influential passage in The Communist Manifesto, Karl Marx introduced this idea when he wrote that “the average price of wage labor is the minimum wage… required to keep the laborer in bare existence as a laborer,” so that “the modern laborer… instead of rising with the progress of industry, sinks deeper and deeper below the conditions of existence of his own class,” and finally, that the bourgeoisie is unfit to “rule,” because “it is incompetent to ensure an existence to its slave within his slavery.” In common parlance, similar premises are expressed in the popular saying that "the rich keep getting richer, while the poor keep getting poorer."
Are these premises true? And is the existence of economic inequality in a free market per se good or bad for the individuals that live within it?
In this meetup, I will present eight arguments defending the institution of economic inequality under capitalism from the perspectives of its causes—is economic inequality moral or immoral?—and its effects—is economic inequality beneficial or harmful?
Participants will be encouraged to contest these arguments if they disagree with them, as well as present their own arguments for or against the institution of economic inequality under capitalism.
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Our Meetup location, Le Pain Quotidien, is a private business; so that our group remains welcome, please don't arrive with beverages purchased from outside, and please be willing to purchase at least one beverage or menu item during the event.
AN IMPORTANT NOTICE REGARDING NO-SHOWS
Unfortunately, there is a longstanding problem in our group with large numbers of people who sign up frivolously and neither cancel nor show up, leading to large waiting lists of others who lose their opportunity to attend. Please note that going forward, those who sign up and neither cancel nor show up will be permanently removed from the group. Also, if you need to cancel, please have the courtesy to give at least 24 hours' advance notice rather than canceling immediately before the event, so those on the waiting list have an opportunity to attend.
