Introduction

Throughout this course, I continually questioned my understanding of economic justice. With all that is changing throughout our world, the spectrum of economic justice will continually evolve, as interests, laws, human interactions, and politics change. It was especially interesting to see that the majority of the country falls in the top one percent of global wages, making and annual personal income of thirty four thousand. Which brings me to the issue of poverty, and how the global economy operates in a fundamentally unfair manner. Although our economy itself is improving and our nation is becoming stronger, this doesn’t mean much when a significant percentage of the population is struggling to survive.

We have discussed the theories and concepts of what is fair through three different views: Libertarian Capitalism, Socialism and Welfare State. I will discuss my interpretation and personal reflections on economic justice in the world, and what I determine, based off of our class discussions and readings, to be fair and just.

My Personal Reflection

When discussions of poverty consumed the class, I decided to examine the way the world focuses on what needs to be changed to better the economy and end poverty, mostly within the media, versus what is actually being done about this situation. There have been a lot of positive changes made throughout the world, first with Social Security after the Great Depression, to the now popular food stamps, unemployment insurance, workers compensation, earned income tax credits, and on and on. But there are not enough jobs available to most Americans that pay above the minimum wage. There is also not enough investment in education or skill development trainings. Although the minimum wage was never intended to support an entire family, due to the lack of education and skills, a large percentage of Americans are only able to work where the pay is minimum. I feel that basic human rights and freedoms are being compromised by allowing the poverty level to continually increase.

I support a welfare state and its ability to help those stricken with poverty, however I feel that there needs to be major changes before the government ends up bankrupt, from the inability to control how much is going out versus what is coming in. Throwing money at the problem has not assisted in lowering poverty or making those who are in poverty, self-sufficient. Instead of making people in poverty more comfortable, we need to create more prosperity, to provide a way for these people to get out of poverty. The more money that the United States spends on means assisting programs, it seems the poverty level increases, and according to president Barak Obama this budget for these programs will only increase over time. The best way to increase wealth in this situation is through the power of a free market. Protecting capital investments, giving people opportunities to start new businesses, encourage the failed government school system by encouraging competition and choice, and finally encouraging and educating the poor on how to save and invest.