Income inequality has long been considered one of the main factors that significantly undermine the quality of life. Moreover, wealth inequality, which allows a handful of people to get much more prosperous at the expense of millions, is even more disturbing. At the same time, people around the world are determined to acquire wealth by entirely different means, which can even be controversial. Therefore, a dedicated analysis is needed to fully understand the importance of wealth and power in the hierarchy of human values when inequality rates are unprecedentedly high. High inequality rates diminish people’s motivation to enhance their living standards, as luxurious lifestyle becomes the primary goal that almost always stays a dream and is full of controversy.
Inequality can lead to objective hardships and diminished living standards in many parts of the world. Nevertheless, one of the notorious effects of extreme inequality is always the psychological perception of the phenomenon. When inequality is high and growing rapidly, luxurious lifestyles are hard to ignore (Frank). Moreover, money, in many cases, can easily be transformed into power in the US, as children are taught to be success-oriented since primary school. Millions of relatively poor American citizens can still afford many things that nationals of many other states rarely even dream of. Nevertheless, it is the inner sense of injustice and powerlessness that makes the perception of low income so painful for many.
In the 1920s, the rapidly increased importance of wealth led to severe changes in culture and the social sphere in general. For instance, a completely new literary genre that centers around the life of the rich became an immediate success. One of the famous novels that provide a proper understanding of the atmosphere and the rapid shifts in social norms at that time is The Great Gatsby by F. Scott Fitzgerald. The author had first-hand experience communicating with a wide range of wealthy and influential people because of marrying a rich woman.
The famous novelist provides valuable insights into the multiple psychological issues that plague the lives of the rich and make wealth acquisition a controversial goal. F. Scott Fitzgerald claims that the rich “smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together and let other people clean up the mess they had made”. Moreover, the case of the protagonist clearly indicates that the original determination to acquire wealth is, in many cases, rooted in traumas and lack of attention.
The growing disproportion in the distribution of wealth has numerous long-term consequences. Parents’ wealth plays an essential role in children’s human capital accumulation (Hubmer et al., 2). Therefore, millions of children are deprived of the chance to fully enjoy meritocracy, which has long been considered one of the US cornerstones. The diminished importance of equal opportunities points to a structural problem in modern American society. For instance, between 1978 and 2018, the share of wealth owned by the top 0.1 percent increased from 7 percent to 18 percent (Saez and Zucman, 4). Therefore, it is crucial to find the proper means of redistributing wealth in a way that ensures the provision of high-quality healthcare services and education to all Americans.
Current inequality rates stand behind the creation of an atmosphere that resembles that of the 1920s. The majority of the population starts admiring the lifestyle of the incredibly rich instead of focusing on the multiple means available for the enhancement of their lives. It is normal for a society to have a few Gatsbys that are ready to jump at every opportunity to get rich. Nevertheless, the situation where millions of people believe that they have lost all life chances because of the non-stop extensive media coverage of the luxurious lifestyles of businessmen and celebrities is destructive for any society. American Dream has not always been perceived by the majority as hoarding extreme riches. It was initially centered around harmonious society, freedom, and the ability to engage in any activities and enterprises.