Harvard philosopher T. M. Scanlon offers four key reasons why we should fix the problem of Financial Inequality.
1) Economic inequality can give wealthier people an unacceptable degree of control over the lives of others.
If wealth is very unevenly distributed in a society, wealthy people often end up in control of many aspects of the lives of poorer citizens: over where and how they can work, what they can buy, and in general what their lives will be like.
2) Economic inequality can undermine the fairness of political institutions.
If those who hold political offices must depend on large contributions for their campaigns, they will be more responsive to the interests and demands of wealthy contributors, and those who are not rich will not be fairly represented.
3) Economic inequality undermines the fairness of the economic system itself.
Economic inequality makes it difficult, if not impossible, to create equality of opportunity. Some will enter the workforce much better prepared, and people with few assets find it harder to access the first small steps to larger opportunities.
4) Workers, by cooperating to produce national income, have a claim to a fair share of what they have helped to produce.
If an economy is producing an increasing level of goods and services, then all those who participate in producing these benefits — workers as well as others — should share in the result.