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Welfare I: Income and Wealth Inequality

  • Paul Marshall
Chapter
Part of the Macmillan Texts in Economics book series (TE)

Abstract

This quotation has survived successive editions of this book because it captures so well the fact that the overall view of a society’s ‘welfare’ must be informed by the way in which aggregate income is shared among its constituent members rather than by the size of the total itself. Following the reforms to the ‘Welfare State’ introduced by the Conservative government in the mid-1980s, a different Conservative cabinet embarked on a comprehensive review of social policy spending in 1993, concerned, in particular, with a public sector deficit (borrowing requirement) of £50 billion. In addition, an Independent Commission on Social Justice, which had been initiated by the Labour Party but established as independent of political parties, reported in 1995 on its investigations into the relationships between economic and social factors and the need for reforms to ensure that these relationships foster prosperity coupled with fairness.

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Copyright information

© Paul Marshall 1997

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  • Paul Marshall

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