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Summary Paragraph

Introduction

In “Financialization and income inequality: bringing class struggle back in”. Yair Kaldor discusses the association between indicators of financialization and income inequality. Yari Kaldor is a researcher who works in the department of sociology at the university of Haifa, Israel. He has a Ph.D. in Sociology from the University of Wisconsin–Madison: Madison, Wisconsin, US. Although its writing style is convoluted, Kaldor (2022) writes an effective article because of its clearly stated main argument and sufficient evidence.

Summary Paragraph

Kaldor (2022) states that both financialization and individual income inequality are strongly related to statistics. To start, the author begins examining the relationship between economic and income from the perspective of the struggle between the working class and the capitalist class, he proposes that financialization has an impact on worker’s income because of class struggle. Then the author expands that by describing the harm of inflation to investors and financiers, the author reflects the direct relationship between financialization and class monetary inequality from the side. After that, he describes the story of Volcker as chair of the Federal Reserve, referring that the policies implemented by the state for economic situations, such as reducing inflation by lowering workers’ wages also has an impact on workers’ income. In the End, the author concludes that income inequality brought about by financialization is inextricably linked to the struggle between the working class and the capitalist class

Evaluative

Although the article is effective, the author’s writing style is complicated. In more detail, the author often uses complex sentences and delicate words to modify and describe the topic. For instance, when the author is explaining why he uses various evidence to proof his argument in the article, he states that: “This is not meant to deny the insights provided by existing approaches, but to incorporate them within a broader perspective that can better account for the impact of financialization on the distribution of income.” (Kaldor, 2022) Evidently, the author is using complex sentences to suggest that analysis of the impact of financialization on income distribution should be observed and analyzed from a broader perspective. However, such complex sentences are too long to read, thus causing the reader to forget the main point the author was trying to emphasize. In addition, the article also highlights: “The economic recessions that followed the Volcker Shock combined with the high level of debt already carried by NFCs gave rise to the novel phenomena of concession bargaining in many U.S. industries.” (Kaldor, 2022) For this reason, this reveals that in the process of presenting evidence, the author frequently uses many professional terms and words to describe the national financialization decision impact on income, such as “NFCs”, “novel phenomena”. Moreover, these complex and unfamiliar words will drive the reader to lose interest in the article, or even make the reader give up reading. Therefore, despite the fact this article is valid, its writing style is complex, and it contains convoluted patterns and unfamiliar vocabulary.

However, one of the most important elements about the article is how it effectively uses references and extant research on a variety of subjects and issues. The utilization of references and prior study by Kaldor (2022) is designed to assist him in making sense of the situation and gaining a better understanding of its complexities. In addition to this, he is able to demonstrate the fundamental distinction between his perspective on the subject, the manner in which meaning is created, and the manner in which references are drawn from study that has previously been carried out. This article makes effective use of references, which makes it simpler to read by illustrating how many subjects are related to one another and how they are distinct from one another. Kaldor (2022) makes use of references to previous research in order to assist in the construction of a comprehensive information network, a thread in which each individual piece of knowledge is linked to the next. For instance, Kaldor (2022) quotes a number of academics who state that ever since the economic crisis that occurred in 2008, there has been a greater focus placed on the connection that exists between the evolution of the financial sector and the degree of income disparity. The researchers addressed by Kaldor (2022) also demonstrate that there is a robust statistical connection between indices of financialization and measures of income inequality at various levels of analysis. This is done by comparing data from different countries.

Also, a notable element of the paper is that it clearly identifies and works toward bridging an identified research gap. Every research must be conducted as a way of identifying a research gap and then working towards covering the same gap. Identifying areas where further study is needed is a valuable strategy for accelerating the learning process in general. Finding a hole in the existing body of knowledge and then being able to fill it through the conduct of an exhaustive and extensive study could be very satisfying for the researchers who are involved in the project, not to mention the fact that the results of the study might be of use to the community as a whole. According to Kaldor (2022), the number of explanations for the connection between growing income disparity and financialization is still limited, and these theories do not lay a significant focus on workers. As a consequence of this, the author takes a novel approach in the essay by investigating financialization and income inequality through the lens of how class struggle has developed in the economy of the United States over the course of its history. It demonstrates that the economic crises of the 1970s, which led to financialization, were intimately tied to the escalating labor-capital confrontations, in which the state became a more prominent battlefield (Kaldor, 2022). The article very articulately addresses this problem.

Conclusion

Kaldor discusses the association between indicators of financialization and income inequality. He states that both financialization and individual income inequality are strongly related to statistics. Although the article is effective, the author’s writing style is complicated. In more detail, the author often uses complex sentences and delicate words to modify and describe the topic. This is a huge problem because it means that the study is only suited to professionals and those that are familiar with the jargon used in the article. However, one of the most important elements about the article is how it effectively uses references and extant research on a variety of subjects and issues. The utilization of references and prior study by Kaldor is designed to assist him in making sense of the situation and gaining a better understanding of its complexities. Also, a notable element of the paper is that it clearly identifies and works toward bridging an identified research gap. Finding a hole in the existing body of knowledge and then being able to fill it through the conduct of an exhaustive and extensive study is not only satisfying for the researchers who are involved in the project, but also to the community and research body that benefits from the results of the study.

References

Kaldor, Y. (2022). Financialization and income inequality: bringing class struggle back in. Critical Sociology, 48(3), 381-396.

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