Econ 160 Term Paper Part 2

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Econ 160

Spring 2014

Introduction.

The capitalist class consists of individuals or households earning incomes of between $350,000 to $500,000 per year. They are often politicians, successful business owners, athletes, and executives. Such individuals are usually self-made because in the United States, 90% of the wealth is not inherited. Having a look at the income of households in the United States, it is observed that the capitalist class represent over 0.9% of income. Sometimes referred to as the super rich, people who belong to the capitalist class earn annual incomes of between $350,000 to $500,000, which would need several million dollars; in terms of assets to generate. Since it is already made clear that over 90% of wealth in America is not inherited, it brings in the question of how the men and women in the capitalist class accumulated the wealth to get to the point where they are at present. “How to Get Rich in a Capitalist Society”, provides a step by step guide for the new investors in revealing the secrets of people in the capitalist class. It also tries to reveal whatever they do in a different way that make them build wealth and the philosophies that enable them reach a point of becoming financially independent to the point of spending good time with their families and traveling all over the world.

The Frackers: “The Outrageous Inside Story of the New Billionaire Wildcatters by Gregory Zuckerman”.

This book talks about individuals who used an opportunity that looked impossible to rise above the rest, amass wealth and joined the capitalist class of the United States. They took the opportunity at a time when everybody thought it was crazy trying to extract natural gas and oil deep below the ground. The few reckless wildcatters used the opportunity to prove everybody wrong by risking their careers. It was in 2006 when everything looked grim for the United States since there was a deep decline in oil production and it was also hard to find natural gas. The war in Iraq also threatened the country’s tenuous relations with Middle East. Other challenges include the f.............