Democracy is rightfully seen as the essential tool for promoting equality within society and ensuring equal distribution of social and financial goods. However, to understand the core nature of democracy and its connection to economic well-being, it is vital to realize the extent of its effects. Specifically, establishing whether democracy implies equality of income or wealth is central to the further fight against economic disparities. Since democracy suggests the presence of equal opportunities, specifically, in the areas such as employment and education, it will be more reasonable to consider the income rates as the measurement of the extent of equality within a community.
Demonstrating an individual’s ability to advance in society clearly and accurately, income rates can serve aa the measure of democracy with much greater efficiency than wealth levels. While wealth may not necessarily be the outcome of one’s efforts to improve one’s financial well-being and, therefore, may not require democratic society, income is largely defined by the existence of equal opportunities (). Therefore, income should be used as the wealth assessment tool. Making a country egalitarian by providing equal opportunities, democracy defines income rates to a great extent, whereas controlling wealth rates is beyond its range.
Offering a clear perspective on the levels of economic security and well-being of an individual, as well as showing consistency in one’s earnings and, therefore, the extent of one’s wealth, income rates should be seen as the concept related to democracy significantly stronger than wealth. Whereas wealth may be predicated on factors other than the presence of equal opportunities, such as gaining money by inheriting them, income levels demonstrate one’s economic potential and the extent to which one is valued as a part of the workforce impeccably. Thus, income rates must be seen as a notion related closely to the concept of democracy.
Sirovátka, T., Guzi, M., & Saxonberg, S. (2019). Satisfaction with democracy and perceived performance of the welfare state in Europe. Journal of European Social Policy, 29(2), 241-256. Web.