Introduction
The issue of the incompatibility of moral values and wealth goes constant leitmotif throughout the history of humankind. This topic is also relevant in the new decade since, over the past ten years, economists have observed an unprecedented income gap between the rich and the rest of the population. This review of the literature will consider works on moral values and their relationships with the factor of wealth.
Moral Values
First of all, the fundamental question is what is meant by the term moral values. Hartmann (2017), in his book, identifies such concepts as goodness, nobility, the richness of experience, purity, justice, wisdom, courage, and self-control as moral values. Connors (2017) defines such essential moral qualities, the ultimate goal of which is to achieve happiness, like honesty, fire, hard work, confidence, and perseverance. However, can wealth, along with the social environment, nurturing, and life experience, be one of the determining factors in the formation of moral values?
Wealth as a Determining Component of Moral Values
There are two conflicting opinions regarding whether wealth is a decisive basis for the emergence of moral values. Adermon, Lindahl, and Waldenström (2018) believe that wealth does determine the ethical aspect, in particular in the matter of inheritance, “because grandparents are more important in the younger life of parents and grandchildren” (p. 503). Greaves and Ord (2017) agree with it, in their work they believe people are in a state of “moral uncertainty” and everything determines the context, since “we are forced to act now” (p. 164).
Nevertheless, the results of both Sherman’s interviews, published in the New York Times (2017) and the Guardian (2017), show that wealth does not affect the formation of the moral component. Another important issue within the framework of the topic is whether wealth affects an already formed complex of individual moral values.
The Impact of Wealth on Moral Values
Negative Influence of Wealth on Moral Values
Many researchers note that wealth does affect moral values, and often it has a negative effect. For example, Schier, Ockenfels, and Hofmann (2016) found out within the framework of the dictator game that people often do not observe their moral principles when it comes to high stakes. Peshin (2018) notes in his article that “rich people are notoriously non-empathetic” (para. 4). Ryan, in his book, agrees with this statement and emphasizes the growing egocentricity of wealthy people.
According to Ryan (2019), “is that as a person’s level of wealth increases, their feeling of compassion and empathy go down” (p. 188). Greenfield (2018) also notes that wealth is destructive not only for moral values but also for work ethics and national identity. Such changes to the code of ethics often lead to harm to the entire community.
The Harmful Effect of Negative Moral Values
The enormous damage from such ethics and moral principles is experienced by the economic and legislative aspects of the state. The most obvious example of this kind of harm to the economy is the phenomenon of tax evasion by the rich, investigated by Saez and Zucman (2016). Chomsky, in his work, indicates that rich people are interested in creating social insecurity among workers for their further enrichment (2017). Also, Pistor (2019) argues that adverse changes in moral values caused by abuses lead to the abuse of existing business and legislative systems, namely legal coding. Yet, some researchers indicate that wealth may contribute positively or at least neutrally to the changes in moral values.
Positive and Neutral Influence of Wealth on Moral Values
Paradoxically, but wealth may help broaden the individual’s moral horizons. Ally (2015) proves it by personal experience, arguing that rich people are more trusting, optimistic, open-minded, hardworking, active, and purposeful. Also, Smith and Kouchaki (2018), studying the issue of initial neglect of moral standards, came to the conclusion that this kind of “break” can lead to moral humility and the further development of virtuous behavior. Further research in this area will help develop new principles of work ethics for the rich.
Conclusion
As researchers point out, fundamental moral values are universal, and the phenomenon of wealth can be a determining component of their formation and change. These changes have negative, positive, and neutral sides and directly affect the lives of all people. Surveyed works investigate the current component, exploring both current trends and past phenomena necessary for comparative and Meta-analyzes. However, these questions are not asked from the perspective of a qualitative study of the rich and famous people, namely does rich or famous people have more moral values or less. Future research into the current work ethic of the affluent will help fill that gap in existing knowledge.
References
Adermon, A., Lindahl, M., & Waldenström, D. (2018). Intergenerational wealth mobility and the role of inheritance: Evidence from multiple generations. The Economic Journal, 128(612), 482-513.
Ally, D. (2015). 10 major differences between rich and poor people. Business Insider. Web.
Chomsky, N. (2017). Requiem for the American dream: The 10 principles of concentration of wealth & power. New York, NY: Seven Stories Press.
Connors, C. D. (2017). 5 core values that define success for every individual. Web.
Greaves, H., & Ord, T. (2017). Moral uncertainty about population axiology. Journal of Ethics and Social Philosophy, 12(2), 135-167.
Greenfield, L. (2018). The dangerous Kardashian effect and the profound impact of the superficial. The Daily Beast. Web.
Hartmann, N. (2017). Moral values. London, England: Routledge.
Ryan, C. (2019). Civilized to death: The price of progress. New York, NY: Avid Reader Press/Simon & Schuster.
Peshin, A. (2018). Are rich people more immoral? Web.
Pistor, K. (2019). The code of capital: How the law creates wealth and inequality. Princeton, NJ: Princeton University Press.
Saez, E., & Zucman, G. (2016). Wealth inequality in the United States since 1913: Evidence from capitalized income tax data. The Quarterly Journal of Economics, 131(2), 519-578.
Schier, U. K., Ockenfels, A., & Hofmann, W. (2016). Moral values and increasing stakes in a dictator game. Journal of Economic Psychology, 56, 107-115.
Sherman, R. (2017). How to be rich and morally worthy: the dilemma of wealthy New Yorkers. The Guardian. Web.
Sherman, R. (2017). What the rich won’t tell you. The New York Times. Web.
Smith, I. H., & Kouchaki, M. (2018). Moral humility: In life and at work. Research in Organizational Behavior, 38, 77-94.