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Redistribution of income and wealth
Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of a social mechanism such as taxation, charity, welfare, land reform, monetary policies, confiscation, divorce or tort law. The term typically refers to redistribution on an economy-wide basis rather than between selected individuals, and it always refers to redistributions from those who have more to those who have less.
The desirability and effects of redistribution are actively debated on ethical and economic grounds. The subject includes analysis of its rationales, objectives, means, and policy effectiveness.〔F.A. Cowell (() 2008). "redistribution of income and wealth,"''The New Palgrave Dictionary of Economics, 2nd Edition, (TOC. )〕 A 2003 survey among American economists found that 71.2% of them support redistribution, while 20.4% oppose it, 7.2% had mixed feelings.
==History==
The concept of wealth redistribution is old, and goes back as far as recorded human history. In ancient times, this was known as a Palace economy. These economies were centrally based around the administration, so the dictator or pharoah had both the ability and the right to say who did(and did not) get special treatment.
Another early form of wealth redistribution occurred in the early American colonies under the leadership of William Bradford.〔(William Bradford )〕 Bradford records in his diary that this "common course"〔 bred confusion, discontent, distrust, and the colonists looked upon it as a form of slavery.〔(History of Plymouth Plantation ), p. 135〕
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