Academic Reading 11
HOW TO BALANCE THE DISTRIBUTION OF WEALTH?
In a United States that was so economically productive, why were there so many people in poverty and so few who were wealthy? Economist and social reformer Henry George found an answer to this question by analysing the workings of capitalism. He concluded that economic progress tremendously increases the value of land. Those who own the land reap great, unearned rewards from rent. This unearned prosperity for a few, George felt, was an obstacle to economic growth because it suppressed productivity. His solution, published in his book ‘Progress and Poverty’ in
1879, was to have government tax away all rent. This “single tax” would bring in enough revenue so that an other taxes could be eliminated, and it would end the desire to speculate in land values. The publication of ‘Progress and Poverty’ made George instantly famous. He made lecture tours in America, England, Ireland and Australia, and he was nearly elected mayor of New York City in
1-According to the passage, Henry George found out why so few people were wealthy in the United States by ……… .
A) reading the book ‘Progress and Poverty’
B) studying the process of capitalism
C) attending lectures in America, England, Ireland and Australia
D) thinking like a capitalist rather than an economist
E) listening to rich people who owned a lot of land
2-Henry George claimed that unearned wealth obtained from land ownership ……… .
A) hindered economic development
B) increased productivity
C) was reforming society
D) shouldn’t have been taxed
E) would help the country prosper
3-What, in the opinion of the author, made Henry George well-known immediately was ………. .
A) his lectures in America, England, Ireland and Australia
B) his success as mayor of New York
C) the tax he introduced on land value
D) the land reform that lie initiated
E) the book he wrote about his theories