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Equality and inequality are discussed from the philosophical and socio-psychological, rather than from the economic, point of view. Social inequalities are bearable only if they are felt to be legitimate and justifiable in terms of the predominant hierarchy of values. Movements for equality are caused by doubts about the legitimacy of existing inequalities. Modern individualism, libertarianism and equalitarianism were a rebellion against the existing order. In premodern times, inequalities were justified by ascription and were derived from inherent characteristics, such as birth and caste. Industrial society justified inequalities by achievement of economic suc cess. This orientation is reflected in the labor theory of value, as well as in marginalist value theory. In the American creed, equalitarianism was combined with the acceptance of inequal ities through the principle of equality of opportunity which justifies inequalities by the assumption of an equal start for everyone. Under the impact of the great depression and of the organizational revolution, economic achievement was re placed by intellectual merit, knowledge and academic creden tials as justification for inequalities. Under the impact of growing doubts about this kind of achievement, a new equali tarian trend is under way, supported by the antigrowth and the environmental protection movements, as well as by the tradition of protection for the underprivileged which was al ways an intrinsic part of the market economy.

Equality & inequality are discussed from the philosophical & socio-psychological, rather than from the econ, point of view. Soc inequalities are bearable only if they are felt to be legitimate & justifiable in terms of the predominant hierarchy of values. Movements for equality are caused by doubts about the legitimacy of existing inequalities. Modern individualism, libertarianism & equalitarianism were a rebellion against the existing order. In premodern times, inequalities were justified by ascription & were derived from inherent characteristics, such as birth & caste. Industr society justified inequalities by achievement of econ success. This orientation is refliected in the labor theory of value, as well as in marginalist value theory. In the US creed, equalitarianism was combined with the acceptance of inequalities through the principle of equality of opportunity which justifies inequalities by the assumption of an equal start for everyone. Under the impact of the great depression & of the org'al revolution, econ achievement was replaced by intellectual merit, knowledge & academic credentials as justification for inequalities. Under the impact of growing doubts about this kind of achievement, a new equalitarian trend is under way, supported by the antigrowth & the environmental protection movements as well as by the tradition of protection for the underprivileged which was always an intrinsic part of the market economy. HA.