Occupy Wall Street

Definition

Occupy Wall Street was a progressive social movement that began in September 2011, primarily in Zuccotti Park in New York City, aimed at addressing economic inequality and the influence of corporations on politics. This movement brought widespread attention to issues such as wealth distribution, corporate greed, and the growing divide between the rich and poor, serving as a significant critique of neoliberal policies and free-market capitalism that many believe exacerbate these inequalities.

5 Must Know Facts For Your Next Test

1. Occupy Wall Street started on September 17, 2011, and quickly grew into a global movement with similar protests occurring in cities worldwide.
2. The slogan 'We are the 99%' became a rallying cry for protesters, symbolizing the fight against economic inequality and corporate influence in politics.
3. Protesters used a consensus-based decision-making process in their assemblies, emphasizing inclusivity and democratic participation.
4. The movement was initially focused on financial institutions' role in the 2008 economic crisis, calling out banks for their practices that led to widespread economic hardship.
5. While Occupy Wall Street faced challenges and criticisms, it sparked conversations around wealth inequality and influenced future movements advocating for social justice.

Review Questions

• How did Occupy Wall Street illustrate the concept of economic inequality in its messaging and activities?
  • Occupy Wall Street highlighted economic inequality through its central slogan 'We are the 99%', which contrasted the vast wealth of the top 1% against the struggles of the remaining population. This messaging resonated with many who felt marginalized by neoliberal policies that prioritized corporate interests over individual welfare. The movement's focus on financial institutions underscored how these entities perpetuated economic disparity, creating a platform for discussions about wealth distribution and social justice.
• In what ways did Occupy Wall Street challenge the principles of neoliberalism and free-market capitalism?
  • Occupy Wall Street directly challenged neoliberalism by criticizing how free-market policies led to increased corporate influence in government and a widening wealth gap. The protesters argued that deregulation allowed financial institutions to operate recklessly, contributing to economic crises that hurt everyday people. By advocating for greater regulation and accountability from corporations, the movement sought to reshape public discourse around capitalism, pushing for systems that prioritize equity over profit.
• Evaluate the long-term impact of Occupy Wall Street on social movements and political discourse related to economic inequality.
  • Occupy Wall Street has had a significant long-term impact on social movements by inspiring new generations of activists focused on issues of economic inequality and corporate influence. Its methods of grassroots organizing and decentralized decision-making have influenced other movements, including those advocating for climate justice and racial equality. The movement also shifted political discourse, forcing policymakers to confront issues surrounding wealth distribution and prompting discussions about reforms such as wealth taxes or campaign finance reform aimed at reducing corporate power in politics.

Related terms

1% vs. 99%: A phrase used by Occupy Wall Street to illustrate the economic disparity between the wealthiest 1% of the population and the remaining 99%, highlighting issues of inequality.

Neoliberalism: An economic philosophy that promotes free-market capitalism, deregulation, and reduction of government spending, often linked to increased economic inequality.

Corporate Personhood: The legal notion that corporations have some of the same rights as individuals, often criticized by activists for allowing corporations undue influence over politics and society.