‘How the other half lives’?: Taking a critical approach to the social psychology of economic inequality and extreme wealth

Abstract

AbstractThe negative impact of economic inequality on social issues and wellbeing is of importance to social psychology that historically has an interest in social justice. Social Identity Theory is explored as an approach that acknowledges the wider context of social issues. The use of experiments encounters challenges in categorizing wealth and how individuals account for extreme wealth. Mainstream research agendas in psychology are not neutral and draw upon current ideology (such as neoliberalism) that can often maintain inequality. These difficulties are addressed by Critical Social Psychology driven by a social justice agenda that challenges the acceptance of neoliberal values. The application of Critical Social Psychology to wealth inequality is demonstrated with research using UK media data. Critical feminist psychology is discussed to explore the role of class and how to challenge the stigmatization of working‐class people. Finally, this paper outlines how Discursive Psychology addresses how extreme wealth and the practices of the super‐rich are warranted. A discursive approach questions the acceptance of wealth inequality as an everyday assumption and demonstrates how dominant discourse draws upon individualism. Furthermore, Discursive Psychology has examined how accountability for problematic practices, such as tax avoidance that maintain inequality, are managed in media broadcasts.