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The purpose of this study is to examine the efficacy of various policy options for curbing the accumulation of illegal wealth and suggest ways to close the increasing wealth inequality gap.

The paper begins with a historical/literary analysis of the place of wealth in American Society and the ambivalent cultural attitudes toward wealth. Different policy approaches that seek to limit wealth inequality and the illegal accumulation of wealth are then examined. Finally, the current policy climate in the USA is reviewed to determine the likelihood of meaningful reform.

In Europe, the BASEL accords show promise for curbing the illegal accumulation of wealth by politically exposed persons. In the USA, tax reform efforts can close the wealth gap, but the current political landscape makes meaningful reform challenging particularly given the increasing use of “dark” money to influence elections.

Because financial reform is a moving target in both Europe and the USA, subject to the ebb and flow of political forces, it is difficult to predict what major reforms will be possible.

Without meaningful reform, an increase in populist movements can be expected (e.g. Brexit and Trump) with an overall, long-term negative impact on democratic capitalism.

The wealth gap and the sense that the system is rigged against the common people will result in increasing political turmoil.

Combining literary/historical analysis with the analysis of current policy interventions provides a set of tools not usually used in the examination of financial crimes.

Purpose – In this chapter, we advance research on the socioeconomic ranking of religious groups by using both income and wealth to document the rankings of the six major religious groups in the United States – Jews, Catholics, mainline Protestants, evangelical Protestants, black Protestants, and the religiously unaffiliated – during 2001–2007, a period marked by both catastrophic economic losses and widespread economic gain.

Design/Methodology/Approach – Drawing from the Panel Study on Income Dynamics (PSID), we provide descriptive statistics to explore the socioeconomic differences among the six major religious groups. In addition, we note their ownership rates and changes in wealth and income during 2001–2007.

Findings – Overall, these findings point to enduring stratification in the U.S. religious landscape. Based on median net worth, leading into the Great Recession, the six major religious groups ranked in the following order: Jews, Catholics, mainline Protestants, evangelical Protestants, the unaffiliated, and black Protestants. At the same time, these findings point to the upward mobility of white Catholics, who increased their income and made the greatest increase in net worth between 2001 and 2007. These data also suggest a decline in the socioeconomic status of the religiously unaffiliated as compared to previous studies.

Research implications – These findings illustrate the degree to which certain religious groups have access to wealth and other resources, and have implications for how the years leading into the Great Recession may have influenced households’ vulnerability to financial shocks.

Originality/Value – We use both income and wealth to examine whether different religious groups experienced any changes in income and wealth leading into the 2008 economic downturn.

This case study examines employee share ownership at Central States Manufacturing, where the employee stock ownership plan (ESOP) shares stunning sums of wealth with employees. Central States designs its ESOP to allow participants to access a portion of their ownership wealth while they are still employed at the company, through hardship and in-service withdrawals. This may make the “wealth benefit” of employee ownership more meaningful to lower-wage workers navigating economic challenges. The case study adds to the discussion about how employee ownership can benefit low- and moderate-wage workers and close the wealth gap.

Data were collected via: (1) published accounts, (2) structured qualitative interview with the chief financial officer (CFO), (3) follow-up emails and phone communication with company contact and (4) review of plan document language.

Workers at Central States Manufacturing – including truck drivers and production workers – build large sums of wealth through the ESOP. Central States innovates in its ESOP by permitting workers to access a portion of their ownership wealth while they are still working through hardship and service withdrawals.

This is a mini-case study heavily reliant on the information provided by the CFO, in combination with background publications, and plan document language. It does not include employee interviews.

This paper lifts up an innovative company whose success and innovative ESOP plan design benefit frontline workers.

This chapter explores the parallels between the recruitment and retention of students from marginalized backgrounds, and efforts with similarly identifying faculty and student affairs administrators. Higher education institutions target specific student populations to increase access, thus leading to an increase of students of color, low-income students, and first-generation students on college campuses (Chen & Nunnery, 2019). This welcome development proves inadequate on its own, as the critical support structures necessary for student success are not in place. Students' lived experiences are not attended to in a manner that fosters thriving (Jack, 2019; Nunn, 2021).

Research underscores the significant positive impact on marginalized students of having faculty and student-facing administrators from similar backgrounds on their campus (Braxton et al., 2014; Kuh, Kinzie, Buckley, Bridges, & Hayek, 2007). The intentional recruiting of these college personnel provides a vital means of attending to the needs of underrepresented students. Yet, the student experience is not instructive for the work with underrepresented college employees. The lived experiences of the faculty and administrators from marginalized identities are not being addressed either, similar to that of underrepresented students (Orelus, 2020). When these college personnel leave institutions unexpectedly or stay but are not thriving, this impacts students, colleagues and the college as a whole. In many respects, institutions are replicating inequities they commit to substantively dismantle, limiting the racial justice work they promised, and effectively thwarting their own Diversity, Equity, and Inclusion (DEI) efforts.

Using an autoethnographic approach, this chapter will explore these parallel issues, and propose recommendations for future research and institutional policy and practice for retention of underrepresented faculty and student-facing administrators.

The paper uses 101 years of Chilean and international financial assets returns to investigate mean-variance optimal portfolio allocations. The key conclusion is that the share of international unhedged investments is substantial even in minimum risk portfolios (20%), unless the period 1980–2002 is assumed to be drawn from a different distribution and previous history is disregarded. In addition to that, the paper finds that mean-variance optimal investors would have generated substantial demand for an asset replicating the return profile of an efficient pay-as-you-go pension scheme. Labour income and departures from log-normality of returns might, however, affect the latter conclusion.

The issue of migrant financial literacy remains largely unresolved despite the increasing focus on financial literacy in general. The purpose of this paper is to provide a migrant-based approach to provide a snapshot of the self-reported levels of financial literacy specifically for a group of newly arrived culturally and linguistically diverse (CALD) migrants.

A questionnaire is employed to explore the financial literacy of selected migrant groups representing the regions of Africa, Asia and Europe.

The findings reveal that: migrants are eager to seek further information to assist with their financial decision making; better access and utilisation of basic financial services seems to be an area where improvement is required; and self-reported financial literacy levels are influenced by education levels.

Although the research targets newly arrived CALD migrants, no claims can be made regarding the representation of CALD migrants as a whole. The research has implications with respect to the development of a more adequate provision of avenues for CALD migrants to utilise basic financial services. This paper provides recommendations for future research in this area.

A migrant’s financial literacy is typically based on a “one-size-fits-all” questionnaire, which only provides a broad examination of financial literacy aspects. This study addresses this gap by undertaking a case study focused solely on newly arrived migrants.