Describe the two separate approaches to economic equality: opportunity and outcome

There are two different approaches toward achieving economic equality. When some people speak of achieving economic equality, they mean that everyone should have an equal opportunity to acquire wealth. In other words, regardless of race, religion, gender, or other factors, people should have an equal opportunity to pursue a career and acquire wealth. Supporters of this approach typically argue that ultimately the degree to which one acquires wealth depends on him or her. Supporters of this approach often tend to be politically conservative and support free market economics.

The other approach is based not on opportunity, but on outcome. Supporters of this view typically argue that equal opportunity alone is not enough. They typically argue that the government should step in to ensure that economic equality is actually achieved as an outcome. Supporters of this approach typically tend to be politically liberal and often favor varying forms of socialism.