As imperfect and flawed Capitalism is, it has worked better than
other forms of economic and political systems-so far.
It’s very
simple in “Theory.” Capitalism is an economic and-or, political
system in which a country's trade and industry are controlled by
private owners for profit, rather than by the state.
In other words, keep Government out of it as much as possible.
This does not mean having no social programs as a safety net for the
elderly, sick, and those born with limitations. A civil society cares
for those who are unable to care for themselves, but it does not mean
citizens should care for those who are able to but refuse to work and
contribute.
In a Capitalistic economy, a person who invents some new
technology, or discovers some new drug, should be rewarded, otherwise
the incentive to risk everything will stifle progress in all fields.
But how how much should one person be rewarded for a new idea??
Jeff Bezos was worth 185 BILLION Dollars, before the divorce. His ex-wife
walked away from her divorce with Jeff Bezos last July with 25% of
his Amazon shares, then worth $36 billion. Since then, her fortune
has nearly doubled as the pandemic has disrupted traditional retail.
What about Jeff Bezos net worth today, Breaking the amount down,
Bezos is making about $321 million a day,
$13.4 million an hour,
$222,884 a minute,
and $3,715 a second this year.
The largest single-day
increase in Bezos's net worth is $13 billion, which he
achieved on July 20, 2020,because of the pandemic. Remember, all small business owned retail stores were forced to close, almost a year now.
The average two working couple in the USA makes “about” 63,000
dollars. That’s about 32,000 dollars each.
THIS IS THE MAIN REASON WHY SOCIALISM IS OVERCOMING CAPITALISM IN
AMERICA. It’s just not fair that ONE PERSON attains more wealth
than he/she will be able to spend in a LIFETIME, while others are
struggling to avoid becoming homeless.
So WHAT IF, instead of being a sign of economic success,
billionaires are a sign of economic failure? Is it possible that
extreme wealth IS generally, more harmful than, a “Sign” that
Capitalism works?
How is Billionaire wealth attained? Is it all attain by
invention? Absolutely Not! Approximately one third of billionaire ‘s
wealth comes from inheritance.
Here is the problem with that. It creates a new aristocracy who
are rich simply because their parents were rich. And now these
inheritors who didn’t work at creating something beneficial for
humanity, and may actually be idiots, have now inherited the power
over your average citizen, (masses-sheeple) This is how idiots with
power are born.
Whether inherited or secured in other ways, extreme wealth takes
on a momentum of its own that cannot be overlooked. For example;
Bill Gates was worth nearly $100 billion dollars in 2019, almost
TWICE what he was worth when he stepped down as head of Microsoft.
This is despite his admirable commitment to giving his money away.
BUT there’s more!
Didier Jacobs, a researcher at the London School of Economics,
calculated a few years ago that another third of billionaire wealth
comes from crony connections to government and monopoly, for example
as when billionaires secure concessions to provide services exclusively
from government, using crony connections and corruption.
“The Economist has developed a similar measure of crony
capitalism with similar findings. What is clear is that corruption and crony connections to governments are behind a
significant proportion of billionaire wealth.”
“Almost all sectors of our global economy are now
characterized by monopoly power, as is detailed by Nick Shaxson in
his great newbook, the Finance Curse. Whether food,
pharmaceuticals, media, finance, or technology, each sector is
characterized by a handful of huge corporations.”
President Franklin Roosevelt famously said that
“Government by organized money is just as dangerous as
government by organized mob.”
These monopolies impose hidden monopoly taxes on every consumer,
as it enables these companies, and their wealthy shareholders, to
extract excessive profits from the market, directly fueling the
growth in extreme wealth at the expense of ordinary citizens.
Behind corporate power and corporate actions is increasingly the
power of super-rich shareholders.
Once billionaire wealth is accumulated, the way it is used also
casts doubt on how useful it is to have billionaires. The super-rich
use their wealth to pay as little tax as possible, making active use
of a secretive global network of tax havens, as revealed by the
Panama Papers and other exposes.
Billionaires can also buy impunity from justice, buy politicians,
and buy a pliant media, and influence elections.
This active political influencing by the super-rich directly
drives greater inequality, by constructing reinforcing feedback
loops, in which the winners of the game get even more resources to
win even bigger next time.
So, do you all thing there should be a cap on how much ONE PERSON
SHOULD BE REWARDED?
Should there be a cap on How Much Children of the Billionaire
should receive as inheritance?
Would implementing these two rules be an incentive for people to
stop praising Socialism, and asking the Political leaders to get rid
of all forms of Capitalism?
