6 ms·
The article mixes up the plans to diversify from oil production with all the talk about helping the worse-off. These are two separate issues, and changing one w
by joosters 11y ago
The article mixes up the plans to diversify from oil production with all the talk about helping the worse-off. These are two separate issues, and changing one won't magically help the other.
Right now, Saudi has a huge income from oil. If they divest well, they could have a huge income from investments. In either case, the lot of the poor in Saudi Arabia doesn't change. Unless they change how they allocate the money, the rich will get richer and the poor will get poorer.
- baltcode 11y agoIt is sort of linked. The working class and middle class will have a better access to meaningful and diverse jobs in diversified free economy compared to a rent seeking one. It will also be in the state's best interest to educate more people for these kinds of jobs in order to grow the economy and keep them off welfare, crime, and violent opposition.
- oldmanjay 11y agoThe current global trend is for the rich to get much richer and the poor to get slightly richer. This is a simple factual metric. It is unprecedented in history and continues despite the narrative of liberalism that the poor are getting poorer.