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> So for many, adjunct faculty are called "elites" while the Koch brothers are not. I think this is an important point. Wealth in the West knew to stay out of

> So for many, adjunct faculty are called "elites" while the Koch brothers are not. I think this is an important point. Wealth in the West knew to stay out of the radar. The whole concept of "old wealth" has the key characteristic of not spending frivolously in public or making a scene. Even in the Instagram age, they largely keep it under control. Their wealth - while beneficial - is not their defining characteristic. Some even argue that the celebrity class exists in part to monopolize the headlines that would otherwise be taken by paparazzi hounding old wealth. This contracts to the extreme with all the new wealth which spends flamboyantly and spends to get attention. We seem to see this thousand fold with the Chinese new rich and their children - hence the Fuerdai term emerging. The resentment of the working class against the old wealth is minimal - they stay out of sight and out of mind. The resentment towards the new wealth is tremendous and I don't think it will end well.

asdff 7y ago
Old wealth also spent lavishly, just on things more beneficial to the public. Imagine the costs with constructing an ornate art deco build today, vs. another 6 story wood frame box. At least with the pricey art deco building, the luxury is enjoyed by everyone who uses the space. Not to mention old wealth often donated huge fortunes to civic endeavors. There was good reason why the working class resentment of old wealth was minimal, it was because they weren't only hoarding it for hedonism or a lust for power.
- StacyRoberts 7y ago
  That's exactly my point earlier. It actually costs relatively more today to get a similar sized building as that high quality art deco building of yesteryear, while the quality has simultaneously declined. Buildings like that aren't built of stone today, rather twigs by comparison. Prices have gone up and quality down. It's not just the wealth gap that is increasing but the value gap even more so.
- buzzkillington 7y ago
  Being a declassee from "really old wealth" - thank you WWI and the collapse of Austria Hungary - culture was a veneer to hide the hedonism. My great-grandmother, born in 1890, had stories about who would fund the ballet vs the opera. And it had mostly to do with foot fetishism.

asdff 7y ago

Old wealth also spent lavishly, just on things more beneficial to the public. Imagine the costs with constructing an ornate art deco build today, vs. another 6 story wood frame box. At least with the pricey art deco building, the luxury is enjoyed by everyone who uses the space. Not to mention old wealth often donated huge fortunes to civic endeavors. There was good reason why the working class resentment of old wealth was minimal, it was because they weren't only hoarding it for hedonism or a lust for power.

StacyRoberts 7y ago
That's exactly my point earlier. It actually costs relatively more today to get a similar sized building as that high quality art deco building of yesteryear, while the quality has simultaneously declined. Buildings like that aren't built of stone today, rather twigs by comparison. Prices have gone up and quality down. It's not just the wealth gap that is increasing but the value gap even more so.
buzzkillington 7y ago
Being a declassee from "really old wealth" - thank you WWI and the collapse of Austria Hungary - culture was a veneer to hide the hedonism. My great-grandmother, born in 1890, had stories about who would fund the ballet vs the opera. And it had mostly to do with foot fetishism.