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This is a fair criticism but the numbers still work out similarly if you look at disposable income. The question isn't how much wealth the bottom 50% or 80% or
by hnbad 5y ago
This is a fair criticism but the numbers still work out similarly if you look at disposable income.
The question isn't how much wealth the bottom 50% or 80% or 90% of a given country has, the question is if we should want society to be structured in such a way that one person can command upwards of $100bn and what having one or more persons with this much financial power does to the democratic system they are supposed to be a part of.
If capitalism means voting with your dollar, and democracy means every vote counts the same, how can the two systems coexist if the dollar amounts are so unevenly distributed.
The point doesn't hinge on specific numbers, those just define the exact magnitude of the problem. You can say you prefer capitalism, where power flows into the hands of a few from "the market", or you can say you prefer democracy, where power remains in the hands of the people (or in representative democracies temporarily flows from the electorate into the hands of a few elected until the next election). But you can't say you prefer both.