5 ms·
I think the wealth question is phrased wrongly: how much wealth is somebody allowed to have? Rather the question should be: how is such excessive wealth generat
by fleddr 4y ago
I think the wealth question is phrased wrongly: how much wealth is somebody allowed to have? Rather the question should be: how is such excessive wealth generated in the first place?
Billionaire level wealth comes into existence by means of a concept that is alien and bizarre when you think more deeply about it:
"Percentage-based future-facing ownership".
Also known as "shares". Emphasis on the word "percentage". You're the 30% majority shareholder and founder of a startup worth some 1 million USD in total.
10 years later, it's turned into an empire. You're still the 30% shareholder but now of something worth 1 trillion.
Superficially this looks reasonable to people but it is in fact bizarre. You scale up wealth from 300K to 300B just by the societal agreement that there is such a thing as percentage-based ownership of a variable thing. Which is a concept that is entirely made up and does not exist in physical reality. In a way it is future-capitalism. You lay claim on value that doesn't even exist yet nor will it actually be produced by you typically.
This jump from 300K to 300B can't be justified or explained by "hard work", risk or any other personal attribute.
Imagine you go fishing with friends. It's your boat. You paid for it and need to maintain it. So the friends agree to give 50% of fish caught that day to you, to cover costs and as a reward.
The next day you meet your friends again and declare: by the way, actually 50% of all fish in the pacific ocean are mine.
How so?
I got "fish shares".
But you wouldn't do any of the fishing???
Fish shares don't care.