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The ability to create extreme wealth in a democratic capitalist society is an indicator of the economic freedom. It is the wealth that gives us the freedom to
by ThomPete 3y ago
The ability to create extreme wealth in a democratic capitalist society is an indicator of the economic freedom.
It is the wealth that gives us the freedom to invest in new knowledge creation to solve problems.
The more wealth the more opportunities, especially when they are in the hands of someone who have proven again and again their ability to create value to society. Elon Musk is of course the obvious example but not the only one, Jeff Bezos, Larry and Sergey and we could go on. These people are excellent capital allocators.
The alternative to extreme wealth is extreme poverty and
Almost no one in western society gets to keep their wealth for more than 3 generations because other have the freedom to outcompete them. Everyone over time gets richer.
The alternative to that is dictatorships where there is no economic freedom, capitalist ownership and the way to make money is governed by the ruler.
Anyone making a case against extreme wealth in a society that is fairly free is spreading extremely bad ideas that if they become popular leads to revolutions.
In modern society the issue is not big corporations or extreme wealth, it's institutional capture by politicians and that entire system.
- deepsquirrelnet 3y agoTo generalize this idea further, it seems to me that at some point, concentration of wealth compromises the freedom of markets — whether by political influence or legal means. And that’s what needs to be focused on.