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by simonh
1804 days ago
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The thing is nobody gets to build a fortune in the billions from saving up their salary. The principal way to do it is through ownership and control of a company. So what's the alternative to private individuals founding companies, finding ways to provide valuable goods and services, employ lots of people and grow successful businesses. Is that something we want to discourage? I think we all benefit from having hard working, innovative people creating, leading and running big companies. Or even from investors deploying capital so that it grows companies and expands beneficial economic activities. part from my first job working for the government here in the UK all my other jobs have been for companies founded and run by private individuals. They've helped me put food on my table and clothes on my children. On the other hand I do agree that when it comes to inheritance, rent seeking, financial manipulation, etc there's a lot to do to close loopholes and create a more equitable system. There is a good argument to be made that the main reasons inequality has risen are not good ones. I do not see those as fundamentally flaws in capitalism, they're certainly flaws but you get abuses in any economic system. They're not fundamental. The Netherlands is definitely a capitalist society, but they also have a wealth tax for example. There are good arguments for land value taxes, which some countries use to good effect. There are plenty of tools available to us. |
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Opposition to addressing inequality in the US tends to take the form of arguing that the rich worked harder, earned their wealth, are more valuable, etc.; therefore, it is immoral to redistribute that wealth. The argument that I am attempting to make is that the differences in wealth are so dramatic that it isn't realistic that they earned it in the sense that free market advocates are implying.