Half of the world's personal wealth belongs to the rich - and they just keep getting richer The rich controlled nearly half of the world's personal financial wealth in 2017 Global personal wealth grew to roughly $202 trillion last year - a 12% increase The U.S. has nearly 200,000 people with $100 million or more in financial assets
Mena: I think 1% of the rich owning 50% of the world wealth is bad for democracy and capitalism. The 1% of the rich are the one financing election all over the world, they are the one controlling the world chief of states and they are the one creating the laws given to the lawmakers to pass. After voting for a chief of state and lawmakers the majority of the people have no control over them because the rich control government policies.
!% of the rich owning 50% of the World wealth is very inefficient for capitalism. It show money is not distributed in a rational manner. The 1% rich cant consume all the cars, clothings, watches, soaps, cell phones, computers, houses created by the economy. I think 200 people having a net worth of 200 millon is better then 1 person having a net worth of $200 million because those 200 people will buy at least 100 houses, 100 cars, 100 cell phones, 100 refrigerators, 200 soaps, 100 movie tickets, 100 taxi rides, gift for 100 wives. the 1 rich person having $200 million doesnt need 100 houses, 100 cars, 100 cell phones, 100 soaps, 100 refrigerators and 100 movie tickets. America is home to nearly 200,000 people who own $100 million or more. This class of ultra-wealthy people is expected reach 671,000, worldwide, by 2022
The U.S. is home to some of the richest people in the world - including nearly 200,000 people with $100 million or more in assets. Among them are Oprah Winfrey, whose net worth is approximately $3 billion, and Microsoft founder Bill Gates, whose net worth is $93.3 billion
Posts: 5374 | From: sepedat/sirius | Registered: Jul 2012
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Better yet, the 3 richest Americans own as much as half of the American population.
Posts: 22235 | From: האם אינכם כילדי הכרית אלי בני ישראל | Registered: Nov 2010
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Mena: I think 1% of the rich owning 50% of the world wealth is bad for democracy and capitalism.
No, that's bad for socialism and democracy but it's good for capitalism because that is the goal of capitalism
Posts: 42930 | From: , | Registered: Jan 2010
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Mena: I think 1% of the rich owning 50% of the world wealth is bad for democracy and capitalism.
No, that's bad for socialism and democracy but it's good for capitalism because that is the goal of capitalism
This brings us the the following questions.
1)How was this capatilistic system set up and by whom?
2)Where And when did the social part play any significance and where is the democracy in it?
Posts: 22235 | From: האם אינכם כילדי הכרית אלי בני ישראל | Registered: Nov 2010
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Ish Gebor I think the Catholic Church and the English bankers of the Bank of England set up the modern capitalist corporate system. I like capitalist system because it give a person the freedom to invest his money to have a good middle claas life and become rich. I dont like the communist system because it is a system of slavery and exploitation. In the communist system the people who is really the government own all the means of production and distribution aka the factories and shops. The people have no right to own business and have to become a low wage employee of the government it doesnt matter if they have a college degree or not.
The goal of communist was to create equality in a society were there is no rich business class. But in reality communism was a scam finance by Western bankers to robed the Russian monarchy, nobility, clergy and bourgeoisie of their wealth. The communist Russian government received loan from the Western bankers that they repaid with interest. the communist bureaucrats who controlled the state buusinesses the so call the people businesses was like a capitalist owner because they gave their family members and friends good jobs with big perks and they stole those state businesses money and hided the stolen money in Switzerland. After the fall of communism in the USSR the ex communist bureaucrats and their families are the one who bought the state businesses aka the people businesses below market value prices. Russia president Vladimir Putin an ex communist KGB agent is rumored to be worth between $90 to $200 billion.
Socialism is a balance between capitalism and communism were the people are allowed to own private businesses but strategic businesses like utilities like power stations, transportations, ports, airports, oil refineries, airlines, road construction are own by the government. I think France, Sweden and other Scandinavian country are modern socialist country. Socialism is a fair system because there is not great inequality in those country because the rich are taxes to create a good welfare system in the society
I think what is good about capitalism system is also what is bad about it, it is the stock Market corporate system that allowed businesses to raised money and expanded fast and therefore allowed a few rich capitalists to concentrated vast amount of wealth into their hands.
Jeff Bezos becomes world's richest person: Entrepreneur is now worth $141billion as he overtakes Microsoft's Bill Gates thanks to Amazon's growing success The Amazon founder is already worth $40billion more than he was just last year Amazon is now number 8 on the Fortune 500 list with a revenue of $177.87billion Bezos came up with the idea to create Amazon when he was just 30 years old He had a stable job at NY hedge fund but dreamed of opening online bookstore
Amazon founder and CEO Jeff Bezos is now worth $141.9billion, easily making him the richest man in the world
Bezos is now worth $49billion more than Bill Gates (left) and $60billion more than Warren Buffet (right), who rank second and third
Bezos said that at the time he had a stable job at a hedge fund in New York City and was one year into his marriage to MacKenzie Bezos (pictured together). But she supported his idea
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Marx was right all along. To date he has offered the best analysis of the dynamics of capitalism. His recommendations, however. have proven difficult to implement.
Marx's key statement as to what drives capitalism is M--C--M' where M' includes what Marx called "surplus value". This includes the profits that eventually creates the millionaires and billionaires.
Marx's key points in all of this is that it is LABOR that creates the profits for the capitalist. If LABOR were paid what it ACTUALLY produces there would be little profits for the capitalist. Thus, the goal of the capitalist is to MINIMIZE costs--including labor--as much as possible so as to maximize profits
So how then do single individuals like Bezos and Gates become so wealthy? Answer: their companies offer stock at certain prices based on the profitability of the company. When the company is making profits, the prices of its stocks increase. So it is incumbent on the companies of Bezos and Gates to make as much profits as possible.
In this regard, there are reports about Bezos slave-driving his workers, with no time even for bathroom breaks.
Over time profits accumulate and stock values increase. That's how billionaires are made.
The best compromise to date is what is called "democratic socialism" as practiced in Scandinavia. Governments engage in progressive taxation the proceeds of which are used especially for education and health.
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