Degrowth

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Discussions about degrowth and all sorts of related topics. This includes UBI, economic democracy, the economics of green technologies, enviromental legislation and many more intressting economic topics.

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MrMakabar

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UBS: More Billionaires inherited their wealth then gained it by entrepreneurship (www.ubs.com)

submitted 11 months ago by MrMakabar to c/degrowth

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Imho an intressting development in the completly wrong direction. However it shows the massive problem capitalism has, that it increases capital accumulation within a small group of people. It also is a strong argument against the idea of billionaires having earned their wealth.

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[–] MrMakabar 2 points 11 months ago (1 children)

When a ultra rich person dies, you first of all had inheritance tax, which in this scale can be massive. Then it gets split for the children, which means more less rich people. There also might be charitable giving, which again is a big thing. The next generation also has a tendency to spend the money and not want to run the company. Imho very understandable.

So you tended to have a bunch of ultra rich founders of massive companies, who actually worked hard for the money. They got an unfair amount for it, but they did work. Then there used to be a group below that, who are still very very rich, but not in the same class. After a few generations of that the money was often basically gone.

[–] spacecowboy@sh.itjust.works 4 points 11 months ago (1 children)

No. The ultra rich founders you’re talking about may have “worked hard” but they still stole that money from the people doing the actual work. It’s an easy recipe to follow.

[–] MrMakabar 3 points 11 months ago (2 children)

To end up a billionaire from nothing, you have to create a sophisticated organization, which is able to take money from as many people as possible. You also have to feed it and adapt it constantly as growth requires change. Fast growth, which is needed to make it in a lifetime, require very quick adaption. That organizing is real work and to become a billionaire from it you have to do it for years and use every single minute you do not need to keep your body operating. There are literally millions trying to do it and nearly all fail.

There is nothing easy about it and it is not a recipe one can just follow. Have some respect for the great gangsters of our generation.

[–] schmorpel 5 points 11 months ago

Have some respect for the great gangsters of our generation.

You have a point there. Hmm. Maybe not respect for the gangster, but being astounded at their utter ruthlessness?

[–] andymouse 0 points 11 months ago (1 children)

Becoming a billionaire is never about skill, or 'spending time effectively'. Fast growth is also not a feat of a billionaire.

I think you are grasping for a superhero that doesn't exist.

[–] MrMakabar 3 points 11 months ago (1 children)

So it is just random chance? No skill involved no steps to take some folks just end up rich and others do not. Thank god and here I thought you have to exploit workers and be smart about that or have to cozy up to some dictator for favors with a good chance that some of your fellows might kill you. Great to here that there is no skill involved in those types of activities. Silly me.

[–] andymouse 1 points 11 months ago

That's not skill, it's networks and resources you ALREADY HAVE.

Bears shit in the forest. This is not a 'skill'. They shit in the forest because that's where they happen to be.

It's the same with billionaires, they were just born in that environment. You confuse bears shitting in the forest with a demonstration of skill.

If you place one out of context, it will shit on your carpet instead. Except then you will not consider it a 'skill' but something distasteful.