A new book argues that “Democracy Needs the Rich.” In fact, concentrated wealth destroys any semblance of a democratic society.

cross-posted from: https://news.abolish.capital/post/57064

You Can’t Have Both Democracy and Billionaires

“What exactly is wrong with the wealthy?” law professor John O. McGinnis asks in Why Democracy Needs The Rich. McGinnis thinks the 1 percent have been unfairly maligned by leftists like Bernie Sanders, and are in need of a vigorous defense. The rich, he says, are productive and useful members of society. If we redistribute their wealth, we only impoverish ourselves. Even those of us who will never be rich ourselves benefit from the presence of oligarchs.

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  • MrSulu@lemmy.mlEnglish
    5·
    9 days ago

    You cannot have democracy way before we had billionaires. Democracy is harmed whenever a single entitiy, group of influential wealthy or individuals with disproportionate influence exist. I’m not a communist by the way. Just someone who’s fed up of the planet being controlled and plundered by a minority.