With China’s increasing wealth, Western investors want some of the action. One of those investors is a bullish gentleman called George Soros. However, the Chinese are acutely aware that with Western investment comes inequality. So as Beijing begins to rethink how to do proper economic growth, can we expect that China will learn from Western mistakes?
At Take on Wall Street, we believe that you can’t address the wealth gap, wage disparities, or a range of other economic threats without first
“Billionaire Jeff Bezos could personally pay for enough vaccines for the whole world, yet he would rather spend his wealth on a thrill ride to space,” said Max Lawson, the head of inequality policy at Oxfam International. Bezos, the richest man on Earth, has seen his wealth grow by more than $79 billion during the pandemic, from $113 billion in March 2020 to $192.4 billion today, the new analysis finds.The organizations estimate that fully vaccinating the world’s entire adult population would cost around $70 billion, and a one-time $20,000 cash grant to all jobless workers would cost $4.4 trillion
By early June 2021, the world was about one and a half years into the coronavirus pandemic. The coronavirus pandemic had not only a tragic human cost when millions of lives were lost, but it also impacted inequality, and it did so on a global scale. Recently, the global charity Oxfam surveyed approximately 300 economists More
And now we’re finding that just playing games that are based on psychopathic behavior like trying to wipe out your competitors and take all their assets triggers similar reactions in people to societal inequality itself. And some games are worse than others at this.And the game that’s the worst is Monopoly.Back in 1903 Lizzy Magie, a British feminist and socialist, patented the board game that we know today as Monopoly. She invented the game as a warning about the dangers of unrestrained, unregulated capitalism, although over the past hundred years that has been almost completely forgotten. As Chris Melore reports, “Monopoly stands out as the most debated—and most forbidden—board game of all time. In a recent survey of 2,000 U.S. residents, 20 percent say that their game nights with friends or family members are often or always disrupted by competitive or unfriendly behavior.”Perhaps the “good” news is that “only 11% of respondents said they witnessed a physical fight break out,” but Monopoly—a game that is based on the prime psychopathic value of taking everything for yourself and thus increasing inequality—seems to trigger the worst in us.
The pandemic has been taking the existing injustices of capitalism and exaggerating them to the point of cartoonishness. A case in point is a recent study that finds Wall Street bonuses have grown by more than 1,200% since the 1980s — while the federal minimum wage hasn’t been raised in over a decade.