Greed Is Good. What?

[kubicle]

Doesn't really matter what economic system you use, in all oligarchies the elite will do well, while the rest will do progressively worse. And democracies aren't "safe" either, left to their own devices, all organizations (including democracies) will turn into oligarchies. This is often referred to as the "iron law of oligarchy".

[dibl]

Doesn't really matter what economic system you use, in all oligarchies the elite will do well, while the rest will do progressively worse.

There is a lot of truth in that, kubicle.

One more thought about the wealth gap, which is indeed worrisome to the extent that it generates jealous resentment among many of the "have-nots" (although a lot of have-nots actually seem pretty content with their arrangements). Where do the fabulously wealthy keep their wealth -- in bags of gold in the basement? No. To preserve the wealth, they invest it conservatively in things like real estate and insured bonds or mutual funds of insured bonds. Meaning, in the case of bonds, that they are loaning their money to governments at all levels, and to mostly non-corporate organizations who can offer very safe bonds. So, how bad is that -- that government and institutional borrowing needs are funded in substantial part by rich people, via their bond investments?

[blobfish]

"iron law of oligarchy"....NICE!

[GreyGeek]

Doesn't really matter what economic system you use, in all oligarchies the elite will do well, while the rest will do progressively worse. And democracies aren't "safe" either, left to their own devices, all organizations (including democracies) will turn into oligarchies. This is often referred to as the "iron law of oligarchy".

And, IMO, we in the USA have passed that point several decades ago. Now it is becoming openly oppressive.