this post was submitted on 19 Mar 2025
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Why do a small amount of individuals need to be the gatekeepers on so much wealth?
And what is the alternative? What would you prefer?
Capital is economic power. Should it be concentrated or not? Well, I will first say that I do not see a reasonable way to drastically reduce this inequality of power apart from socialism(as in planned economy, not welfare) which I reject for many reasons.
I would say it should be concentrated because: Most people do not have the desire or capacity to wield economic power. This has nothing to do with their intelligence or worth as an individual, but with their character mostly. It involves making many difficult decisions and significant responsibility, as you are at risk of losing your investments. You also need to show initiative which many people lack. If capital was evenly distributed most people would not have the foresight to invest but likely would just spend it to buy the things they need/want for the already mentioned lack of desire and initiative for entrepreneurship.
Also, there would be no or very little incentives to do well since you would have about the same amount of money as everyone else anyway, and this would destroy our economy, since it relies on capitalists altering the allocation of resources based on personal incentives and information granted by the market(expressed by price). If these incentive structures are weakened, this can make the economy unresponsive, which will make the resource allocation uneffective, probably even less effective than when the economy is managed by the state(socialism).
I’ll argue! Most of this is simply wrong… but first I’m going to reject the premise of your argument.
You’re providing a false choice by suggesting that money can only be concentrated or diffused and that it can only be concentrated or diffused at the level of the single individual. You’ve placed two extremes on the table (a command economy driven by oligarchs vs a command economy driven by autocrats) and asked us to pick.
I pick neither. A command economy is not necessary to achieve reasonable societal goals, and it’s not necessary to flip the switch all the way into a 1950s Red Scare version of communism to be able to see where the economic model of unfettered capitalism breaks down.
The next problem is that you conflate the question of “how should the government collect taxes” with the question of “how should an economy operate”. Those are different questions with different answers, but the underlying principle is the same.
The government should prevent circumstances in which being an asshole is financially rewarded. The citizens should try to avoid being assholes. A civil society should correct the behavior of people that are being assholes using social pressures.
In the economic arena, that basically boils down to “not fucking over the little guy”. The government should seek to prevent circumstances where the little guy gets fucked over. The citizens should try not to fuck each other over. A civil society should shun those who violate that norm.
In the taxes arena, that basically boils down to “pay your fair share.” We all know what that looks like and feels like because we’ve had to divvy up the check after a long night of drinking. Folks with cash throw in some extra to cover their friends that might be struggling, a couple of people that are doing well might just “make the check right at the end of the night.” It works out. People know how to do this instinctively. People, by and large, know what their fair share is. Some just don’t want to pay.
In a situation where people consistently make the moral choice to not be an asshole, a lot of economic models can work. The breakdown isn’t in the economic model, it’s in the role of the civil society - society is not enforcing the “don’t be an asshole” rule. Instead, we’ve decided to idolize the assholes.
There’s not an economic model that works when everyone is trying to fuck over everyone else.
You’re focused on the wrong problem.
Didn't see your post before mine, but yeah, you covered it well.