Why do we tolerate mega-wealth? [View all]

[markpkessinger]

This is a Facebook Note written by a friend of mine, Frank Dana, that was so good I thought folks here might enjoy reading it.

[font size=4]Why do we tolerate mega-wealth?[/font]
By Frank R. Dana

(I wrote this about a year ago, initially as a comment on someone else's post, then as a status update of my own. In honor of the information I posted today, based on an Oxfam report, that EIGHTY-FIVE people control the same amount of wealth as the lower half of the *world* population, I'm reiterating...)

...Why do we tolerate mega-wealth? — Not mere millionaires, but really obscene, couldn't-possibly-use-it-all accumulations of untold multiple billions of dollars? Your Bill Gateses your Saudi sheiks, your Apple Computers. (And this isn't about Apple's corporate value, but its wealth — some say they could be sitting on as much as $100 billion.) Societally, I mean, why do we accept, admire, even praise the "achievement" of consolidating so much wealth into the control of one entity?

If your small fishing village was experiencing a famine, or if your country had instituted wartime rationing of food, it wouldn't be considered "okay" for some morbidly obese glutton to be stuffing himself to death with food while everyone around him fought not to starve. Even if he obtained the food fairly, heck even if he produced every bite of it himself, it would still be viewed as shameful to be wallowing in such excesses of consumption. It wouldn't have to be illegal, or even "wrong", to be viewed as morally lacking, and most people would take a dim view of someone with such a gluttonous appetite, and so little self-awareness or empathy for the other members of the community. Fatso would get the stink-eye, for sure.

Yet, when someone scrapes together a pile of gold big enough to choke the Nile and shoves it in their basement, we marvel at their achievement and praise their "success", as if what they've accumulated are merely points on a scoreboard, and not actual, fungible resources. (Money, dammit, IS a commodity, if perhaps a uniquely volatile one.) Why do we drool over Apple's $100 billion corporate bank account, and devour breathlessly-written pieces on what a "problem" they have trying to figure out how to spend all that cash, without even raising the question of whether their massive wealth is a good thing? How could it not be, right?

Wouldn't it be appropriate (perhaps even more appropriate) to instead react with something like, "Holy shit, Apple so overprices their products, and/or underpays their employees or suppliers, that they're sitting on $100 billion in CASH from being the peddlers of wildly unnecessary digital toys."? Why would it be wrong to consider their massive wealth and the process by which they achieved it just as gluttonous, shameful, and reprehensible as our theoretical food-hoarder?

Or, take Bill Gates. Now, he's done a lot of really amazing things with his wealth, things which are undeniably praiseworthy. I have absolutely no desire to diminish the incredibly generosity he's demonstrated, with his incredibly vast personal fortune. But, thing is, he didn't HAVE to do that. (Which makes it all the more laudable, of course.) He could just as easily have sat on the entire $70+ billion or whatever it was, or swam around in it like Scrooge McDuck. So, why would we (again, societally) favor people having that option? Why was it even "okay" that he became worth so much to begin with, regardless of what he did or didn't ultimately choose to do with the money? Why are we so unquestioningly worshipful of financial gluttony?