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Politics : View from the Center and Left
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To: TimF who wrote (31437)11/10/2006 9:19:00 PM
From: neolib  Read Replies (1) of 541799
 
I don't think the dynamics of capitalism, sans government redistribution, result in continual wealth aggregation to a smaller and smaller group. Capitalism with restrictions imposed to favor the capitalists might, but a real free market probably would not. Many of the very wealthy in our society come from middle class or even poor backgrounds within just a generation or three. Its not some fixed group of people grabbing more and more wealth to themselves. And this even in a country where rich special interest can get favorable benefits for themselves. Reduce those special interest benefits and it becomes even less likely for a very small group to continue to grow wealthier and wealthier at the expense of everyone else.

1) I assume that people who make money, do so not solely based on luck (i.e. it is not totally random), although we certainly see that in our economy.

2) A certain minimal amount of money is required to support oneself, for most Americans this comes in the form of wages for labor. Once you pass this threshold, one can start accumulating wealth.

3) Accumulated wealth can be used wisely to accumulate more wealth, beyond what can be acquired by ones own labor.

4) The individuals who have moved through 1-3 above are better able to continue the process than is the average individual, UNLESS they on average do a little worse at it, i.e. unless their performance is in fact random.

There is one argument for a limitation that I can think of, which is long term inbreeding of their heirs, i.e. if in fact we revert to the European aristocrats.
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