Socialism for the rich and capitalism for the rest

A stock market that kept on chugging through rising unemployment and disrupted trade routes led to billionaires gaining $ 1.3 trillion since mid-March 2020.

Even as many of them received bailouts for their businesses, exacerbating a perception of “socialism for the rich and capitalism for the rest” at the highest levels of the global economy.

From 1975 to 2018, the top 1% earned an additional $50 trillion due to less equal wealth distribution ( plenty enough money to give every American $1,144 a month for each of those 43 years).

That reality has spurred anger, such as when Kylie Jenner posted on Instagram urging her followers to support a GoFundMe, leading people to ask why Forbes’ highest- paid celebrity of 2020 did not just foot the bill herself.

Nationalism is selfishness on the state level, with an emphasis on inward- looking policies without regard to how others are affected, and countries were more tempted than ever to go it alone as borders closed.

As of mid- February, some 75% of the 191 million COVID19 vaccine doses distributed worldwide were in just 10 countries, with affluent governments spending a lot more money on manufacturing and delivering the shots to their own people than on spreading them equitably to poorer nations.

People fight selfishness when they have shared goals, beliefs, and backgrounds.

Incentivize the wealthy to willingly spread their gains more equally across society, perhaps through rewarding them with titles and honor, as the ancient Athenians did.

— Srinivasan Sankar

Foxboro