Capitalism is itself a giant income redistribution scheme, transferring money from the poor to the rich.
Last week I looked at the 1977 Science Council of Canada report “Canada as a Conserver Society.” The report recommended “Canadians as individuals, and their governments, institutions, and industries, begin the transition from a consumer society preoccupied with resource exploitation to a conserver society engaged in more constructive endeavours.”
Chief among the latter, as UN Secretary General Antonio Guterres stated in February, is that “Extreme wealth and extreme poverty rage on. The gulf between the haves and have nots is cleaving societies, countries and our wider world.” In a November 2019 column I noted that Bruce Boghosian, a professor of mathematics at Tufts University, reported in an article in Scientific American that “far from wealth trickling down to the poor, the natural inclination of wealth is to flow upward, so that the ‘natural’ wealth distribution in a free-market economy is one of complete oligarchy” — a situation in which one person owns everything. Importantly, he adds, “it is only redistribution that sets limits on inequality.
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