What would society look like if extreme wealth were impossible?
Roughly every minute, Jeff Bezos’s net worth grows by $59,000—the approximate yearly salary of the average American. When contemplating the existence of multimillionaires, single-digit billionaires, and centibillionaires, the Dutch philosopher Ingrid Robeyns argues for a limitarian approach. She wants to cap individual wealth and considers most cases of extreme affluence to be the product of happenstance. “Take any multimillionaire or billionaire, and put them on a desert island,” Robeyns writes. “They still have all the same talents and personal traits as before. How rich could they become?”
“If extreme wealth is no longer aspirational, what else should we strive for?” Atlantic contributor Christine Emba writes. “Will we lose all ambition if the prospect of material gain goes away?” Though Emba is not optimistic that the government and the American public will ever support individual-wealth caps, she observes that billionaires rely on people’s labor, consumerism, and government protection when building their empires: “Limitarianism questions the idea that individual wealth is ever individual.”
Today’s newsletter brings you stories about wealth in America:
“What Would Society Look Like if Extreme Wealth Were Impossible?” by Christine Emba. The limitarian approach calls for caps on individual wealth.
“Cancel Billionaires,” by Annie Lowrey. Wealth inequality hurts society. (From 2019)
“American Wealth Is Broken,” by Maura Cheeks. “My family is a success story. We’re also evidence of the long odds African Americans face on the path to success.” (From 2019)
“$350,000 a Year, and Just Getting By,” by Annie Lowrey. Financial confessionals reveal that income inequality and geographic inequality have normalized absurd spending patterns. (From 2019)
“Who Actually Feels Satisfied About Money?” by Joe Pinsker. “It’s not just how much you have—it’s what you do with it,” says one researcher who studies money and happiness. (From 2019)
Prívate Advisor
1yLike the world without lawyers from the Simpsons. Seriously if you need more than a billion to be happy, you need therapy.
CXO Relationship Manager
1ythank you so much for sharing. it's Good one Wonderful summary & Impactful.
Passionate, dynamic educator and researcher with 7+ years of experience in designing and implementing student-oriented educational programs.
1yIt would be wonderful.
High School Teacher, AP English and Humanities, Chengdu Foreign Languages School
1yIt would look like America in 1960.
Well educated teacher, tutor, salesperson, and novelist.
1yCountries like Denmark and New Zealand are just a couple of examples of what it would be like. Lots of small businesses, no megamansions or gated communities, no homelessness or slums or abandoned buildings, very low crime rate, healthy and educated people with all the modern amenities.