“It was the result of capitalism, an economic system in which private individuals and organizations — not kings, presidents, bureaucracies, or political parties — own the means of production and the distribution of goods and products is determined by markets”
That is only partly true. States play a huge part in national wealth. Silicon Valley would not exist without the largesse of the US Defence Dept.
Very good piece, as usual. And I wouldn't even say that wealth inequality is necessarily a bad byproduct of capitalism. Sure, some may see it as a downside, but the good news is that, if you don't like where you sit from a lack of wealth, you're always free to change your fortunes. It may take hard, smart work on one's part, but at least they have the option to innovate and bring those innovations to the market.
“It was the result of capitalism, an economic system in which private individuals and organizations — not kings, presidents, bureaucracies, or political parties — own the means of production and the distribution of goods and products is determined by markets”
That is only partly true. States play a huge part in national wealth. Silicon Valley would not exist without the largesse of the US Defence Dept.
https://youtu.be/ZTC_RxWN_xo?si=oZdNgmGdiSI8FYq7
Silicon Valley would very much exist without the largesse of the Department of Defense.
The presence of massive government contracts doesn't refute anything I wrote.
Watch the video then come back. Pay particular attention to the slide that outlines funding sources until 1979.
Very good piece, as usual. And I wouldn't even say that wealth inequality is necessarily a bad byproduct of capitalism. Sure, some may see it as a downside, but the good news is that, if you don't like where you sit from a lack of wealth, you're always free to change your fortunes. It may take hard, smart work on one's part, but at least they have the option to innovate and bring those innovations to the market.