A World Bank economist is trying to shame the U.S. for being home to one half of the world’s richest people, the so-called 1%. In reality, it’s the world that should be red-faced for not creating wealth as America does.
Bank chief economist Branko Milanovic has come out with a book called “The Haves and the Have Nots,” whose purpose seems to be to argue there’s something wrong about America having an outsized concentration of the world’s wealth.
Implied in the argument is that America’s wealth comes at someone else’s expense, and the solution is to have a bureaucracy redistribute it more to his liking.
Milanovic writes of wealth as a “one-way street” and calls America a “wealth ghetto.”
Subtext: The world’s poor countries can’t win.
Frankly, that’s about as dim and pernicious a conclusion as that of an teacher who refuses to distinguish winners from losers based on performance.
Read the entire article here: Wealth Creation Comes From Having Free Markets, Not From Luck Or Plunder – Investors.com.
** I have to point out some delicious irony – this World Bank Economist should be the happiest person ever, since he gets paid to figure out how to redistribute the World’s wealth. However, I am willing to go out on a limb and say that Branko is not a happy person. One can not be happy when one’s life is solely dedicated to a philosophical construct based on envy and materialism..
It is quite obvious that the premise of this book, and likely Branko’s entire existence is rooted in Marxism and thus fundamentally flawed (due to the failure of Marxism to account for human nature). This fundamental flaw is at the heart of why Socialism and Communism fail to be successful economic models (unless they have a Capitalist system to feed off of.