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round 1, poll 488
click for better quality & to see the full image. sometimes they get cut off weirdly!
which cover do you like best?
Limitarianism the case against extreme wealth by ingrid robeyns
Swordbird by Nancy Yi Fan
remember, you're voting for the cover, not the author or the book!
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In the fight for a balanced economy and healthier democracy, the increasing power of the ultra-rich is a calamity we cannot afford, says the
The earnings of the ultra-rich are literally unearned. This isn’t a value judgment: it’s the US tax agency’s term for money made through “investment-type income such as taxable interest, ordinary dividends and capital gain distributions”. While Astor and Rockefeller surely followed the wealth-maximising maxim of buy low, sell high, and put money in trusts, charities and other vehicles to minimise taxation, we’ve seen this logic taken to the next level, without policy changes to correct for it. Most of us pay tax on our incomes at double-digit rates; if we’re fortunate enough to own assets, we pay tax on the profits when we sell them. Billionaires, on the other hand, “can borrow against their growing investments year after year without owing a dime in taxes, allowing them to pay lower tax rates on their income than ordinary Americans pay on theirs”. That statement doesn’t come from Bernie Sanders, by the way, but from the achingly centrist White House, which in 2022 proposed a 20% minimum tax on households worth more than $100m. It went nowhere, in part because its subjects so strongly opposed it. The impending arrival of the trillionaire signals another step backwards in the fight for a more balanced economy and healthier democracy. The billionaire class, after all, skews the balance of power in the marketplace, in politics and in society. Its members own newspapers that shape public opinion. They donate to politicians who pass the laws that they want. According to one study, 11% of the world’s billionaires have held or sought political office, with the rate of “billionaire participation” in autocracies hitting an astounding 29%. Another study shows they tend to lean to the right: positions that typically help them keep their own wealth, and that of their peers, intact.
Political philosopher Ingrid Robeyns tells host Sean Illing that we need to cap the amount of wealth a person can accumulate. They talk about how extreme inequality affects democracy, the role of money in politics, and why limiting personal wealth benefits everyone, including the super rich.
As a political philosopher, I believe societies should set a cap on extreme wealth. Limiting wealth is the only way to address poverty and protect democracy.
(This post is not an endorsement of other AOC’s political views)
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As Jason Hickel, an economic anthropologist, has argued, the dominant narrative - that in the past everyone was very poor, and we have greatly reduced extreme poverty on a global scale - is misleading at best. There is a counternarrative that urgently needs to be heard - a debate we need to have. We need to recognize that the picture of Our World in Data graphs give us, and which is being shared so enthusiastically, is part of a wider effort to legitimize global capitalism, resenting it as the most effective way to recude poverty.
Limitarianism: The Case against Extreme Wealth (2024) by Ingrid Robeyns
Where should society draw the line on extreme wealth? A fresh account sets out the logic and suggests how to redress inequality.
"The French Declaration of the Rights of Man and of the Citizen, a founding text of political modernity in the eighteenth century, stated in its first article that: “Social distinctions may be based only on considerations of the common good.”
As billionaire wealth increasingly defines our era, it is time to engage in public debates about the point at which wealth concentration ceases to serve the common good. A starting place for this discussion is to ask ourselves when enough is enough"
when the top 1% own more than the bottom 90% put together.
Limitarianism: The Case Against Extreme Wealth
By Ingrid Robeyns.
Design by Jamie Keenan.
