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Can a Democracy be Plutocratic?

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Can a Democracy be Plutocratic? Empty Can a Democracy be Plutocratic?

Post by confuzzled dude Thu Sep 29, 2016 9:36 am

Almost 10 years ago, economist Jeffrey Madrick wrote that, as recently as the 1980s, economists thought that “in the land of Horatio Alger only 20 percent of one’s future income was determined by one’s father's income.” He then cited research showing that, by 2007, “60 percent of a son’s income [was] determined by the level of income of the father. For women, it [was] roughly the same.” It may be even higher today, but clearly a child's chance of success in life is greatly improved if he’s born on third base and his father has been tipping the umpire.

This raises an old question, one highlighted by the British critic and public intellectual Terry Eagleton in an article in the

”Why is it that the capitalist West has accumulated more resources than human history has ever witnessed, yet appears powerless to overcome poverty, starvation, exploitation, and inequality?... Why does private wealth seem to go hand in hand with public squalor? Is it... plausible to maintain that there is something in the nature of capitalism itself which generates deprivation and inequality?”

The answer, to me, is self-evident.  Capitalism produces winners and losers big time.  The winners use their wealth to gain political power, often through campaign contributions and lobbying.  In this way, they only increase their influence over the choices made by the politicians indebted to them. While there are certainly differences between Democrats and Republicans on economic and social issues, both parties cater to wealthy individuals and interests seeking to enrich their bottom lines with the help of the policies of the state (loopholes, subsidies, tax breaks, deregulation).  No matter which party is in power, the interests of big business are largely heeded.
http://www.outlookindia.com/website/story/can-a-democracy-be-plutocratic/297195

Wow! so much for capitalism. I guess Legacy admissions, Kennedys, Bushes, Gores and now Trumps are prime examples of "60% of son's income" paradigm.

confuzzled dude

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