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Capitalism 2.0: Wealth Redistribution

Posted on Monday, Mar 30th 2009

This morning, Obama is giving more working capital to General Motors, keeping yet another failed company on more life-support. The market is responding by falling 300 points after a nice rally last week. The chronic deficit spending continues under President Obama-led wealth redistribution, in perfect opposition to free-market capitalism.

Here’s what Ayn Rand has to say on wealth redistribution: “Whoever claims the “right” to “redistribute” the wealth produced by others is claiming the “right” to treat human beings as chattel.” Indeed, distributing tax payer money and deficit accumulation seems to be considered the government’s “right” these days.

Rand says, “If a man proposes to redistribute wealth, he means explicitly and necessarily that the wealth is his to distribute. If he proposes it in the name of the government, then the wealth belongs to the government; if in the name of society, then it belongs to society. No one, to my knowledge, did or could define a difference between that proposal and the basic principle of communism.”

By the above definition, President Obama seems to be leading the US to a communist society.

I am very sorry to be watching this play out in America, a country that was supposed to be “free” and respectful of individual rights, individual achievements.

I just cannot see how this sort of mass scale wealth redistribution, deficit spending, freewheeling with tax dollars would preserve any of the capitalistic system. I hear everywhere fatigue – people who are normally builders, entrepreneurs, leaders – are feeling fatigue, disappointment, and helplessness.

This is the kind of situation that made Atlas shrug.

This segment is a part in the series : Capitalism 2.0

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Sramana, I follow you on Twitter, which led me to this post. I’ve also listened in on a couple RoundTable calls. I share your optimism for building value (through innovative business, incl start ups) and it seems I also share what I can only call a disgust for actions that tear down value. How might I help you help others keep our country and our World full of value-builders? -Lori

Lori Monday, March 30, 2009 at 10:19 AM PT

Where was your concern when wealth was being redistributed to corporations and other rich individuals at the expense of the middle class.

Paul Thursday, April 30, 2009 at 5:38 PM PT

Really, when was that? Can you please explain to me how that happened and when?

I must say, I have no idea what you are talking about!

Sramana Mitra Friday, May 1, 2009 at 12:47 PM PT

The first question you need to ask yourself is, "What would the ideal society look like?" The second question is, "How do we build a system to get there?" Then use data to determine if you are getting there and adjust.

Capitalism, just like socialism and communism, is a closed system built on assumptions. when those assumptions are proven untrue, the system fails – just ask Alan Greenspan.

Now, for fun, create the ideal model in which Atlas would not shrug. OK, got it? Now add liars, thieves, handicapped people, ill people, old people, babies, and all of the other inconvenient "looters." How does the model turn out? Now, complicate it further by adding the need for roads, schools, police, environmental protection across borders, and other inconvenient realities. Now how does the model turn out? See?

Kyle Parrish Friday, October 7, 2011 at 10:21 AM PT