TED Talks: Chrystia Freeland discusses the rise of the new global super-rich
Drawing comparisons with the nineteenth century Gilded Age when great wealth followed rapid industrialisation, Freeland argues that our second ‘gilded age’ of advancing technology has helped create a new class of phenomenally wealthy individuals - the 0.1 percent - who can exert significant influence over politics and policy. (The Telegraph, UK)
Folks, what we have now is called a dysfunctional Plutocracy.
"A mere 0.5% of the world's population owns an eye-popping 38.5% of its total." wealth. (Business Insider, Oct 2011)
But please, consider taking just 15 minutes to view the Ted Talk above.
Finally someone looks at our current economic turmoil and gets the similarity to what occurred after the Industrial Revolution. Furthermore, she sees the light at the end of the tunnel and realizes its not a train heading straight at us, but actually a future out there. Like Chrystia, I also believe that future generations will benefit from globalization and the Technology Revolution that has also brought disastrous unemployment, crippled 401Ks, and high suicide rates to people caught in the transition.
Having said this, I also believe that globalization should not have caused the pain and suffering that has occurred. Seriously, how much money does an ultra-mega-rich person need to live even the most outrageous jet-set lifestyle? Did you see how much money was donated and spent on the 2012 campaigns? Surely I am not the only person who felt such spending was shameful when children are going hungry in our own country.
Would it be so terrible to 'share the wealth' with the workers who actually do the work that creates the high-level profits? Were the unions bankrupting the large corporations who pay CEOs 100M/year? Did we lose the concept of fairness and loyalty to our country and its people since globalization?
Would it have been so terrible to respect and honor the every-day-Joe (or Josephine) trying to feed his (her) family and maybe even afford dance or music lessons, or sports activities for his (her) children? Did the ultra-mega-wealthy need to not only rise but basically stomp all over the 'lessers'?
The American dream used to include a mortgage payment, as well as food, medical care, and education, even college, for their family. People made enough that they could even afford to be moderately generous to their local charities, to help those in need. And since they were not working 2 or even 3 jobs, they had time to coach little league, perform in local theater, give time to Habitat for Humanity, deliver Meals on Wheels, etc. People could retire based on age and years of service with a pension that had been well-managed by a professional, which employment opportunities. It really seemed to work. Or maybe it was just me that was dreaming and believing.
Just suppose that corporations cared more about employees and environment than dollars. Suppose they invested in re-training long-term employees instead of outsourcing? Have they not noticed that productivity has literally INCREASED in the US, despite lagging increases in salary/wages?
It will all work out during the coming years, but historical transitions take time. As in historical times, we have to pull together, remember to share when we can, and remember 'this too shall pass'.
Oh yes ... and educate our children so that they can learn from this and find alternatives, rather than repeat the same mistakes. It really didn't have to be this way.
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