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Full employment and more generally a secure society are social insurance. Wealth accumulation is asocial.

But when social organisation itself fosters crises and abandons security and employment as goals, then some personal wealth accumulation is necessary.

And the poor accumulate as well - some marginal subcultures are as obsessed with gold as the very wealthy. And for the same reasons, security in dire straits, and status.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Wed Aug 8th, 2012 at 02:02:26 AM EST
[ Parent ]
But when social organisation itself fosters crises and abandons security and employment as goals, then some personal wealth accumulation is necessary.

This is a self-reinforcing system and a significant part of why the problems we face seem so intractable. A few relatively wealthy individuals who use their wealth to leverage even further wealth force the rest, at least those of the rest who have any sense of their true situation, to play their game. And, to the extent that they have influence over lawmaking, effective challenges to incumbent wealth and the process by which it is accumulated, become illegal.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Aug 8th, 2012 at 09:40:40 AM EST
[ Parent ]

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