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Why Wealth
Bashing?
By Ziad K Abdelnour
It is an oft-repeated axiom that a person can learn a whole lot about a
society by how it treats its poor; but just as much may be learned by
looking at how that same society treats its rich. Indeed, the economic
future of the poor—and our nation—will be determined in the coming
decades by how we treat the people in this country who create great
wealth. It will be determined by our understanding of the so-called rich
and by our need to foster and protect this minority of true wealth
creators.
It is an unpopular thing to say, I know. Rich people need help? Rich
people need to be protected? Rich people a minority? “Give me a
break,” people say. “They just seem to keep getting richer!”
I am talking here about the entrepreneur who risks all of the capital he
can muster from his family and friends to build a company that fills an
underserved niche in the market, provides a needed service, or
develops a new technology. These are the people the plundering
bureaucrats and career politicians have deemed “the rich.” These are
the people they have targeted for appropriation to support their
unsustainable way of life.
In their narrow view of the world, rich people become “rich” by either
inheriting their money or appropriating wealth through manipulation of
the system with their cronies, or are self-made entrepreneurs.
So who are the rich?
To begin with, you probably won’t find many rich people in the Who’s
Who or Most Likely to Succeed lists compiled during their high school
or college days. They probably didn’t get the highest SAT or ACT scores
in high school, and they probably weren’t considered a member of the
popular clique by their classmates. They are certainly not the best
looking, and they probably didn’t get where they got through the force
of their personalities, charisma, or celebrity. A great number of the
richest among us never finished high school, and many who did manage
to get into college never graduated. That’s because the rich in this
country are chosen not by blood, credentials, education, or service to
the establishment. The rich become rich based on their performance
and their relentless desire to serve the customer. The entrepreneurial
knowledge that is the crux of wealth creation has little to do with
glamorous work or with the certified expertise of advanced degrees.
A Harvard Business School study recently showed that even when you
put “professional management” at the helm of great wealth, value is
likely to grow less rapidly than if you give owners the real control. A
manager of Google might benefit from turning it into his own special
preserve, making self-indulgent “investments” in company planes or
favored foundations that are in fact his own disguised consumption. It
is only Sergey Brin and Larry Page who would see their respective
wealth drop catastrophically if they began to focus less on their
customers than on their own consumption. The key to their
great wealth is their resolution not to spend or abandon it, but to
continue using it in the service of others. They are as much the servants
to as the masters of Google....
For more visits: http://www.financialpolicycouncil.org/BlogDetails.aspx?id=39

References:
http://www.financialpolicycouncil.org/
http://www.blackhawkpartners.com/
http://www.economic-warfare.com/

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Why wealth bashing?

  • 2. It is an oft-repeated axiom that a person can learn a whole lot about a society by how it treats its poor; but just as much may be learned by looking at how that same society treats its rich. Indeed, the economic future of the poor—and our nation—will be determined in the coming decades by how we treat the people in this country who create great wealth. It will be determined by our understanding of the so-called rich and by our need to foster and protect this minority of true wealth creators. It is an unpopular thing to say, I know. Rich people need help? Rich people need to be protected? Rich people a minority? “Give me a break,” people say. “They just seem to keep getting richer!” I am talking here about the entrepreneur who risks all of the capital he can muster from his family and friends to build a company that fills an underserved niche in the market, provides a needed service, or develops a new technology. These are the people the plundering bureaucrats and career politicians have deemed “the rich.” These are the people they have targeted for appropriation to support their unsustainable way of life. In their narrow view of the world, rich people become “rich” by either inheriting their money or appropriating wealth through manipulation of the system with their cronies, or are self-made entrepreneurs. So who are the rich? To begin with, you probably won’t find many rich people in the Who’s Who or Most Likely to Succeed lists compiled during their high school or college days. They probably didn’t get the highest SAT or ACT scores in high school, and they probably weren’t considered a member of the
  • 3. popular clique by their classmates. They are certainly not the best looking, and they probably didn’t get where they got through the force of their personalities, charisma, or celebrity. A great number of the richest among us never finished high school, and many who did manage to get into college never graduated. That’s because the rich in this country are chosen not by blood, credentials, education, or service to the establishment. The rich become rich based on their performance and their relentless desire to serve the customer. The entrepreneurial knowledge that is the crux of wealth creation has little to do with glamorous work or with the certified expertise of advanced degrees. A Harvard Business School study recently showed that even when you put “professional management” at the helm of great wealth, value is likely to grow less rapidly than if you give owners the real control. A manager of Google might benefit from turning it into his own special preserve, making self-indulgent “investments” in company planes or favored foundations that are in fact his own disguised consumption. It is only Sergey Brin and Larry Page who would see their respective wealth drop catastrophically if they began to focus less on their customers than on their own consumption. The key to their great wealth is their resolution not to spend or abandon it, but to continue using it in the service of others. They are as much the servants to as the masters of Google.... For more visits: http://www.financialpolicycouncil.org/BlogDetails.aspx?id=39 References: http://www.financialpolicycouncil.org/ http://www.blackhawkpartners.com/ http://www.economic-warfare.com/