Tuesday, December 27, 2011

Maybe this country would be better served by a thousand millionaires rather than one billionaire. Hard work and innovation create wealth. Granted. So does power.

Premise: as a rule, people in power wish to remain in power.
Premise: great wealth transfers into great power,
Conclusion: The wealthy acquire power that is used to protect their position.

As Lessig writes:
“Yet, often the biggest danger to free markets comes not from anti-market advocates (the Communist and worse!) as from strong and successful market players eager to protect themselves from the next round of strong and successful market players”.

“…there are only two things we be certain of when talking of free markets: First, that new innovation will challenge old, and second, that old innovation will try to protect itself against the new” (Lessig, 2011).

Lessig, L. (2011). Republic lost: How money corrupts Congress - and a plan to stop it. Twelve, Boston.

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