, 5 tweets, 1 min read
The 'billionaires shouldn't exist' hullabaloo is very revealing. It's assumed to be some kind of radical leftist position. Actually, it's a pretty plausible position for liberals too. You're very unlikely to accumulate that kind of wealth in a competitive market.
It's likely to be the result of either: 1) a monopoly market 2) intellectual property (certainly uncompetitive, likely imperfect; we need incentives, but very difficult to say the returns are the 'correct' amount) 3) inherited wealth 4) asset former nationalised industries
You don't have to be a Marxist to think these aren't legitimate or desirable ways of accumulating wealth. In fact, it goes hand in hand with thinking that markets can be good to think that market failures are harmful and may need addressing.
It's interesting, if sad, that these views find don't find much political expression outside the fringe left. There is an analogue with the austerity debate: there is no good reason that the case for expansionary fiscal policy had to be left to Corbyn and McDonnell.
For what it's worth, I'm not hugely keen on the turn of phrase. I think "a healthy economy isn't one that produces billionaires" is perhaps better.
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