The extra value has gone to enrich the oligarchs rather than to the people. Maybe that should change.
You would have lived in a one room house without electricity, worked the fields from childhood (if you survived childhood), eaten simple foods without spices, watched your friends die from illness, then maybe get conscripted into a medieval war.
If you thought the people at the top had power now boy you'd really hate feudalism.
I think a lot of modern society's wealth goes into unexpected places, which is one of the things you see if you try living in places with different national GDPs. I'm in a well off European country right now, and the biggest differences I see compared to the US are things like older cars and worse appliances. The technology is older, and cheaper. Everyone having the latest SUV and pickup truck is actually a HUGE investment in wealth!
If you spend some time in lat am countries with even lower per person GDP you see older, simpler buildings, cheaper clothing, simpler food, etc etc.
If you wanted to live in the united states with a 1950s car, in an old house, with appliances from the 80s and shitty healthcare, you could live pretty cheap as well. The advances in productivity has brought us SOMEWHERE it's just not always obvious where.
The system we have today is the single greatest driver of human prosperity the world has ever seen.
I think most humans today massively underestimate just how absolutely shitty the life of a medieval peasant was. You would have lived in a one room house without electricity, worked the fields from childhood (if you survived childhood), eaten simple foods without spices, watched your friends die from illness, then maybe get conscripted into a medieval war.
You don’t have to go to medieval times for that. The first half of the 20th century was like that for a lot of people in what is considered rich counties today.
In the cities many large families (or multiple families) shared a tenement and TB and polio ran rampage. Outside the cities many families lived inn1 or 2 room homes with dirt floors and no plumbing in many cases. This was common in Appalachia and parts of the south into the 1960s.
Millions fled many parts of Europe for these conditions in part because it was better than what was going on over there.
We are all seriously lucky to be alive today with what we have. And although these things are relative there’s no guarantee our societies continue to have such plentiful access to food, comfortable shelter, and basic medicines like antibiotics and vaccinations.
The problem is those oligarchs are using their outsized accumulation to lobby for and purchase a worsening world for their benefit. Sure, things got better for some people for a while. Now they're getting worse from what flows out of the discretionary spending of those oligarchs.
Also ignoring climate change, and how disproportionately it affects those less well off while overwhelmingly caused by the rich. Your quality of life may be better than in the 1950s, but this is going to be reverse really quickly over the next 50 years when we are hitting 2-3 degrees of warming, unless you are part of the 1% that can buy your self out of the crisis.
What you are saying is the equivalent of stating that today is cold, so climate change must be false.
If you’re asking whether I’d be better off if you instead seized it and gave me some, of course I would, but it’s important to understand that that improvement comes from being given money, not by the reduction of inequality.
That is, over a certain baseline, an increase in wealth does not yield significant improvement in quality of life (i.e. diminishing returns). Redistributing the wealth to increase inequality will improve the collective quality of life, not because the general public has more money, but because there is more equality.
Again it is up to you if you don’t believe this, just be aware that your believes are contrary to the scientific consensus.
There’s no doubt that money has a declining marginal utility. That’s as established an economic fact as they come.
There is still a leap from that fact to concluding that reducing inequality by vaporizing the wealth of five well-known billionaires would improve the economic lives of hundreds of millions of people. I believe it would not.
I do agree that if that were true, it would be strong evidence that inequality standing alone is causally negative (rather than merely a lack of redistribution being the actual negative and inequality being merely a correlated outcome, which is what I think is the case).
Throughout this thread my goalpost has always been that inequality is in and off it self a detriment to the quality of life for most people. This effect has been measured, thoroughly studied, and is real, we shouldn’t be debating about that, because, if you don’t believe it is real, you’re believe runs counter to the scientific consensus and there is nothing I can say to convince you. However you seem to be in disbelief about how it works, so I’m gonna provide a plausible scenario. Note, I am not a social scientist, and surely there are more informed guesses out there, if you have the time, and are so inclined, you can probably find better sources on the web that explains this better.
In an unequal but wealthy society access to basic needs might be available to all. However access to other things which affects your quality of life is distributed. You might have access to education, but of lesser quality than the richest 10%, this gives you lesser access to better jobs, etc. Healthcare has a similar story, and so does recreation. You might have to settle for a badly moved lawn shared by dozens of people, while in another part of town the rich have a giant polo-field which is hardly ever used. In a more equal society, that polo-field may be repurposed to serve more people, access to health care and education is more equal, and the overall quality of life is improved. This is regardless of how much money is in the hands of the lower classes.
Note that this is just me—not a social scientist—guessing how this works, so take it with a pinch of salt. Other people have done quality research into this, and know it better than me. However, it may very well be that the mere fact that you have people that are this rich, really incentivizes the society around them to accommodate them, and their interest, at the cost of accommodating the rest of society.
The analog where inequality alone is a problem is if you take the polo field from the wealthy and make it unusable by everyone. That doesn’t make anyone any better off.
People who talk about inequality are almost always actually seeking redistribution but have the sense to realize that arguing “I want what these other people have without working for it” garners much less sympathy than if they frame it as a global inequality.
I'd love to see that change but we have a populace that directs its energy at attacking itself instead of the people in power
But hey, that's radical talk,sentiment analysis suggests we should disable this kind of speech and keep our head down, lest we be denied more rights...
No work? No money. No rent payment? Eviction (with violence). Stealing food? Arrest and imprisonment (with violence). It's violence all the way down. It always was. It's just a question of how it's organized and rhetorically justified.
Not saying I support this kind of action, but I don't think this is a good argument against it.
Tax is another.
The problem is getting into a position where you could pass those laws without violence. I'm not sure it is possible to do it democratically in such a corrupted political system. 3rd parties are essentially impossible and oligarchs have a lock on the other 2.
As dumb as it sounds I genuinely think it's a concerted effort to change people's minds - specifically those people who want to become capital class or otherwise are on the way to the capital class.
If we can 1. Prevent new billionaires from being created and 2. then create structures to allow the capital class to feel like they are important to the process of reducing their own power and democratizing the economy, there might be a chance.