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Renewing Wealth Creation and the American Dream

  • February 12, 2024


I believe that our society’s wealth can grow only if the people who create it control it. Divorce the financial profits from the control process and the economy stagnates.

It is a fact that millions of entrepreneurs today who have started their companies on relatively meager capital have created obscene wealth thanks to capitalism. Soon they will be knocking on the doors of truly supreme wealth… like their predecessors Bill Gates of Microsoft, Larry Ellison of Oracle, Steve Jobs of Apple and Mark Zuckerberg of Facebook among others.

Yet, you have so many American intellectuals out there who still think there ought to be a law against such a reckless rags to riches. Tax it away, they say, and give it to people who need it more. Capitalism, it is widely believed, would work better without all these superrich capitalists.

America’s entrepreneurs they say live in a world with billions of relatively poor people who command little political power or means of defense where bureaucrats could take their wealth at will. Why on a planet raven with famine, poverty, and disease should this tiny minority be allowed to control riches thousands of times greater than their needs for subsistence and comfort? Why should a few thousand families command wealth far exceeding the endowments of most nations?

I personally believe business is the greatest creator of value in the world. It is fundamentally ethical, noble and elevates humanity. Capitalism unfortunately failed to capture the minds of the intellectuals or the hearts of the people.

All this negative sentiment around “corporations being “evil” is ludicrous. After all, capitalism has largely obliterated so many diseases, boosted literacy rates around the world, increased life spans, and created an era of prosperity unprecedented throughout human history.

What appalls me most today though is how few capitalists write about capitalism and wealth creation explaining to people what it is all about and the benefits associated with it at least if not to inspire the next generation of leaders. A generation whose first duty must be to reverse the public perception of business to take this great country of ours to the next level of greatness in the world.

I think it is high time for the liberal haters of capitalism out there to understand that:

1. All businesses need a higher purpose. Money is not what drives most entrepreneurs. What drives most entrepreneurs is some kind of a dream.

2. Business must create value for everyone that trades with it. We’re so hooked up today to the win-lose dynamic. The most amazing thing about capitalism is that it’s not a zero-sum game. It’s a win-win game.

I sincerely hope this new generation will take a close look at it as the transformation the world needs comes from business, from entrepreneurs and from fresh minds willing to take risks.

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