Carl Rhodes, a Professor of Organization Studies at the University of Technology Sydney, dives into the myths surrounding billionaires in his critical work. He debunks the notions of the 'heroic' and 'generous billionaire', arguing that these narratives mask deeper systemic issues of inequality. Rhodes compares the political influence of billionaires in Australia and the U.S., highlighting Australia’s resilience. He warns of modern capitalism resembling feudalism and emphasizes the importance of democratic engagement amid the erosion of meaningful dialogue on social media.
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insights INSIGHT
Myths Mask Billionaire Power
Billionaires have grown rich and powerful, yet cultural myths portray them as moral and heroic.
These myths enable economic inequality to persist and prevent critical examination of their systemic role.
insights INSIGHT
Philanthropy Masks Inequality
Billionaire philanthropy is a recent phenomenon linked to neoliberalism and the free market faith.
Their charitable acts mask systemic inequality and celebration of billionaires perpetuates unfairness.
insights INSIGHT
Generosity Preserves Status Quo
Billionaires' generosity doesn't change the economic system that creates vast inequality.
Philanthropy preserves the status quo by avoiding initiatives that threaten their wealth and dominance.
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In 'The Epic of America', James Truslow Adams provides a comprehensive historical overview of the United States from the English settlement to the twentieth century. He defines the 'American Dream' as a vision of a land where life should be better and richer for everyone, with opportunities for each person according to their ability or achievement. Adams emphasizes that this dream is not merely about material prosperity but about a social order where individuals can attain their full potential regardless of their birth or position. The book is significant for its articulation of the American Dream during a period of economic crisis, the Great Depression, and for its broader historical context that underscores the enduring ideals of American society.
Stinking Rich
Stinking Rich
The Four Myths of the Good Billionaire
Carl Rhodes
Woke Capitalism
Woke Capitalism
Carl Rhodes
Techno-Feudalism
Yanis Varoufakis
Billionaires are an ultra-elite social class whose numbers are growing alongside their obscene wealth while others struggle, suffer or even die.
They represent a scourge of economic inequality, but how do they get away with it? A set of dangerous and deceptive inter-connected myths portrays them as a ‘force for good’:
-the ‘heroic billionaire’ asserts they are gallant protagonists of the American Dream gone global
-the ‘generous billionaire’ pretends that their philanthropic efforts and personal good deeds should be lauded for generosity and benevolence
-the ‘meritorious billionaire’ insists that extreme wealth is a worthy reward for individual hard work and talent
-the ‘vigilante billionaire’ claims to be able to solve the world’s biggest problems where bureaucrats and politicians have failed.
Each of these myths enables billionaire wealth and power to set us back to old-style feudalism and plutocracy.
Offering a trenchant critique, Stinking Rich: The Four Myths of the Good Billionaire (Policy Press, 2025)testifies to the growing international political will to take concrete actions in supporting economic justice and democratic equality.
Carl Rhodes is Professor of Organization Studies at the University of Technology Sydney. He researches the ethical and democratic dimensions of business and work. Carl regularly writes for the mainstream and independent press on issues related to ethics, politics and the economy.
Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.
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