In this discussion, Carl Rhodes, a Professor of Organization Studies at the University of Technology Sydney, challenges the myths surrounding billionaires. He critiques the 'heroic billionaire' narrative and examines the detrimental impacts of wealth on democracy. The conversation touches on how billionaires perpetuate economic inequality and the rise of neo-feudalism. Rhodes also delves into the evolution of Twitter from a democratic space to a tool for misinformation, emphasizing the need for active citizenship to protect democracy and promote economic justice.
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Billionaire Myths Mask Inequality
Billionaires are mythologized as heroes in culture, masking economic inequality.
This moralization enables their wealth and power to continue unchallenged.
insights INSIGHT
Generosity Masks Systemic Inequality
The appearance of generous billionaires is a recent phenomenon tied to neoliberalism's rise.
Their philanthropy distracts from persistent and growing systemic inequality.
insights INSIGHT
Philanthropy Diverts from Reform
Billionaire philanthropy often benefits some but leaves the unjust economic system intact.
Focusing on billionaire individuals diverts attention from necessary economic reforms.
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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.
Techno-Feudalism
Yanis Varoufakis
Hope
Hope
pope Francis
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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