New Books in Critical Theory

Carl Rhodes, "Stinking Rich: The Four Myths of the Good Billionaire" (Policy Press, 2025)

Jul 11, 2025
Carl Rhodes, Professor of Organization Studies at the University of Technology Sydney, critiques the myths surrounding billionaires in his latest work. He dismantles the narratives that portray them as ‘heroes’ and ‘generous benefactors,’ examining how these falsehoods perpetuate economic inequality. Rhodes emphasizes the alarming parallels between today's billionaires and historical feudal lords, urging for political action toward justice. The discussion also touches on the fragility of democracy and the troubling transformation of platforms like Twitter into tools of division.
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INSIGHT

Billionaire Myths Mask Inequality

  • Billionaires maintain power through cultural myths that moralize their wealth and justify economic inequality.
  • These myths distract society from questioning the unjust economic system that enables billionaire dominance.
INSIGHT

Philanthropy Conceals Systemic Flaws

  • The modern billionaire as a 'good Samaritan' philanthropist is a recent myth linked to neoliberalism's rise.
  • Billions given away do not challenge the system that creates billionaire wealth and deepens inequality.
INSIGHT

Billionaires Threaten Democracy

  • Growing wealth concentration worsens inequality and threatens democracy as billionaires gain political influence.
  • Capitalism increasingly controls democracy rather than being balanced by it, risking plutocracy and elite rule.
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