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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insights 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.
insights 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.
insights 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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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.
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.