Intelligence Squared Debate: Abolish Billionaires
Jul 23, 2021
Linsey McGoey, a sociology professor known for her insightful books on economic disparities, argues against the existence of billionaires, stressing their role in exacerbating inequality. Ryan Bourne, an economics expert from the Cato Institute, defends billionaires, highlighting their potential for innovation and philanthropy. They debate the societal impact of wealth concentration, the complexities of wealth taxation, and the influence of billionaire philanthropy on democracy and global health. The discussion culminates in a live audience vote revealing differing views on abolishing billionaires.
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Whitey on the Moon
- Lindsey McGoey quoted Gil Scott-Heron's poem about racial inequality during the moon landing.
- She highlighted Bezos' low tax burden and receipt of a child tax credit despite his wealth.
Smith on Taxation
- McGoey argued that true freedom, according to Adam Smith, meant ending the privileges of the rich.
- She claimed Smith criticized tax systems that burdened the weak while letting the rich escape.
Seductive Leap
- Ryan Bourne acknowledged the seductive appeal of assuming the rich cause poverty.
- He argued against crony capitalism, where governments grant privileges, increasing wealth for some and harming others.
