- Nov 14, 2012
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Are you talking about Australia or the US? The majority of the really rich in Australia are rich due to inheritance and gaining rents in mining sectors or other duopoly sectors that require gaining rights from the government such as our media sector. In the US the majority of the really rich are self made from technology or service based industries. Ruchir Sharma wrote a book on this very topic. Rise and Fall of Nations is its name I think. The US was one of the best performed in proportion of rich who are self made and dont earn their wealth in rent seeking sectors. Australia was one of the worst of the developed economies. However developing economies, as you would expect, are the worst. As for inheritance accumulation, Australia doesnt even have a death tax. The US does even if its too small.
I travel to the US and am very aware of all the homeless and poverty that just doesnt exist in other developed economies. But relative to other developing economies it is small and the homeless in the US do have access to services, rights and food that does not exist in many developing economies. My comment wasnt solely about poverty. Its about freedom of movement, access to information and freedom or religion, which the US has in spades compared to many developing economies and even some developed. We have China which is currently on the path to embracing a 1984 scenario. We have developing economies with governments that kidnap people in the night and never return. We have governments that force kids to go work in the fields. We have countries where people are stoned for being gay and women are imprisoned for being raped. Many countries ban groups of citizens from travelling from outside their own little region. If we think the poor in the US is as bad as its gets we are greatly misinformed.
Oh go on - let me be dramatic