THE JOUST: Are billionaires ethical?
In The Joust, witness two opinions columnists have a battle of ideas: one defends the affirmative, and the other writes the opposition. Be sure to read to see who will win The Joust!
Yes
By: Kiran Subramanian
If you were to listen to left-wing progressive voices, you tend to see a common talking point among them: Billionaires should not exist.
Whether it is Sen. Bernie Sanders (I-Vt.), former Secretary of Labor Robert Reich or journalist Anand Giridharadas, the dominant narrative is that billionaires are oppressing billions of people around the world by unethically extracting wealth from the lower class and that the government needs to take this money so it can act for the public good.
But this thought process relies on a flawed understanding of billionaires and how they operate in today's society.
Regarding the claim that billionaires make their money through unethical means, taking a look at how this money was made tells a different story.
Oftentimes, these billionaires developed a product or service that improved people's lives. For example, Sergey Brin and Larry Page created Google, a company that has fundamentally transformed the way we interact with the world through the democratization of information, making knowledge more accessible than it has ever been before.
Similarly, Elon Musk has made electric cars more accessible to the middle class while proving that this technology is viable, motivating other auto manufacturers to develop their own electric vehicles.
These people did not steal money from poor Americans or force Americans to buy their products. They developed goods and services that we choose to purchase and consume. If people do not like Google, they can choose other search engines like Bing, DuckDuckGo or Ecosia.
Those who want an electric car not made by Tesla can choose from the abundant number of electric cars that are on the market from other auto manufacturers.
On top of the ethical way that many billionaires derived their wealth, they have had a positive impact on the globe.
As mentioned before, they have developed products and technology that allow us to live in the most prosperous time in history. Products that most college students use every day like smartphones, laptops and mobile payment services would not exist were it not for these billionaires — many of whom were not born wealthy — who took the risk to give us a world that was not even thought possible 20 or 30 years ago.
Some might point out that our current opulence has come at the expense of mass suffering for those in the Global South. Images of sweatshops and abject poverty come to mind when thinking through this lens.
While it is absolutely tragic to see images of young children working long hours, the perspective of people living in the Global South paints a different picture. For them, a sweatshop represents economic opportunity, an escape from subsistence farming or other lower-paying jobs for an opportunity to make more money for their families.
We have also seen the negative impacts of closing these factories in third-world countries, such as increasing rates of child prostitution.
Thus, the relationship between billionaires and the rest of the world is much more symbiotic than it is portrayed, as billionaires can generate innovative products that we can freely purchase and consume while also supporting people in developing countries.
It is easy for college students to buy into this narrative of billionaire oppression. But the truth is much more nuanced. For those still skeptical, do we need to throw more money into a government whose spending plans do not support low-income individuals and which seem to be only good at losing money?
No
By: Somiah Shehata
"When the people shall have nothing to eat, they will eat the rich." The rumored words of Jean-Jacques Rousseau, a revolutionary French philosopher, continue to be relevant nearly 250 years later, as wealth inequality remains a pressing issue in modern society.
The world's richest 1 percent own nearly half of the world's wealth, while millions struggle to meet basic needs. While some have multiple luxury cars despite not knowing how to drive, 733 million others go to bed hungry every night. Being a billionaire is fundamentally unethical due to the systemic harm it causes, the exploitation it requires and the societal inequality it perpetuates.
A billionaire's lifestyle usually includes parties on yachts and last-minute trips on their private jets. This lavish lifestyle is why they are responsible for producing more carbon emissions than two-thirds of the global population. We must move away from fossil fuels to prevent the worsening of the environment. But that is difficult to do when 125 of the world's richest billionaires invest in companies that emit around three million carbon tons yearly.
70 percent of the world's largest corporations have a billionaire as the principal shareholder. These corporations continue to increase income inequality as they fight against raising the minimum wage. While billionaires have become $3.3 trillion richer in the last 4 years, the wages of approximately 800 million workers worldwide have been unable to keep up with inflation.
To distract people from the harmful effects of their overconsumption and exploitative behaviors, billionaires publicly flaunt their charity work. Although it seems like a large sum of money to donate, it does not compare to their overall wealth. For instance, 156 billionaires from the Forbes 400 have donated less than 1 percent of their wealth to charity. Only 19 have donated 10 percent or more.
The way billionaires hoard their money cannot be ethically justified. To give some perspective, if you spent $1,000 each day, it would take 2,740 years to spend a billion dollars. Imagine how long it would take to spend $244 billion, the net worth of Elon Musk, even with a larger allowance.
Some believe billionaires are ethical because they boost the economy, generate jobs and give to charities. Still, their charitable efforts cannot undo the damage done by their excessive wealth hoarding.
Their extreme wealth is undemocratic and often used to influence policies to serve their own interests. While their contributions may offer short-term benefits, the long-term consequences of unchecked billionaire power and the societal structures that sustain it cannot be ignored. So, let us eat the rich.
Kiran Subramanian is a senior at the School of Arts and Sciences majoring in political science and economics.
Somiah Shehata is a first-year in the School of Arts and Sciences majoring in journalism and media studies. Her column, “Anything and Everything,” runs on alternate Wednesdays.
*Columns, cartoons, letters and commentaries do not necessarily reflect the views of the Targum Publishing Company or its staff.
YOUR VOICE | The Daily Targum welcomes submissions from all readers. Letters to the editor must be between 350 and 600 words. Commentaries must be between 600 and 900 words. All authors must include their name, phone number, class year and college affiliation or department to be considered for publication. Please submit via email to oped@dailytargum.com and eic@dailytargum.com to be considered for publication.
