Is having lots of money wrong?

Nigel asked:

What’s so wrong about having lots of money?

Answer by Paul Fagan

Depending upon which philosopher you ask, having ‘lots’ of money may not necessarily be a bad thing. That said, it is argued here that current liberal societies should be wary of too few people having enormous amounts of money.

For libertarians, one should ideally be able to own all of ones produce without interference from anybody, and if this includes lots of money, then being wealthy represents a natural state for some (and for more detail, the reader may like to visit my recent article on this site, entitled Nozick’s libertarianism and self-ownership).

The libertarian position may expect to be opposed by various factions, and this would include communitarians. They may argue that a person is not an entity that can be separated from their surrounding society, and for this reason, an individual cannot expect sole control over wealth, which is in fact society’s wealth. They may further elaborate this argument by noting that individuals learn their skills from society and owe society a debt for their enrichment; additionally persons are dependent upon society in which to exercise and benefit from their skills (and for more discussion, the reader may like to visit one of my older articles on this site, entitled Man is semi-autonomous). Hence, the individual may be considered to be enmeshed within society.

That said, most societies in practice, such as liberal and socialist ones, occupy a position in between these two extremes. In order to prevent suffering within their populaces, or because they feel society would benefit if money was redistributed, most societies value some form of redistribution between the ‘haves’ and the ‘have-nots’.

However, the modern age may have brought a new phenomenon. It would appear that with the advent of globalisation and the free movement of capital, greater and greater amounts of money are being concentrated in the hands of fewer people. In 2017, the following statement came to light:

‘…the world’s richest one per cent […] own more than the other 99 per cent combined’

This was published by Oxfam (Oxfam. 2017. ‘Press Releases’. https://www.oxfam.org.uk/media-centre/press-releases/2017/01/eight-people-own-same-wealth-as-half-the-world), and admittedly, there have been those who query its accuracy. Nevertheless, if we accept for the purposes of argument, that it is roughly correct, then it may contain the seeds of problems for some societies.

This may be particularly true of liberal societies, which generally exalt the freedom of the individual and encourage personal aggrandisement (and a definition of liberalism may be found here: https://www.britannica.com/topic/liberalism). To explain, if a few people own enough money to control manufacturing, then they may limit the goods a person may buy, and if a few people own the media, then they may attempt to dictate how people should think. Hence, a paradoxical situation may be arising: although liberalism extols individualism, there may actually be less individualism in practice where a mere handful of individuals dominate the resources.  Liberal societies may be inadvertently limiting liberalism, and when this is realised, they may decide to take remedying action. Hence, from a liberal viewpoint, if too few persons have so much money that they confine liberalism, then it may be considered ‘wrong’ for these individuals to have too much money.

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