Now, don’t get me wrong. I’m not arguing against big rewards for entrepreneurs and inventors. The possibility of making a bundle has elicited innovations that benefit us all.

The question is one of scale. Do entrepreneurs and inventors need the incentive of billions of dollars? Wouldn’t, say, a hundred million do?

The social costs of billionaires is substantial. Billionaires have purchased right-wing extremists on the Supreme Court, bought and either destroyed or subverted news organizations (such as the former Twitter), and turned their relationships with politicians into patronage troughs.

All of this has undermined the common good.

If capitalism were working as it should, billionaires wouldn’t exist. Shawn Fain is correct.

What do you think? ( Robert Reich )

Source: Do Billionaires Have a Right To Exist? | The Smirking Chimp