this post was submitted on 07 Jun 2024
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[–] Cowbee@lemmy.ml 3 points 5 months ago (4 children)

What's the cutoff point for how much a Capitalist should own? A good amount of China's top companies are state owned, and there is a good amount of planning too, so I am just curious at what point becomes too much.

I am all for good critique of China, but it's the strategy they have stated, and we can only wait and see how it pans out over time.

[–] barsoap@lemm.ee 1 points 5 months ago* (last edited 5 months ago) (3 children)

What’s the cutoff point for how much a Capitalist should own?

Once it has systemic impact. Turn their company into a foundation, put them on the board, rest of the seats go to workers and something like the local university, allow that their kids two generations down the line are rich enough to never have to work a second in their life (if they manage to not squander), but definitely don't allow inheritance of that kind of capital which is what China does. Interesting paper especially about the inheritance thing, ultimately that alone is sufficient to curb concentration of wealth:

We demonstrate that chance alone, combined with the deterministic effects of compounding returns, can lead to unlimited concentration of wealth, such that the percentage of all wealth owned by a few entrepreneurs eventually approaches 100%.

We show that a tax on large inherited fortunes, applied to a small portion of the most fortunate in the population, can efficiently arrest the concentration of wealth at intermediate levels.

[–] Cowbee@lemmy.ml 0 points 5 months ago (2 children)

How would that impact China's goal of luring in investment if it scares off Capitalists?

[–] barsoap@lemm.ee 2 points 5 months ago (1 children)

This is about Chinese billionaires. No foreign stock-traded company would ever care that Chinese can't inherit fortunes.

[–] Cowbee@lemmy.ml -1 points 5 months ago

They would. If China cracks down too hard too quickly on Capitalists domestically, Capitalists may start to pull out.