Pondering and punditry about the future:
Beyond some level of inequality the masses will demand taxes and other measures to limit the extent of inequality.
The masses probably won’t show fairness or wisdom when they demand such taxes and other restrictions on the power of wealth. But by supporting such policies they are catering to their own very deeply felt needs for higher relative status and a reduction in the feeling that wealthier people control their lives.
One of the fundamental problems I see in the world: Globalization is making people part of much larger status hierarchies. In an earlier era of much less communications technology one could only worry about one’s status vis a vis one’s local community.
Now one can develop an appreciation of what one’s status is vis a vis all the billionaires or all the national leaders or all the corporate CEOs or all the best athletes or prettiest models around the room. This inevitably gives most people a much larger group of people who seem like they have higher status.
Therefore global feelings of lower relative status might well be growing.
Based on a new and an interesting study about the willingness of people to spend their own money to lower the wealth of others.