Virtuous Cycle Or Fall of Capitalism?

Black Swan

Fumio Kishida may be the next PM of Japan. He claims “We can’t achieve strong growth if wealth is concentrated in the hands of a small group of people.”

But has this concentration always existed? Will and Ariel Durant suggested this in The Lessons of History.

Comparatively, sociologist C. Wright Mills in The Power Elite suggested that three percent of the USA population controlled 80 percent of the wealth. Senator Bernie Sanders recently claimed that the three wealthiest people have more wealth than the bottom 50 percent of Americans (160 million people).

Kidhida proposed a virtuous cycle of growth and wealth distribution to solve this vast difference between the few ultra rich and the population of Japan.

How would this redistribution occur for Japan? Kishida is not clear how to plan and implement the change.

What is the likelihood of such a change for Japan to occur? If so, what Cultural, social, and economic ramifications?

Fathom

The current prime minister of Japan is Fumio Kishida, who replaced Yoshihide Suga on 4 October 2021.

Black Swan

https://www.boards.ie/discussion/comment/118050180#Comment_118050180

Indeed. So new that it will take months or years to see if his agenda is in whole or part adopted.

Fathom

Anticipate the news media short circuitng the necessary time frame to implement change.

mzungu

He certainly had some nifty ideas when he came to power, however, he backtracked on a proposal to raise capital gains tax. Although pre election ideas may sound great, and there are good intentions behind them, he may be quite limited in what he can and cannot do.

Fathom

https://www.boards.ie/discussion/comment/118303487#Comment_118303487

Fumio Kishida plans not to attend the Winter PRC held Olympics. Follows US lead. Diplomatic statement. Japan's athletes still plan to participate. Uncertain how PRC will respond.