In an era where billionaires face increasing scrutiny and criticism, few voices dare to openly acknowledge the substantial benefits created by the entrepreneurial wealthy class. Financial commentator Terence Corcoran challenges the prevailing narrative in his recent analysis, arguing that the widespread movement to overthrow billionaire oligarchs is fundamentally misguided.
The Historical Context of Wealth Inequality
The global ideological campaign against the rich and super-rich spans centuries, with some academic papers tracing evidence of economic inequality back to 1320 when monarchs dominated society. Today, critics claim that billionaires have replaced monarchs as the new ruling class, leaving much of the population struggling economically while a select few accumulate unprecedented wealth.
Corcoran draws attention to a 1921 hit song that perfectly captures this enduring theme. "Ain't We Got Fun," written by American pop-song lyricists Raymond B. Egan and Gus Kahn, contained the prophetic lines: "There's nothing surer, the rich get richer and the poor get poorer." The song has been interpreted differently throughout history—George Orwell saw it as symbolizing rising social unrest, while others viewed it as a cheerful reflection of the Roaring Twenties.
The Legacy of Innovation and Progress
The emergence of this popular song coincided with the passing of Alexander Graham Bell, the Canadian-American inventor of the telephone. Bell initially owned a third of Bell Telephone shares, positioning him among America's early super-rich. Rather than representing exploitation, Bell's wealth resulted from bringing telephone technology to millions of people, fundamentally improving communication and connectivity.
Had Bell retained his shares, he might have been categorized alongside what Wikipedia labels "Robber Barons"—a term applied to prominent U.S. industrialists spanning more than 150 years. This classification includes 19th-century magnates like Andrew Carnegie in rail, oil, and steel, as well as contemporary technology billionaires such as Bill Gates and Mark Zuckerberg. Despite the negative connotations, these innovators created technologies and services that have improved lives globally.
The Modern Anti-Billionaire Movement
Today, according to Corcoran, society shows little willingness to acknowledge the benefits generated by entrepreneurial wealth. Instead, numerous books and politicians regularly condemn what they term the "oligarchy." Democratic leftist Bernie Sanders employed this terminology in his instant bestseller, "Fight Oligarchy," and recently toured the United States, including an appearance before thousands in Brooklyn with New York's socialist billionaire-bashing Mayor Zohran Mamdani.
Behind these political figures stands a network of academics and intellectual activists promoting the idea that billionaire oligarchs—positioned as successors to dictatorial monarchs—have seized control of the U.S. and other economies. Their fundamental position maintains that the billionaire class should not exist in contemporary society.
This ideological push extends across the border into Canada. Recently, The Globe and Mail published a commentary by Tim Wu, a former special assistant on technology to President Joe Biden. Titled "The Growth of Greed," the piece contends that billionaires extract "wealth far in excess of the value provided by goods and services" they create. Wu alleges that billionaires primarily establish "positions of power over consumers and others" across multiple economic sectors, including housing, accommodations, pharmaceuticals, and other essential areas.
Corcoran's perspective serves as a counterargument to this growing sentiment, suggesting that instead of vilifying successful entrepreneurs, society should recognize their contributions to innovation, job creation, and economic advancement that ultimately benefits everyone.
