Pluralistic: Deranged billionaires and their syndromes (16 Jul 2026)
9 hours ago
- Market theory assumes competition turns selfishness into public benefit, but successful capitalists often escape that discipline to become feudal lords.
- Economic doctrines like consumer welfare, revealed preferences, regulatory capture, and meritocracy are used to justify billionaire power and escape competition.
- Billionaires like Peter Thiel and Elon Musk openly advocate for aristocratic rule and immunity from constraints, rejecting democracy and market discipline.
- The term 'billionaire derangement syndrome' is misapplied; the real syndrome is billionaires' belief they are above any rules or accountability.