Perhaps the most well - known example of money creating a monster would be the "Ponzi Scheme", named after Charles Ponzi. This scheme involved buying postage stamps in Italy at a low price and exchanging them in the U.S. for a profit. Using this model, Charles Ponzi attracted initial investors who did in fact see a profit from their investments. After the initial success, his investors wanted to purchase more to continue making a profit. Charles started his own company and proceeded to attract more and more investors. However, his trick was that he would take the money from the newest investors and use it to pay off the initial investors. For the scheme to continue to work, each investor would have to bring in new investors, who's profits would pay their way up the chain of investors, paying off their investments while Charles himself netted the biggest profits.
While this scheme of "robbing Peter to pay Paul" had existed well before Charles Ponzi, the height that he took it to actually resulted in the scheme being named after him. After bad publicity brought the scheme down around him, he ended up bankrupting 6 different banks, as well as his investors, who received around 30 cents to the dollar on their investments. Although Charles Ponzi was the first to really capitalize on such a plan, Bernie Madoff further publicized it by costing his investors over 18 billion when he was caught, or around 53 times the damage that Charles Ponzi originally did.
These are fantastic real - life examples of people using exploitation in a capitalist society became monsters. Not only did they become insanely rich because of their schemes, they brought thousands of people to poverty because of it. Capitalism isn't the only driving force for their transformation into monsters, however. In 2012 and 2013, the People's Republic of China, a communist party, also had rampant corruption from party officials. The officials in public offices would take kickbacks, bribes, and would pursue monetary advancement through the power of their office. These schemes by party officials would advance them in terms of power and money while keeping the public poor and impoverished.
While a capitalist society may make it easier for the greedy to take advantage of others for their own advancement, communist societies have just as much of a problem, albeit in different ways. Turning the greedy into monsters is not a result of a certain type of society, but rather a byproduct. The greedy, those who would reach above all others for their own gains, are not limited to a single system of society. The monsters of capitalism are in fact a single faucet of the monsters of money, where anyone who can turn a quick profit at the expense of others will not hesitate to do so. These people are not simply monsters of capitalism or communism, but are monsters regardless of what system they reside in.
While this scheme of "robbing Peter to pay Paul" had existed well before Charles Ponzi, the height that he took it to actually resulted in the scheme being named after him. After bad publicity brought the scheme down around him, he ended up bankrupting 6 different banks, as well as his investors, who received around 30 cents to the dollar on their investments. Although Charles Ponzi was the first to really capitalize on such a plan, Bernie Madoff further publicized it by costing his investors over 18 billion when he was caught, or around 53 times the damage that Charles Ponzi originally did.
These are fantastic real - life examples of people using exploitation in a capitalist society became monsters. Not only did they become insanely rich because of their schemes, they brought thousands of people to poverty because of it. Capitalism isn't the only driving force for their transformation into monsters, however. In 2012 and 2013, the People's Republic of China, a communist party, also had rampant corruption from party officials. The officials in public offices would take kickbacks, bribes, and would pursue monetary advancement through the power of their office. These schemes by party officials would advance them in terms of power and money while keeping the public poor and impoverished.
While a capitalist society may make it easier for the greedy to take advantage of others for their own advancement, communist societies have just as much of a problem, albeit in different ways. Turning the greedy into monsters is not a result of a certain type of society, but rather a byproduct. The greedy, those who would reach above all others for their own gains, are not limited to a single system of society. The monsters of capitalism are in fact a single faucet of the monsters of money, where anyone who can turn a quick profit at the expense of others will not hesitate to do so. These people are not simply monsters of capitalism or communism, but are monsters regardless of what system they reside in.
I have to say, what makes your post attract me is the example you list. Your examples from real life makes your view more convincing as they were part of our life. I agree with your point on the capitalist side, while I have some additional idea about the communist side. Yes, I also insist that capitalist society is mainly driven by the thing that names it--capital, or more directly, money. Successful businessman may possess a great deal of wealth as well as a considerable social status. But in communist society, like China, officials have much more influence than businessman. A man with power can easily earn money while a rich is unable to find a way to buy himself a position in the government by his money. So that's what I want to say--people in communist society love money just like people live in a capitalist country, however, power have much more magic to drive people into a monster.
ReplyDeleteIt's more like a supplement for your point. Anyway, I think your final conclusion hit the point that they are monsters regardless of what kind of society they live in.
Nick,
ReplyDeleteIt would also be important to note that China is just as capitalist and profit driven as any other capitalist country. Their brand of communism is quite unique, and basically only refers to the government ownership of land. At this point, from what I understand, much of China's infrastructure is becoming, or has been, privatized. And it seems that corruption is rampant, but I would attribute that to kickbacks local officals get for making local businesses more profitable, which is definitely not a product of communism in itself, but the particular social organization of present day China.