Capital Gaines Quotes

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There is no royal road to science, and only those who do not dread the fatiguing climb of its steep paths have a chance of gaining its luminous summits.
Karl Marx (Capital: A Critique of Political Economy, Volume 1)
The hand that gives is among the hand that takes. Money has no fatherland, financiers are without patriotism and without decency, their sole object is gain.
Napoléon Bonaparte
The parties with the most gain never show up on the battlefield.
Naomi Klein (The Shock Doctrine: The Rise of Disaster Capitalism)
I was originally supposed to become an engineer but the thought of having to expend my creative energy on things that make practical everyday life even more refined, with a loathsome capital gain as the goal, was unbearable to me.
Albert Einstein (The Ultimate Quotable Einstein)
A system is corrupt when it is strictly profit-driven, not driven to serve the best interests of its people.
Suzy Kassem (Rise Up and Salute the Sun: The Writings of Suzy Kassem)
Prayer is a practical strategy, the gaining of temporal advantage in the capital markets of Sin and Remission.
Don DeLillo (Underworld)
I’m convinced that seeing the bad in the world and in people isn’t difficult or wise or insightful—it’s lazy. Finding the good in every scenario typically takes a lot more work. But the rewards of peace and joy and hope are so worth the effort.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Capitalism is a social system owned by the capitalistic class, a small network of very wealthy and powerful businessmen, who compromise the health and security of the general population for corporate gain.
Suzy Kassem (Rise Up and Salute the Sun: The Writings of Suzy Kassem)
Can we imagine a togetherness that isn't founded on gross generalizations, conceptualizing ourselves as unique individuals who still stand to gain from looking out for one another? Can we identify with each other rather than with categories or masters?
CrimethInc. (Work: Capitalism. Economics. Resistance)
What was unfolding in Mumbai was unfolding elsewhere, too. In the age of global market capitalism, hopes and grievances were narrowly conceived, which blunted a sense of common predicament. Poor people didn't unite; they competed ferociously amongst themselves for gains as slender as they were provisional. And this undercity strife created only the faintest ripple in the fabric of the society at large. The gates of the rich, occasionally rattled, remained unbreached. The politicians held forth on the middle class. The poor took down one another, and the world's great, unequal cities soldiered on in relative peace.
Katherine Boo (Behind the Beautiful Forevers: Life, Death, and Hope in a Mumbai Undercity)
The first step towards reimagining a world gone terribly wrong would be to stop the annihilation of those who have a different imagination–an imagination that is outside of capitalism as well as communism. An imagination which has an altogether different understanding of what constitutes happiness and fulfilment. To gain this philosophical space, it is necessary to concede some physical space for survival of those who may look like the keepers of our past but who may really be the guides to our future. To do this, we have to ask our rulers: Can you leave the water in the rivers, the trees in the forest? Can you leave the bauxite in the mountain?
Arundhati Roy (Broken Republic: Three Essays)
Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society... He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention
Adam Smith (An Inquiry into the Nature & Causes of the Wealth of Nations, Vol 1)
Any system that values profit over human life is a very dangerous one indeed.
Suzy Kassem (Rise Up and Salute the Sun: The Writings of Suzy Kassem)
Education is not an expense, but it is the capital ready to be invested. The return depends on the wisdom you gained.
Debasish Mridha
One should attend carefully to the fear and desperation of the powerful. They understand very well the potential reach of the "ultimate weapon," and only hope that those who seek a more free and just world will not gain the same understanding and put it effectively to use.
Noam Chomsky (Profit Over People: Neoliberalism and Global Order)
Life isn’t safe, remember. But life can be wonderful if you choose adventure rather than fear.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Not one of us is getting any younger, and waiting for your “perfect moment” or for the “most convenient time” could very well turn into a missed opportunity.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Each time you muster up what it takes and go for it, the next go-round becomes that much easier. Real and important changes begin with small, courageous acts.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
If you'd like to gain a new understanding of capital productivity, get into gardening.
Hendrith Vanlon Smith Jr, CEO of Mayflower-Plymouth
Since its appearance the view that prostitution is a product of capitalism has gained ground enormously. And as, in addition, preachers still complain that the good old morals have decayed, and accuse modern culture of having led to loose living, everyone is convinced that all sexual wrongs represent a symptom of decadence peculiar to our age.
Ludwig von Mises (Socialism: An Economic and Sociological Analysis)
I wonder if being angrily shouted at or arrogantly debated with has ever swayed a single person? Are human hearts moved by being ridiculed and mocked? When people fling accusations with the presumption of knowing another person’s intentions, what possible outcome could they be hoping for? Who would ever move to their enemy’s camp under such treatment?
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
For the love of gain would reconcile the weaker to the dominion of the stronger, and the possession of capital enabled the more powerful to reduce the smaller towns to subjection. And it was at a somewhat later stage of this development that they went on the expedition against Troy.
Thucydides (The History of the Peloponnesian War)
If there’s something stirring in you now, and you know what it is, do that. There’s no need to overthink it. A mistake here and there isn’t going to kill you, so don’t waste time worrying about that. It’s infinitely better to fail with courage than to sit idle with fear, because only one of these gives you the slightest chance to live abundantly. And if you do fail, then the worst-case scenario is that you’ll learn something from it. You’re for sure not going to learn jack squat from sitting still and playing it safe.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Complacency is the enemy, and getting started is as triumphant as crossing the finish line.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
if you’re going to make a bet, bet on yourself.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Society has three stages: Savagery, Ascendance, Decadence. The great rise because of Savagery. They rule in Ascendance. They fall because of their own Decadence." He tells how the Persians were felled, how the Romans collapsed because their rulers forgot how their parents gained them an empire. He prattles about Muslim dynasties and European effeminacy and Chinese regionalism and American self-loathing and self-neutering. All the ancient names. "Our Savagery began when our capital, Luna, rebelled against the tyranny of Earth and freed herself from the shackles of Demokracy, from the Noble Lie - the idea that men are brothers and are created equal." Augustus weaves lies of his own with that golden tongue of his. He tells of the Goldens' suffering. The Masses sat on the wagon and expected the great to pull, he reminds. They sat whipping the great until we could no longer take it. I remember a different whipping. "Men are not created equal; we all know this. There are averages. There are outliers. There are the ugly. There are the beautiful. This would not be if we were all equal. A Red can no more command a starship than a Green can serve as a doctor!" There's more laughter across the square as he tells us to look at pathetic Athens, the birthplace of the cancer they call Demokracy. Look how it fell to Sparta. The Noble Lie made Athens weak. It made their citizens turn on their best general, Alcibiades, because of jealousy. "Even the nations of Earth grew jealous of one another. The United States of America exacted this idea of equality through force. And when the nations united, the Americans were surprised to find that they were disliked! The Masses are jealous! How wonderful a dream it would be if all men were created equal! But we are not. It is against the Noble Lie that we fight. But as I said before, as I say to you now, there is another evil against which we war. It is a more pernicious evil. It is a subversive, slow evil. It is not a wildfire. It is a cancer. And that cancer is Decadence. Our society has passed from Savagery to Ascendance. But like our spiritual ancestors, the Romans, we too can fall into Decadence.
Pierce Brown (Red Rising (Red Rising Saga, #1))
The most important thing in life is not to capitalize on your gains. Any fool can do that. The really important thing is to profit from your losses. That requires intelligence; and it makes the difference between a man of sense and a fool.
William Bolitho
When your business prioritizes the wellbeing of all of its stakeholders, then all of those stakeholders gain respect for the business and your business can utilize that respect as a sort of currency and a means to accomplish business objectives.
Hendrith Vanlon Smith Jr, CEO of Mayflower-Plymouth
I was originally supposed to become an engineer,” he later wrote a friend, “but the thought of having to expend my creative energy on things that make practical everyday life even more refined, with a bleak capital gain as the goal, was unbearable to me. Thinking for its own sake, like music!”72
Walter Isaacson (Einstein: His Life and Universe)
see first-hand the ways that democratic education is being undermined as the interests of big business and corporate capitalism encourage students to see education solely as a means to achieve material success. Such thinking makes acquiring information more important than gaining knowledge or learning how to think critically.
bell hooks (Teaching Critical Thinking: Practical Wisdom)
For people with a winner mentality, there’s a positive waiting for you no matter the outcome. For those with a loser mentality, if there’s a negative outcome anywhere along the way, you perceive that you’ve lost. That’s why I always say winning and losing isn’t an event; it’s a mind-set.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
The most important thing in life is not to capitalize on your gains. Any fool can do that. The really important thing is to profit from your losses. That requires intelligence; and it makes the difference between a man of sense and a fool.
Dale Carnegie (How to Stop Worrying and Start Living: Dale Carnegie)
God’s grace lasts as long as it is required. But when the grace and peace start to go, it’s a good time to evaluate if God is still in what you’re doing.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Perhaps you can’t quit your day job, and I understand that. But never, ever quit your day dream.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
For the love of gain would reconcile the weaker to the dominion of the stronger, and the possession of capital enabled the more powerful to reduce the smaller towns to subjection.
Thucydides (The History of the Peloponnesian War)
When an uncovered passion sits dormant inside you and then someone calls it out, all of a sudden that’s all you can think about.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
During the cold war, the anticommunist ideological framework could transform any data about existing communist societies into hostile evidence. If the Soviets refused to negotiate a point, they were intransigent and belligerent; if they appeared willing to make concessions, this was but a skillful ploy to put us off our guard. By opposing arms limitations, they would have demonstrated their aggressive intent; but when in fact they supported most armament treaties, it was because they were mendacious and manipulative. If the churches in the USSR were empty, this demonstrated that religion was suppressed; but if the churches were full, this meant the people were rejecting the regime's atheistic ideology. If the workers went on strike (as happened on infrequent occasions), this was evidence of their alienation from the collectivist system; if they didn't go on strike, this was because they were intimidated and lacked freedom. A scarcity of consumer goods demonstrated the failure of the economic system; an improvement in consumer supplies meant only that the leaders were attempting to placate a restive population and so maintain a firmer hold over them. If communists in the United States played an important role struggling for the rights of workers, the poor, African-Americans, women, and others, this was only their guileful way of gathering support among disfranchised groups and gaining power for themselves. How one gained power by fighting for the rights of powerless groups was never explained. What we are dealing with is a nonfalsifiable orthodoxy, so assiduously marketed by the ruling interests that it affected people across the entire political spectrum.
Michael Parenti (Blackshirts and Reds: Rational Fascism and the Overthrow of Communism)
The [carried-interest] loophole was in essence an accounting trick that enabled hedge fund and private equity managers to categorize huge portions of their income as ‘interest,’ which was taxed at the 15 percent rate then applied to long-term capital gains. This was less than half the income tax rate paid by other top-bracket wage earners. Critics called the loophole a gigantic subsidy to millionaires and billionaires at the expense of ordinary taxpayers. The Economic Policy Institute, a progressive think tank, estimated that the hedge fund loophole cost the government over $6 billion a year—the cost of providing health care to three million children. Of that total, it said, almost $2 billion a year from the tax break went to just twenty-five individuals.
Jane Mayer (Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right)
The trick never ages; the illusion never wears off. Vote to stop abortion; receive a rollback in capital gains taxes. Vote to make our country strong again; receive deindustrialization. Vote to screw those politically correct college professors; receive electricity deregulation. Vote to get government off our backs; receive conglomeration and monopoly everywhere from media to meatpacking. Vote to stand tall against terrorists; receive Social Security privatization. Vote to strike a blow against elitism; receive a social order in which wealth is more concentrated than ever before in our lifetimes, in which workers have been stripped of power and CEOs are rewarded in a manner beyond imagining.
Thomas Frank (What's the Matter With Kansas?: How Conservatives Won the Heart of America)
As we gain information we are more likely to focus on what we don't know :" Someone who knows the state capitals of 17 of 50 states may be proud of her knowledge. But someone who knows 47 may think of herself as not knowing 3 capitals
Chip Heath
If I populate my life with people just like me, then my world is going to be mighty small, indeed—maybe one person deep in all directions. If there are no opposing views, no fresh vantage points, then there is no stretching beyond myself. No growth. No change.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
The most important thing in life is not to capitalize on your gains. Any fool can do that. The really important thing is to profit from your losses.
Dale Carnegie (How to Stop Worrying and Start Living)
Every ounce of energy you invest in pursuing your goals will help you grow toward God’s plan for you . . . even if you end up somewhere you hadn’t counted on.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Jo gets a pretty strong sense about where God is leading her, and until she feels a certain peace, she doesn’t move.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
You know how hurt people hurt people? Well, scared people scare people. And thus, the cycle of fear continues on.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
I’m smart enough to know that when you put in the effort and find a new passion and get back on track, good things are bound to happen.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
One match does not define a legacy.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
automatically compound. If you need cash, you can sell stock and pay capital gains tax at a lower rate than a dividend would be taxed.
Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
What makes you want to jump out of bed in the morning? What puts a smile on your face, the kind you can’t wipe off if you tried? What fascinates you? Motivates you? Overwhelms you in the very best sense? If you don’t know, I suggest not wasting one more single day until you find out.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Every dictator is a mystic, and every mystic is a potential dictator. A mystic craves obedience from men, not their agreement. He wants them to surrender their consciousness to his assertions, his edicts, his wishes, his whims—as his consciousness is surrendered to theirs. He wants to deal with men by means of faith and force—he finds no satisfaction in their consent if he must earn it by means of facts and reason. Reason is the enemy he dreads and, simultaneously, considers precarious; reason, to him, is a means of deception; he feels that men possess some power more potent than reason—and only their causeless belief or their forced obedience can give him a sense of security, a proof that he has gained control of the mystic endowment he lacked. His lust is to command, not to convince: conviction requires an act of independence and rests on the absolute of an objective reality. What he seeks is power over reality and over men’s means of perceiving it, their mind, the power to interpose his will between existence and consciousness, as if, by agreeing to fake the reality he orders them to fake, men would, in fact, create it.
Ayn Rand
The free enterprise concept inherent in the economic model of capitalism should mean common people, or lower and middle class wage-earners, have greater potential to rise up and gain financial independence. In reality, however, free enterprise all too often leads to an almost total lack of government regulation that in turn allows the global elite to run amuck in Gordon Gecko-style financial coups.
James Morcan (The Orphan Conspiracies: 29 Conspiracy Theories from The Orphan Trilogy)
There comes a time or two in life when you should face isolation. No, you have to. Constantly being accompanied, having someone by your side always and forever -- that is far more abnormal and creepy. I'm positive you can only learn and feel certain things when you're alone. If there are lessons to gain from having friends, then so also are there lessons from not having friends. These two things are two sides of the same coin and should be treated as equally valuable. So this moment, too, will also have worth for that girl.
Wataru Watari (やはり俺の青春ラブコメはまちがっている。4)
Nobody remembers if you cross the finish line bruised and bloody. They just remember that you stayed the course. Don’t get hung up on how ugly the race may have looked. In the end, all that matters is that you finish.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
The truth is, we don’t have to agree on everything to be friends, but a lot of people—a lot of people—seem to think we do. That popular and toxic lie has taken our beautiful planet and turned it into a battleground. The assumption is, if you don’t think like me, not only are you wrong, but you are bad and possibly even evil.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
I have a Republican friend and every time we get into politics and the economy, he tells me that I simply don’t understand the American dream. He says it doesn’t make sense to punish the people you’re trying to join. He is fairly certain that in the next decade or two, he will be worried about capital gains. He works at Wal-Mart. He’s nearing thirty. No degree, no real résumé, no particular ambition to do anything. Just a firm conviction that someday he’ll have a fantastic high-powered career doing . . . something. He’s not sure what, only that this is America and anyone can make it. While he’s waiting, he’ll be protecting his future interests at the ballot box.
Linda Tirado (Hand to Mouth: Living in Bootstrap America)
This is a really important point to understand: when you aren’t trying to avoid failure, fear loses its foothold. The courage to take a chance is half the battle. The other half? Viewing failure as a teacher and not an enemy.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
We have the money. We’ve just made choices about how to spend it. Over the years, lawmakers on both sides of the aisle have restricted housing aid to the poor but expanded it to the affluent in the form of tax benefits for homeowners. 57 Today, housing-related tax expenditures far outpace those for housing assistance. In 2008, the year Arleen was evicted from Thirteenth Street, federal expenditures for direct housing assistance totaled less than $40.2 billion, but homeowner tax benefits exceeded $171 billion. That number, $171 billion, was equivalent to the 2008 budgets for the Department of Education, the Department of Veterans Affairs, the Department of Homeland Security, the Department of Justice, and the Department of Agriculture combined. 58 Each year, we spend three times what a universal housing voucher program is estimated to cost (in total ) on homeowner benefits, like the mortgage-interest deduction and the capital-gains exclusion. Most federal housing subsidies benefit families with six-figure incomes. 59 If we are going to spend the bulk of our public dollars on the affluent—at least when it comes to housing—we should own up to that decision and stop repeating the politicians’ canard about one of the richest countries on the planet being unable to afford doing more. If poverty persists in America, it is not for lack of resources.
Matthew Desmond (Evicted: Poverty and Profit in the American City)
What’s never going to change? Our values, our priorities, our commitment to each other and our family. But I hope that literally every other part of our lives changes. I hope that every new season and situation of life changes me.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Life is about means not ends. There is no utopia to be gained, there is no end-state that is static and eternal, once accomplished. This was one of the great lies of communism. Likewise, capitalism offers the great deception that thanks to its machinations everyone will be richer in the future, thus justifying gross inequality and humiliation today.
Carne Ross (The Leaderless Revolution: How Ordinary People Will Take Power and Change Politics in the 21st Century)
The overwhelming tendency of markets is to bring people together, break down prejudices, persuade people of the need to cooperate regardless of class, race, religion, sex/gender, and physical ability. The same is obviously and especially true of sexual orientation. It is the market that rewards people who put aside their biases and seek gains through trade. This is why states devoted to racialist and hateful policies always resort to violence in control of the marketplace.
Jeffrey Tucker
How many people’s lives were actually better off because theirs intersected with my own? So I’m urging you (and myself as well) to find something worthwhile in this one invaluable life of yours. Find something to fight for. Something to live for.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
The way I see it, there’s work and then there’s work. And there’s a big difference between your work and your job. A job is a task done for an agreed-upon price, and work is the effort directed toward accomplishing a goal. See what I mean? A job is something you do for money. Your life’s work is done for a bigger purpose, to fulfill a calling or a dream. And when you manage to find that work—that’s when it starts feeling like play. I want that for you and for me too. Don’t allow yourself to get stuck grinding away on the job piece and lose sight of the work piece, the one that truly matters. There’s nothing admirable or respectable about laying yourself down, day in and day out, for a job you hate—not if you have a choice. Maybe you can’t up and quit the job you hate. I understand that there are extenuating circumstances that can prevent you from being able to take that leap. But if you are sticking it out because of fear or passivity, there’s nothing heroic about that. Do work that matters . . . to you.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
As for me, all I’ve ever wanted, when you get right down to it, is to change the world. I don’t literally mean the whole wide world. That would be nice, I guess, but what I really care about is changing the world around me. This means pouring into the lives of my wife and my kids, my employees, my friends, and my acquaintances. That’s the ripple effect I’ve always hoped to put into motion.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
You were uniquely created for a purpose. I have no clue what that purpose is for you specifically, but I am perfectly confident that you do, in fact, have one. And you would be wise to stop being your own biggest obstacle. Your purpose is just like mine. It’s big, and it’s important, and there’s no one else anywhere on the planet who can fulfill it. So quit jacking around and go get after it.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
When the solution to a given problem doesn’t lay right before our eyes, it is easy to assume that no solution exists. But history has shown again and again that such assumptions are wrong. This is not to say the world is perfect. Nor that all progress is always good. Even widespread societal gains inevitably produce losses for some people. That’s why the economist Joseph Schumpeter referred to capitalism as “creative destruction.” But humankind has a great capacity for finding technological solutions to seemingly intractable problems, and this will likely be the case for global warming. It isn’t that the problem isn’t potentially large. It’s just that human ingenuity—when given proper incentives—is bound to be larger. Even more encouraging, technological fixes are often far simpler, and therefore cheaper, than the doomsayers could have imagined. Indeed, in the final chapter of this book we’ll meet a band of renegade engineers who have developed not one but three global-warming fixes, any of which could be bought for less than the annual sales tally of all the Thoroughbred horses at Keeneland auction house in Kentucky.
Steven D. Levitt (SuperFreakonomics: Global Cooling, Patriotic Prostitutes And Why Suicide Bombers Should Buy Life Insurance)
We were created to live passionately—all of us, no matter our personality type or circumstance. The human heart was made to swell and jump and stir; that’s a fact. It took me a while to figure out what makes my heart feel that way. But that is perhaps one of the most crucial things to know about ourselves.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
While years of education are often used as a rough proxy for human capital in general, not only is much human capital gained outside of educational institutions,[...]some education even produces negative human capital, in the form of attitudes, expectations, and aversions that negatively impact the economy.
Thomas Sowell (Wealth, Poverty and Politics: An International Perspective)
For example, “1031” is jargon for Section 1031 of the Internal Revenue Code, which allows a seller to delay paying taxes on a piece of real estate that is sold for a capital gain through an exchange for a more expensive piece of real estate. Real estate is one investment vehicle that allows such a great tax advantage.
Robert T. Kiyosaki (Rich Dad, Poor Dad)
Whenever, in any era, culture, or society, you encounter the phenomenon of prejudice, injustice, persecution, and blind, unreasoning hatred directed at some minority group—look for the gang that has something to gain from that persecution, look for those who have a vested interest in the destruction of these particular sacrificial victims. Invariably, you will find that the persecuted minority serves as a scapegoat for some movement that does not want the nature of its own goals to be known.
Ayn Rand (Capitalism: The Unknown Ideal)
The long-standing arguments on whether to, or not to, enforce a crypto taxation laws or capital gains tax on cryptocurrency trading and transactions is glaringly coming to an end. It is believed that in order to legalize cryptocurrency as a legal tender, there would be need for documented cryptocurrency taxation by the government.
Olawale Daniel
Initially, class privilege was not discussed by white women in the women’s movement. They wanted to project an image of themselves as victims and that could not be done by drawing attention to their class. In fact, the contemporary women’s movement was extremely class bound. As a group, white participants did not denounce capitalism. They chose to define liberation using the terms of white capitalist patriarchy, equating liberation with gaining economic status and money power. Like all good capitalists, they proclaimed work as the key to liberation. This emphasis on work was yet another indication of the extent to which the white female liberationists’ perception of reality was totally narcissistic, classist, and racist. Implicit in the assertion that work was the key to women’s liberation was a refusal to acknowledge the reality that, for masses of American working class women, working for pay neither liberated them from sexist oppression nor allowed them to gain any measure of economic independence.
bell hooks (Ain't I a Woman: Black Women and Feminism)
In money-lenders’ capital the form M-C-M is reduced to the two extremes without a mean, M-M , money exchanged for more money, a form that is incompatible with the nature of money, and therefore remains inexplicable from the standpoint of the circulation of commodities. Hence Aristotle: “since chrematistic is a double science, one part belonging to commerce, the other to economic, the latter being necessary and praiseworthy, the former based on circulation and with justice disapproved (for it is not based on Nature, but on mutual cheating), therefore the usurer is most rightly hated, because money itself is the source of his gain, and is not used for the purposes for which it was invented.
Karl Marx (Das Kapital - Capital)
When something seems insurmountable to most, we shrug, because we eat “insurmountable” for breakfast.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
...Material goods have gained an increasing and finally inexorable power over the lives of men as at no previous period in history.
Max Weber
Live a life worthy of being written down, so that at the next go-round, I'm reading your story!
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
There are plenty of things worth rushing into the unknown for. But don’t be dumb. Save your courage for when it counts.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
A job is something you do for money. Your life's work is done for a bigger purpose, to fulfill a calling or a dream.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
What it mainly revealed was that one of the most insidious of the “hidden injuries of class” in North American society was the denial of the right to do good, to be noble, to pursue any form of value other than money – or, at least, to do it and to gain any financial security or rewards for having done. The passionate hatred of the “liberal elite” among right-wing populists came down, in practice, to the utterly justified resentment towards a class that had sequestered, for its own children, every opportunity to pursue love, truth, beauty, honor, decency, and to be afforded the means to exist while doing so. The endless identification with soldiers (“support our troops!) – that is, with individuals who have, over the years, been reduced to little more than high tech mercenaries enforcing of a global regime of financial capital – lay in the fact that these are almost the only individuals of working class origin in the US who have figured out a way to get paid for pursuing some kind of higher ideal, or at least being able to imagine that’s what they’re doing. Obviously most would prefer to pursue higher ideals in way that did not involve the risk of having their legs blown off. The sense of rage, in fact, stems above all from the knowledge that all such jobs are taken by children of the rich.
David Graeber (Revolutions in Reverse: Essays on Politics, Violence, Art, and Imagination)
There is also the idea, widespread among economists, that modern economic growth depends largely on the rise of “human capital.” At first glance, this would seem to imply that labor should claim a growing share of national income. And one does indeed find that there may be a tendency for labor’s share to increase over the very long run, but the gains are relatively modest:
Thomas Piketty (Capital in the Twenty-First Century)
In the age of global market capitalism, hopes and grievances were narrowly conceived, which blunted a sense of common predicament. Poor people didn’t unite; they competed ferociously amongst themselves for gains as slender as they were provisional. And this undercity strife created only the faintest ripple in the fabric of the society at large. The gates of the rich, occasionally rattled, remained un-breached. The politicians held forth on the middle class. The poor took down one another, and the world’s great, unequal cities soldiered on in relative peace.
Katherine Boo (Behind the Beautiful Forevers: Life, Death, and Hope in a Mumbai Undercity)
It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. A speculator buys stocks hoping for a short-term gain over the next days or weeks. An investor buys stocks likely to produce a dependable future stream of cash returns and capital gains when measured over years or decades.
Burton G. Malkiel (A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing)
The day capitalism is forced to tolerate non-capitalist societies in its midst and to acknowledge limits in its quest for domination, the day it is forced to recognize that its supply of raw material will not be endless, is the day when change will come. If there is any hope for the world at all, it does not live in climate-change conference rooms or in cities with tall buildings. It lives low down on the ground, with its arms around the people who go to battle every day to protect their forests, their mountains and their rivers because they know that the forests, the mountains and the rivers protect them. “The first step towards reimagining a world gone terribly wrong would be to stop the annihilation of those who have a different imagination—an imagination that is outside of capitalism as well as communism. An imagination which has an altogether different understanding of what constitutes happiness and fulfillment. To gain this philosophical space, it is necessary to concede some physical space for the survival of those who may look like the keepers of our past, but who may really be the guides to our future.” —Arundhati Roy, 2010
Naomi Klein (This Changes Everything: Capitalism vs. The Climate)
The motivation for taking on debt is to buy assets or claims rising in price. Over the past half-century the aim of financial investment has been less to earn profits on tangible capital investment than to generate “capital” gains (most of which take the form of debt-leveraged land prices, not industrial capital). Annual price gains for property, stocks and bonds far outstrip the reported real estate rents, corporate profits and disposable personal income after paying for essential non-discretionary spending, headed by FIRE [Finance, Insurance, Real Estate]-sector charges.
Michael Hudson (The Bubble and Beyond)
The people I love are the only things I hold precious. And my fretting over our safety or future or even our health won’t add a day to our lives—but it might well diminish the days that we’ve got.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
I don't sit around and allow the what-ifs and the worst-case scenarios to control me. There are so many things that can knock us down, so why waste one minute worrying about what we can't control?
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
We didn’t get happier, we didn’t become the people we were always meant to be, once we got to the farm. All those things were worked out during the journey that led us there—that was the essential part.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
We cry shame on the feudal baron who forbade the peasant to turn a clod of earth unless he surrendered to his lord a fourth of his crop. We called those barbarous times. But if the forms have changed, the relations have remained the same, and the worker is forced, under the name of free contract, to accept feudal obligations. For, turn where he will, he can find no better conditions. Everything has become private property, and he must accept, or die or hunger. The result of this state of things is that all our production tends in a wrong direction. Enterprise takes no thought for the needs of the community. Its only aim is to increase the gains of the speculator. Hence the constant fluctuations of trade, the periodical industrial crises, each of which throws scores of thousands of workers on the streets.
Pyotr Kropotkin (The Conquest of Bread)
Listen to me here: if you’re going to make a bet, bet on yourself. Of course you won’t always win. Life doesn’t work that way. But if you don’t at least try, how could you ever know what’s on the other side?
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Children inherit the qualities of the parents, no less than their physical features. Environment does play an important part, but the original capital on which a child starts in life is inherited from its ancestors. I have also seen children successfully surmounting the effects of an evil inheritance. That is due to purity being an inherent attribute of the soul. Polak and I had often very heated discussions about the desirability or otherwise of giving the children an English education. It has always been my conviction that Indian parents who train their children to think and talk in English from their infancy betray their children and their country. They deprive them of the spiritual and social heritage of the nation, and render them to that extent unfit for the service of the country. Having these convictions, I made a point of always talking to my children in Gujarati. Polak never liked this. He thought I was spoiling their future. He contended, with all the vigour and love at his command, that, if children were to learn a universal language like English from their infancy, they would easily gain considerable advantage over others in the race of life. He failed to convince me. I do not now remember whether I convinced him of the correctness of my attitude, or whether he gave me up as too obstinate. This happened about twenty years ago, and my convictions have only deepened with experience. Though my sons have suffered for want of full literary education, the knowledge of the mother-tongue that they naturally acquired has been all to their and the country’s good, inasmuch as they do not appear the foreigners they would otherwise have appeared. They naturally became bilingual, speaking and writing English with fair ease, because of daily contact with a large circle of English friends, and because of their stay in a country where English was the chief language spoken.
Mahatma Gandhi (Gandhi: An Autobiography)
I believe with all my heart that it’s only after working side by side with another person that you earn the right to speak into that person’s life. It’s a basis of friendship that can forge a path toward common ground.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
In sum, the myth of a self-reliant, free-market, trickle-down economy is just that, a myth. In almost every enterprise, government provides business with supports, protections, and opportunities for private gain at public expense.
Michael Parenti (Against Empire)
The thing about walking closely with God is it has to be a minute-by-minute, day-by-day kind of relationship. No formula can suffice. You have to keep listening, keep following, keep being willing to act and to move on when it’s time.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Is not winning the war more important than truth? This maxim, I knew, was also subscribed to by some on the left, the regressive left. For them, winning against capitalism was far more important than it was to their allies. I watched as our ideology gained acceptance and we were granted airtime as Muslim political commentators. I watched as we were ignorantly pandered to by well-meaning liberals and ideologically driven leftists. How we Islamists laughed at their naïveté.
Maajid Nawaz (Radical: My Journey out of Islamist Extremism)
Consider the level of car-purchasing knowledge Dr. South has recently acquired that will never pay capital gains or real dividends or enhance the productivity of his business. He now has knowledge about every Porsche dealer within a four hundred-mile radius of his home. Dr. South also can tell you immediately the dealer’s cost on nearly every Porsche model, the cost of options and accessories, and the performance characteristics of most models. It takes much time and effort to acquire such information. Dr.
Thomas J. Stanley (The Millionaire Next Door: The Surprising Secrets of America's Wealthy)
As of today, the majority of Asian countries are still examining crypto technology and drafting their regulatory outlines. Better crypto tax regulations should come in the next few months or a year from now. Now, we can settle the argument on crypto taxation laws enforcement. It is very certain that it is just a matter of time for this event to unfold, collecting capital gains tax is just a time bomb waiting to explode in the cryptocurrency space, or else, the government will place outright ban on these commodities.
Olawale Daniel
One of the most pressing questions faced by capitalist societies now, at the pinnacle of their productive capacities, is the question of what should be done with the time being saved by these gains in productivity. What meaning and content will we, as a society, choose to give this new-found free-time? Will we use it to enhance our lives outside work, nourish our relationships and pursue our own self-development, or will economic rationality dictate that we spend just as much time and energy on work as we did before? [ch.one]
David Frayne (The Refusal of Work: Rethinking Post-Work Theory and Practice)
To make any kind of gain in life – a gain of wealth, personal stature, whatever you define as “gain” – you must place some of your material and/or emotional capital at risk. You must make a commitment of money, time, love, something. That is the law of the universe.
Max Gunther (The Zurich Axioms)
When one brushed aside the reformers’ verbiage, the situation was perfectly clear. I was not witnessing a “revolt of the masses” against an alien power; nor yet a war between labour and capital; nor yet a struggle to break up big business; nor yet an attempt to abolish capitalism. What I was looking at was simply a tussle between two groups of mass-men, one large and poor, the other small and rich, and as judged by the standards of a civilised society, neither of them any more meritorious or promising than the other. The object of the tussle was the material gains accruing from control of the State’s machinery. It is easier to seize wealth than to produce it; and as long as the State makes the seizure of wealth a matter of legalised privilege, so long will the squabble for that privilege go on.
Albert Jay Nock (Memoirs of a Superfluous Man (LvMI))
The first people to get the new money are the counterfeiters, which they use to buy various goods and services. The second receivers of the new money are the retailers who sell those goods to the counterfeiters. And on and on the new money ripples out through the system, going from one pocket or till to another. As it does so, there is an immediate redistribution effect. For first the counterfeiters, then the retailers, etc. have new money and monetary income they use to bid up goods and services, increasing their demand and raising the prices of the goods that they purchase. But as prices of goods begin to rise in response to the higher quantity of money, those who haven't yet received the new money find the prices of the goods they buy have gone up, while their own selling prices or incomes have not risen. In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money at all.
Murray N. Rothbard
You know that one scene that shows up at the end of every heist movie, where the crooks recline on the beach with Mai Tais in hand, the ocean lapping peacefully in the background, both flashing that incredulous grin, astonished that they managed to pull off their audacious scheme? Those were our friends the capitalists, back in the summer of 1981, when the Republicans under President Ronald Reagan proposed massive cuts in the tax rates for unearned income, capital gains, and income tax rates even for the rich—and the Democrats responded by pushing for even more massive cuts. In
Jeremy Gantz (The Age of Inequality: Corporate America's War on Working People)
finance was to become a public utility, situated in the public domain or at least alongside a public banking option. Instead, the past century’s expansion of predatory credit has been reinforced by de-taxing interest, land rent, financial speculation, debt leveraging and “capital” (asset-price) gains.
Michael Hudson (Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy)
It’s not that capitalism isn’t working. It’s that what we have right now is not capitalism. What we have is corporatism. It’s welfare for the rich. It’s the government picking winners and losers. It’s Wall Street having its taxpayer-funded cake and eating it, too. It’s socialized losses and privatized gains.
Arianna Huffington (Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream)
This arrangement, in which users take advantage of services and the company gains all the upside of the data they generate, may sound novel, but it is actually very old. Prior to the rise of capitalism, feudal labor arrangements worked similarly. Lords insulated their serfs from fluctuations in markets and guaranteed them safety and traditional rights to use the land and to keep enough of their crop to survive. In exchange, lords took all the upside of the market return on serfs’ agricultural output. Similarly, today, siren servers provide useful and enjoyable information services, while taking the market value of the data we produce in exchange. We thus refer to this contemporary system as “technofeudalism.
Eric A. Posner (Radical Markets: Uprooting Capitalism and Democracy for a Just Society)
Your goal is too far off to have a straight line of sight to it, but I’m going to need you to keep it firmly fixed in your mind’s eye. The only way this is going to work, the only way that you’re gonna get there, is one foot in front of the other. You have to keep moving forward. And when you think you are about to die—trust me, it’s just a tiny bit further.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
Traders risk the bank’s capital: they literally bet the bank, at least up to their limits. If they win then they get a share of the winnings. If they lose, then the bank picks up the loss. Traders might lose their jobs but the money at risk is not their own, it’s all OPM – other people’s money. What if the losses threaten the bank’s survival? Most banks are now ‘too big to fail’ and they can count on government support. Regulators are wary about ‘systemic risk’, and no regulator with an eye to their place in history wants the banking system to be flushed down the toilet on their watch. Traders can always play the systemic risk trump card. It is the ultimate in capitalism – the privatization of gains, the socialization of losses.
Satyajit Das (Traders, Guns and Money: Knowns and Unknowns in the Dazzling World of Derivatives (Financial Times Series))
From World War II until 1981 the top marginal income tax rate never fell below 70 percent. Under President Dwight Eisenhower, a Republican whom no one ever accused of being a socialist, the top rate was 91 percent. Even after all deductions and credits, Americans with incomes of over $1 million (in today’s dollars) paid a top marginal rate, on average, of 52 percent. As recently as the late 1980s, the top tax rate on capital gains was 35 percent. But as income and wealth have accumulated at the top, so has the political power to reduce taxes. The Bush tax cuts of 2001 and 2003, which were extended for two years in December 2010, capped top rates at 35 percent, their lowest level in more than half a century, and reduced capital gains taxes to 15 percent.
Robert B. Reich (Beyond Outrage)
Depreciation of money can benefit debtors only when it is unforeseen. If inflationary measures and a reduction of the value of money are expected, then those who lend money will demand higher interest in order to compensate their probable loss of capital, and those who seek loans will be prepared to pay the higher interest because they have a prospect of gaining on capital account.
Ludwig von Mises (The Theory of Money and Credit)
Some argue shareholder capitalism has proven to be more “efficient” than stakeholder capitalism. It has moved economic resources to where they’re most productive, and thereby enabled the economy to grow faster. By this view, stakeholder capitalism locked up resources in unproductive ways, CEOs were too complacent, corporations were too fat—employing workers they didn’t need, and paying them too much—and they were too tied to their communities. It is a tempting argument, but in hindsight a fallacious one. Any change that allows some people to become better off without causing others to be worse off is technically a more “efficient” use of resources. But when all or most of these efficiency gains go to a few people at the top—as has been the case since the 1980s—the common good is not necessarily improved. Just look at the flat or declining wages of most Americans, their growing economic insecurity, and the abandoned communities now littering the nation. Then look at the record corporate profits, soaring CEO pay, and jaw-dropping compensation on Wall Street. All Americans are stakeholders in the American economy, and most stakeholders have not done well.
Robert B. Reich (The Common Good)
As spontaneous organizations of the distressed emerge, professional politicians and political parties attempt to capture their energy toward their own electoral gain. Franklin Roosevelt, as we have seen, was not averse to using antimarket rhetoric to appeal to the distressed. And once the politicians capture power and there is a drive to legislate, incumbents are not far behind in directing legislations toward their needs. Thus, much as a riot can be exploited by a few to achieve goals that are not the intent of the mob—it is interesting how often riots that are ostensibly labeled “communal” in India turn into a targeted destruction of especially irksome rival businesses owned by the minority community—the political organizations of the distressed can be used by those who have a broader agenda.
Raghuram G. Rajan (Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity)
Read through that list again, more slowly this time. Do any of these resonate with you? Maybe you feel angry about the current state of affairs in one (or more) of these categories. Or maybe when you were a kid you dreamed of working in one of these specific fields. Any emotion that is stirred in you by this exercise is not random. These feelings are smoke signals, and where there’s smoke, there’s fire.
Chip Gaines (Capital Gaines: Smart Things I Learned Doing Stupid Stuff)
In the age of global market capitalism, hopes and grievances were narrowly conceived, which blunted a sense of common predicament. Poor people didn't unite; they competed ferociously amongst themselves for gains as slender as they were provisional. And this undercity strife created only the faintest ripple in the fabric of the society at large. The gates of the rich, occasionally rattled, remained unbreached.
Katherine Boo
the convictions that leaders have formed before reaching high office are the intellectual capital they will consume as long as they continue in office. There is little time for leaders to reflect. They are locked in an endless battle in which the urgent constantly gains on the important. The public life of every political figure is a continual struggle to rescue an element of choice from the pressure of circumstance. When
Henry Kissinger (White House Years: The First Volume of His Classic Memoirs)
Washington is an example of the citizen-politician who goes to the capital of his state or nation, serves a few terms, and returns to civilian life – just as the Founding Fathers practiced and intended. Sadly, this has been almost completely disregarded by the pervasive career politicians of later generations. The current practice of politicians is to gain elected government positions and then refuse to honor voluntary term limits, thus obtaining lifetime security and prestige, exemption from laws legislated on others, and inappropriate padding of personal income through gifts from lobbyists, self-initiated increases in benefits, and lifetime pensions. Their lifestyles would shock and embarrass a selfless man like George Washington, who served eight years as commander in chief, accepting only expense reimbursements as his compensation. (See the stories on Haym Salomon and Dave Roever similar examples). On
Douglas Feavel (Uncommon Character: Stories of Ordinary Men and Women Who Have Done the Extraordinary)
No, plenty for all is not a dream – though it was a dream indeed in those days when man, for all his pains, could hardly win a few bushels of wheat from an acre of land, and had to fashion by hand all the implements he used in agriculture and industry. Now it is no longer a dream, because man has invented a motor which, with a little iron and a few sacks of coal, gives him the mastery of a creature strong and docile as a horse, and capable of setting the most complicated machinery in motion. But, if plenty for all is to become a reality, this immense capital – cities, houses, pastures, arable lands, factories, highways, education – must cease to be regarded as private property, for the monopolist to dispose of at his pleasure. This rich endowment, painfully won, builded, fashioned, or invented by our ancestors, must become common property, so that the collective interests of men may gain from it the greatest good for all.
Pyotr Kropotkin (The Conquest of Bread)
This feature of Israelite law stands in sharp contrast to many ancient law codes where certain thefts by certain people were punishable by death. Indeed, it contrasts with British law until fairly recent times (people were hanged for sheep-stealing in Britain until the nineteenth century). On the other hand, as mentioned above, theft of a person for gain (kidnapping) was a capital offence in Israel (21:16; Deut. 24:7). Stealing a human life was different from stealing property.
Christopher J.H. Wright (Old Testament Ethics for the People of God)
The model is constructed in such a way that the global population will eventually level off and start declining, if industrial output per capita rises high enough. But we see little “real world” evidence that the richest people or nations ever lose interest in getting richer. Therefore, policies built into World3 represent the assumption that capital owners will continue to seek gains in their wealth indefinitely and that consumers will always want to increase their consumption.
Donella H. Meadows (Limits to Growth: The 30-Year Update)
In the age of global market capitalism, hopes and grievances were narrowly conceived, which blunted a sense of common predicament. Poor people didn’t unite; they competed ferociously amongst themselves for gains as slender as they were provisional. And this undercity strife created only the faintest ripple in the fabric of the society at large. The gates of the rich occasionally rattled, remained class. The poor took down one another, and the world’s great, unequal cities soldiered on in relative peace.
Katherine Boo (Behind the Beautiful Forevers: Life, Death, and Hope in a Mumbai Undercity)
But it is far more important that we allow developing countries to use protection, subsidies, and regulation of foreign investment adequately in order to develop their own economies, rather than giving them bigger agricultural markets overseas. Especially if agricultural liberalization by the rich countries can only be 'bought' by the developing countries giving up their use of the tools of infant industry promotion, the price is not worth paying. Developing countries should not be forced to sell their future for small immediate gains.
Ha-Joon Chang (Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism)
If you are a member of a WEIRD society, your eyes tend to fall on individual objects such as people, and you don’t automatically see the relationships among them. Having a concept such as social capital is helpful because it forces you to see the relationships within which those people are embedded, and which make those people more productive. I propose that we take this approach one step further. To understand the miracle of moral communities that grow beyond the bounds of kinship we must look not just at people, and not just at the relationships among people, but at the complete environment within which those relationships are embedded, and which makes those people more virtuous (however they themselves define that term). It takes a great deal of outside-the-mind stuff to support a moral community. For example, on a small island or in a small town, you typically don’t need to lock your bicycle, but in a big city in the same country, if you only lock the bike frame, your wheels may get stolen. Being small, isolated, or morally homogeneous are examples of environmental conditions that increase the moral capital of a community. That doesn’t mean that small islands and small towns are better places to live overall—the diversity and crowding of big cities makes them more creative and interesting places for many people—but that’s the trade-off. (Whether you’d trade away some moral capital to gain some diversity and creativity will depend in part on your brain’s settings on traits such as openness to experience and threat sensitivity, and this is part of the reason why cities are usually so much more liberal than the countryside.) Looking
Jonathan Haidt (The Righteous Mind: Why Good People are Divided by Politics and Religion)
Much of what it takes to succeed in school, at work, and in one’s community consists of cultural habits acquired by adaptation to the social environment. Such cultural adaptations are known as “cultural capital.” Segregation leads social groups to form different codes of conduct and communication. Some habits that help individuals in intensely segregated, disadvantaged environments undermine their ability to succeed in integrated, more advantaged environments. At Strive, a job training organization, Gyasi Headen teaches young black and Latino men how to drop their “game face” at work. The “game face” is the angry, menacing demeanor these men adopt to ward off attacks in their crime-ridden, segregated neighborhoods. As one trainee described it, it is the face you wear “at 12 o’clock at night, you’re in the ‘hood and they’re going to try to get you.”102 But the habit may freeze it into place, frightening people from outside the ghetto, who mistake the defensive posture for an aggressive one. It may be so entrenched that black men may be unaware that they are glowering at others. This reduces their chance of getting hired. The “game face” is a form of cultural capital that circulates in segregated underclass communities, helping its members survive. Outside these communities, it burdens its possessors with severe disadvantages. Urban ethnographer Elijah Anderson highlights the cruel dilemma this poses for ghetto residents who aspire to mainstream values and seek responsible positions in mainstream society.103 If they manifest their “decent” values in their neighborhoods, they become targets for merciless harassment by those committed to “street” values, who win esteem from their peers by demonstrating their ability and willingness to insult and physically intimidate others with impunity. To protect themselves against their tormentors, and to gain esteem among their peers, they adopt the game face, wear “gangster” clothing, and engage in the posturing style that signals that they are “bad.” This survival strategy makes them pariahs in the wider community. Police target them for questioning, searches, and arrests.104 Store owners refuse to serve them, or serve them brusquely, while shadowing them to make sure they are not shoplifting. Employers refuse to employ them.105 Or they employ them in inferior, segregated jobs. A restaurant owner may hire blacks as dishwashers, but not as wait staff, where they could earn tips.
Elizabeth S. Anderson (The Imperative of Integration)
I grow more intolerant of fools as the years roll on. If I had a son, I was saying, I would take him from school at the age of fourteen, not a moment later, and put him for two years in a commercial house. Wake him up; make an English citizen of him. Teach him how to deal with men as men, to write a straightforward business letter, manage his own money and gain some respect for those industrial movements which control the world. Next, two years in some wilder part of the world, where his own countrymen and equals by birth are settled under primitive conditions, and have formed their rough codes of society. The intercourse with such people would be a capital invested for life. The next two years should be spent in the great towns of Europe, in order to remove awkwardness of manner, prejudices of race and feeling, and to get the outward forms of a European citizen. All this would sharpen his wits, give him more interest in life, more keys to knowledge. It would widen his horizon. Then, and not a minute sooner, to the University, where he would go not as a child but a man capable of enjoying its real advantages, attend lectures with profit, acquire manners instead of mannerisms and a University tone instead of a University taint.
Norman Douglas (South Wind)
The looming crisis of the contemporary system is actually pretty straightforward. Everything that makes the global economy tick—from reliable access to global energy supplies to the ability to sell into the American market to the free movement of capital—is a direct outcome of the ongoing American commitment to Bretton Woods. But the Americans are no longer gaining a strategic benefit from that network, even as the economic cost continues. At some point—maybe next week, maybe ten years from now—the Americans are going to reprioritize, and the tenets of Bretton Woods, the foundation of the free trade order, will simply end.
Peter Zeihan (The Accidental Superpower: The Next Generation of American Preeminence and the Coming Global Disorder)
If Enlightenment in a technical sense is the programmatic word for progress in the awareness of explicitness, one can say without fear of grand formulas that rendering the implicit explicit is the cognitive form of fate. Were this not the case, one would never have had cause to believe that later knowledge would necessarily be better knowledge - for, as we know, everything that has been termed 'research' in the last centuries has rested on this assumption. Only when the inward-folded 'things' or facts are by their nature subject to a tendency to unfold themselves and become more comprehensible for us can one - provided the unfolding succeeds - speak of a true increase in knowledge. Only if the 'matters' are spontaneously prepared (or can be forced by imposed examination) to come to light in magnified and better-illuminated areas can one seriously - which here means with ontological emphasis - state that there is science in progress, there are real knowledge gains, there are expeditions in which we, the epistemically committed collective, advance to hidden continents of knowledge by making thematic what was previously unthematic, bringing to light what is yet unknown, and transforming vague cognizance into definite knowledge. In this manner we increase the cognitive capital of our society - the latter word without quotation marks in this case.
Peter Sloterdijk (Du mußt dein Leben ändern)
While we might expect to see venture capital develop further in an increasingly intangible economy, it is not clear that governments can or should do much more to promote it than they already do. As Josh Lerner showed in The Boulevard of Broken Dreams (2012), once tax breaks or subsidies for venture capital get beyond a certain level, they tend to encourage dumb investments (since the tax gain on its own is enough for the investors to profit); since the entire point of venture capital is smart investment, very large tax breaks are self-defeating. For a country to grow its venture capital sector, time and favorable framework conditions are more important than additional subsidies.
Jonathan Haskel (Capitalism without Capital: The Rise of the Intangible Economy)
A network of right-wing think tanks seized on Friedman’s proposal and descended on the city after the storm. The administration of George W. Bush backed up their plans with tens of millions of dollars to convert New Orleans schools into “charter schools,” publicly funded institutions run by private entities according to their own rules. Charter schools are deeply polarizing in the United States, and nowhere more than in New Orleans, where they are seen by many African-American parents as a way of reversing the gains of the civil rights movement, which guaranteed all children the same standard of education. For Milton Friedman, however, the entire concept of a state-run school system reeked of socialism.
Naomi Klein (The Shock Doctrine: The Rise of Disaster Capitalism)
Everything suggests that declining electoral participation in the capitalist democracies is a sign not of contentment but of resignation. The losers from the neoliberal turn cannot see what they might get from a change of government; the TINA (‘There is no alternative’) politics of ‘globalization’ has long arrived at the bottom of society where voting no longer makes a difference in the eyes of those who would have most to gain from political change. The less hope they invest in elections, the less those who can afford to rely on the market have to fear from political intervention. The political resignation of the underclasses consolidates the neoliberal turn from which it derives, further shielding capitalism from democracy.
Wolfgang Streeck (Buying Time: The Delayed Crisis of Democratic Capitalism)
Karl Marx’s early (1844) essay On the Jewish Question is a fascinating example of an intellectual form of Jewish self-hatred. He argues that Judaism is neither religion nor people-hood but the desire for gain; totally ignoring the vast Jewish proletariat of Central and Eastern Europe, he equates Jews, and the Christians whose religion derives from them, with the ‘enemy’ – namely, bourgeois capitalism. Clearly, he is fleeing his own Jewish identity (he was baptized at the age of 6, but was descended from rabbis on both sides of the family), ‘assimilating’ to the cultural milieu of the anti-Semitic Feuerbach, whose perverse definition of Judaism he has adopted, and finding refuge from Jewish particularism in socialist universalism.
Norman Solomon (Judaism: A Very Short Introduction (Very Short Introductions))
[Studies have found] that the typical entrepreneur earns less monetary compensation than her employee counterpart. Why then do so many entrepreneurs willingly engage in what is inherently risky activity? Because the additional psychic rewards—being one’s own boss, pride in self-accomplishment, and so forth—make the entrepreneurial endeavor worthwhile even if the entrepreneur does not gain the mega-prize. This, in turn, helps explain why entrepreneurs have a comparative advantage relative to large companies in attempting to discover and commercialize breakthrough innovations. Because a not insignificant portion of the entrepreneur’s “income” from her activity is psychic, the entrepreneur is the low-cost provider of radical innovation.
William J. Baumol (Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity)
Consider this thought experiment: if Portugal has higher levels of human welfare than the United States with $38,000 less GDP per capita, then we can conclude that $38,000 of America’s per capita income is effectively ‘wasted’. That adds up to $13 trillion per year for the US economy as a whole. That’s $13 trillion worth of extraction and production and consumption each year, and $13 trillion worth of ecological pressure, that adds nothing, in and of itself, to the fundamentals of human welfare. It is damage without gain. This means that the US economy could in theory be scaled down by a staggering 65% from its present size while at the same time improving the lives of ordinary Americans, if income was distributed more fairly and invested in public goods.
Jason Hickel (Less is More: How Degrowth Will Save the World)
Ultimately, the World Top Incomes Database (WTID), which is based on the joint work of some thirty researchers around the world, is the largest historical database available concerning the evolution of income inequality; it is the primary source of data for this book.24 The book’s second most important source of data, on which I will actually draw first, concerns wealth, including both the distribution of wealth and its relation to income. Wealth also generates income and is therefore important on the income study side of things as well. Indeed, income consists of two components: income from labor (wages, salaries, bonuses, earnings from nonwage labor, and other remuneration statutorily classified as labor related) and income from capital (rent, dividends, interest, profits, capital gains, royalties, and other income derived from the mere fact of owning capital in the form of land, real estate, financial instruments, industrial equipment, etc., again regardless of its precise legal classification). The WTID contains a great deal of information about the evolution of income from capital over the course of the twentieth century. It is nevertheless essential to complete this information by looking at sources directly concerned with wealth. Here I rely on three distinct types of historical data and methodology, each of which is complementary to the others.25 In the first place, just as income tax returns allow us to study changes in income inequality, estate tax returns enable us to study changes in the inequality of wealth.26 This
Thomas Piketty (Capital in the Twenty-First Century)
Patriarchy creates coercive background conditions for women, and thus patriarchy, not capitalism, is to blame for women’s exploitation under capitalism. Women are exploited under capitalism because they are forced by gendered expectations of women’s place into segregated spaces. In the home, gendered expectations about what women ought to do causes them to devote more time and energy to caring activities. Not only are women expected to be the main source of childcare and domestic labor in the home, they are also the psychic caregivers, coordinating social, spiritual, and emotional efforts for families. Their doing this explains the exploitation of women qua women in capitalism. The best evidence for this claim is that women in other economic systems are also exploited. For example, in the Soviet Union women were exploited for their domestic and sexual labor despite living under a noncapitalist economic system.121 I do not mean to say that there is no economic or material component to women’s condition. Women are stuck in these roles in part for material and economic reasons; they do not have enough bargaining power within heterosexual relationships generally to escape these roles. If women are able to gain an economic foothold, as is possible in an enlightened capitalism that eschews discrimination and gender segregation, then they can begin to work their way into better bargaining positions in their homes. And with better bargaining outcomes in their domestic lives, women can do better in the capitalist economy. Thus, capitalism does not provide an easy escape route, but it does point in the direction of escape from patriarchy.
Ann E. Cudd (Capitalism, For and Against)
Commerce is considered by classical economists to be a positive-sum game. The act of selling and buying always benefits both the seller and the buyer. It is unfortunate that popular culture has propagated the Marxist myth that one person gains in business at the expense of another, that capitalism is evil because it is a zero-sum game—somebody wins while someone else loses. When liberals make the argument that capitalism is the cause of all of our problems, they are either speaking out of abject ignorance or being totally disingenuous to protect their interests. We have not had true free-market capitalism in this country on any wide scale. Where we have had economic successes in this nation’s history, it has been those times when people have done something outside of the government’s involvement. Every time the federal government has been involved, it has created chaos, waste, and corruption.
Ziad K. Abdelnour (Economic Warfare: Secrets of Wealth Creation in the Age of Welfare Politics)
Disaster, by definition, is failing to capitalize on your achievements despite victory in battle and seizure of the spoils. As the phrase goes, 'He who hesitates is lost.' Hence the saying, 'The brilliant rulers thinks it through, while good commanders refine the plan.' When nought's to gain, move not. Over things of little worth, fight not. Save in direst need, war not. A ruler cannot call up armies in a rage nor can his commanders start a war over a slight. They move only if it is to their advantage. They bide their time, if it is not. A person in a rage can be restored to good humor, and someone mortally offended can be restored to affability. By contrast, a kingdom, once destroyed, cannot be restored, nor can the dead be brought back to life. Thus the brilliant ruler approaches battle with due prudence, and good commanders are ever on their guard. This is the way to secure the ruling house and keep the army intact.
Sun Tzu (The Art Of War)
Crowdists love “competition” of a fixed nature, where a single vector determines the winner. They do not like real life competition, including evolution, as it assesses the individual as a whole and does not simply rank individuals by ability. For this reason crowds love both sports events and free market capitalism, as each allow people to gain power according to a linear system. The more time you put into the system with the sole goal of making profit, excluding all else, the more likely it is that you can get wealth – and it can happen to anyone! That is the promise that makes crowds flock to these ideas. It is like the dream of being a rock star, or a baseball hero, or a billionaire: what makes it attractive is the idea that anyone can do it, if they simply devote themselves to a linear path of ascension – one that is controlled by the whims of the crowd. The crowd decides who is a baseball hero, or what to buy and thus who to make rich. Control without control.
Brett Stevens (Nihilism: A Philosophy Based In Nothingness And Eternity)
Capitalism differs from other social forms because producers depend on the market for access to the means of production (unlike, for instance, peasants, who remain in direct, non-market possession of land); while appropriators cannot rely on 'extra-economic' powers of appropriation by means of direct coercion - such as the military, political and judicial powers that enable feudal lords to extract surplus labour from peasants - but must depend on the purely 'economic' mechanisms of the market. This distinct system of market dependence means that the requirements of competition and profit-maximization are the fundamental roles of life. Because of these rules, capitalism is a system uniquely driven to improve the productivity of labour by technical means. Above all, it is a system in which the bulk of society's work is done by propertyless labourers who are obliged to sell their labour-power in exchange for a wage in order to gain access to the means of life and of labour itself.
Ellen Meiksins Wood (The Origin of Capitalism: A Longer View)
The demographic ageing of Europe and other leading industrial countries is multiplied by the economic burden of immigration. For the time being, we can still hold out, but this will not last. The lack of active workers, the burden of retirees and the expenses of healthcare will end, from 2005-2010, with burdening European economies with debt. Gains in productivity and technological advances (the famous ‘primitive accumulation of fixed capital’, the economists’ magic cure) will never be able to match the external demographic costs. Lastly, far from compensating for the losses of the working-age native-born population, the colonising immigration Europe is experiencing involves first of all welfare recipients and unskilled workers. In addition, this immigration represents a growing expense (insecurity, the criminal economy, urban policies, etc.). An economic collapse of Europe, the world’s leading commercial power, would drag down with it the United States and the entire Western economy.
Guillaume Faye (Convergence of Catastrophes)
The pre-Thatcher state had functioned on the understanding that there was such a thing as society. Governments on both sides of the Atlantic had tried to find a workable middle ground between the laissez-faire capitalism of the nineteenth century and the new state communism of Russia or China. They had had some success in this project, from President Roosevelt’s New Deal of the 1930s to the establishment of the UK’s welfare state during Prime Minister Attlee’s postwar government. The results may not have been perfect, but they were better than the restricting homogeny of life in the communist East, or the poverty and inequality of Victorian Britain. They resulted in a stable society where democracy could flourish and the extremes of political totalitarianism were unable to gain a serious hold. What postwar youth culture was rebelling against may indeed have been dull, and boring, and square. It may well have been a terminal buzz kill. But politically and historically speaking, it really wasn’t the worst.
J.M.R. Higgs (Stranger Than We Can Imagine: Making Sense of the Twentieth Century)
The Keynesian world is a world in which there are two distinct classes of actors: the skilled investor, ‘who, unperturbed by the prevailing pastime, continues to purchase investments on the best genuine long-term expectations he can frame’, and, on the other hand, the ignorant ‘game-player’. It does not seem to have occurred to Keynes that either of these two may learn from the other, and that, in particular, company directors and even the managers of investment trusts may be the wiser for learning from the market what it thinks about their actions. In this Keynesian world the managers and directors already know all about the future and have little to gain by devoting their attention to the misera plebs of the market. In fact, Keynes strongly feels that they should not! This pseudo-Platonic view of the world of high finance forms, we feel, an essential part of what Schumpeter called the ‘Keynesian vision’. This view ignores progress through exchange of knowledge because the ones know all there is to be known whilst the others never learn anything.
Ludwig Lachmann (Capital and Its Structure)
So far as variations in the objective exchange-value of money are foreseen, they influence the terms of credit transactions. If a future fall in the purchasing power of the monetary unit has to be reckoned with, lenders must be prepared for the fact that the sum of money which a debtor repays at the conclusion of the transaction will have a smaller purchasing power than the sum originally lent. Lenders, in fact, would do better not to lend at all, but to buy other goods with their money. The contrary is true for debtors. If they buy commodities with the money they have borrowed and sell them again after a time, they will retain a surplus over and above the sum that they have to pay back. The credit transaction results in a gain for them. Consequently it is not difficult to understand that, so long as continued depreciation is to be reckoned with, those who lend money demand higher rates of interest and those who borrow money are willing to pay the higher rates. If, on the other hand, it is expected that the value of money will increase, then the rate of interest will be lower than it would otherwise have been.
Ludwig von Mises (The Theory of Money and Credit)
The Gospels were written in such temporal and geographical proximity to the events they record that it would have been almost impossible to fabricate events. Anyone who cared to could have checked out the accuracy of what they reported. The fact that the disciples were able to proclaim the resurrection in Jerusalem in the face of their enemies a few weeks after the crucifixion shows that what they proclaimed was true, for they could never have proclaimed the resurrection under such circumstances had it not occurred. The Gospels could not have been corrupted without a great outcry on the part of orthodox Christians. Against the idea that there could have been a deliberate falsifying of the text, no one could have corrupted all the manuscripts. Moreover, there is no precise time when the falsification could have occurred, since, as we have seen, the New Testament books are cited by the church fathers in regular and close succession. The text could not have been falsified before all external testimony, since then the apostles were still alive and could repudiate any such tampering with the Gospels. The miracles of Jesus were witnessed by hundreds of people, friends and enemies alike; that the apostles had the ability to testify accurately to what they saw; that the apostles were of such doubtless honesty and sincerity as to place them above suspicion of fraud; that the apostles, though of low estate, nevertheless had comfort and life itself to lose in proclaiming the gospel; and that the events to which they testified took place in the civilized part of the world under the Roman Empire, in Jerusalem, the capital city of the Jewish nation. Thus, there is no reason to doubt the apostles’ testimony concerning the miracles and resurrection of Jesus. It would have been impossible for so many to conspire together to perpetrate such a hoax. And what was there to gain by lying? They could expect neither honor, nor wealth, nor worldly profit, nor fame, nor even the successful propagation of their doctrine. Moreover, they had been raised in a religion that was vastly different from the one they preached. Especially foreign to them was the idea of the death and resurrection of the Jewish Messiah. This militates against their concocting this idea. The Jewish laws against deceit and false testimony were very severe, which fact would act as a deterrent to fraud. Suppose that no resurrection or miracles occurred: how then could a dozen men, poor, coarse, and apprehensive, turn the world upside down? If Jesus did not rise from the dead, declares Ditton, then either we must believe that a small, unlearned band of deceivers overcame the powers of the world and preached an incredible doctrine over the face of the whole earth, which in turn received this fiction as the sacred truth of God; or else, if they were not deceivers, but enthusiasts, we must believe that these extremists, carried along by the impetus of extravagant fancy, managed to spread a falsity that not only common folk, but statesmen and philosophers as well, embraced as the sober truth. Because such a scenario is simply unbelievable, the message of the apostles, which gave birth to Christianity, must be true. Belief in Jesus’ resurrection flourished in the very city where Jesus had been publicly crucified. If the people of Jerusalem thought that Jesus’ body was in the tomb, few would have been prepared to believe such nonsense as that Jesus had been raised from the dead. And, even if they had so believed, the Jewish authorities would have exposed the whole affair simply by pointing to Jesus’ tomb or perhaps even exhuming the body as decisive proof that Jesus had not been raised. Three great, independently established facts—the empty tomb, the resurrection appearances, and the origin of the Christian faith—all point to the same marvelous conclusion: that God raised Jesus from the dead.
William Lane Craig (Reasonable Faith)
In Germany, the Depression was the final nail in the coffin of the Weimar Republic. Germany needed loans to pay its reparations, but once the Depression hit, its funding dried up and hyperinflation ensued as the government printed more money in a desperate effort to come up with the funds to repay what it owed. The collapse of the Weimar Republic was a textbook case of what happens when democracy and capitalism fail; angry, desperate people became willing to go along with a suspension of the most basic civil liberties in the hope that order and prosperity would be restored. Parties and politicians embracing fascism—a philosophy animated by extreme nationalism that called for government control of virtually all aspects of political and economic life—gained ground in Germany, Italy, Austria, and Japan. By 1932, the Nazi Party had become the largest party in the German parliament; a year later, Adolf Hitler became chancellor. He quickly consolidated power, dismantled democratic protections, formalized harsh discrimination against Jews and others, and began rearming Germany. Hitler broke through the military constraints set by the Versailles Treaty. The absence of a French or British response taught Hitler the dangerous lesson that he could assert German rights as he saw them with little to fear.
Richard N. Haass (The World: A Brief Introduction)
His first decision was to return to Rome without knowing who was in charge or how he’d be received. The stakes skyrocketed when he learned, after landing near Brundisium, that Caesar’s will had made him an heir and—by adoption—a son. He reached the capital as Caius Julius Caesar Octavianus, 9 and out of respect for their martyred leader the legions he encountered took his new status seriously. Octavian could have blown the opportunity by coming across as a twerp. But he saw the difference, even then, between inheriting a title and mastering the art of command. The first can happen overnight. The second can take a lifetime. Octavian never explained how he learned this, but with the privilege of closely observing the greatest of all commanders, he’d had to have been a blockhead not to pick up something. Sun Tzu, untranslated in Europe for another eighteen centuries, suggests what it might have been: If wise, a commander is able to recognize changing circumstances and to act expediently. If sincere, his men will have no doubt of the certainty of rewards and punishments. If humane, he loves mankind, sympathizes with others, and appreciates their industry and toil. If courageous, he gains victory by seizing opportunity without hesitation. If strict, his troops are disciplined because they are in awe of him and are afraid of punishment. 10 Caesar, in turn, appears never to have explained to Octavian why he was being taught. 11 That spared him the hang-ups of knowing he’d be son, heir, and commander. Rome’s Chiron tethered a student who had little sense of being tethered. The constraint conveyed instruction and liberation.
John Lewis Gaddis (On Grand Strategy)
Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned
Daron Acemoğlu (Why Nations Fail: The Origins of Power, Prosperity and Poverty)
Yeah, in my opinion the heart of the problem is Marxism-Leninism itself―the very idea that a "vanguard party" can, or has any right to, or has any capacity to lead the stupid masses towards some future they're too dumb to understand for themselves. I think what it's going to lead them towards is "I rule you with a whip." Institutions of domination have a nice way of reproducing themselves―I think that's kind of like an obvious sociological truism. And actually, if you look back, that was in fact Bakunin's prediction half a century before―he said this was exactly what was going to happen. I mean, Bakunin was talking about the people around Marx, this was before Lenin was born, but his prediction was that the nature of the intelligentsia as a formation in modern industrial society is that they are going to try to become the social managers. Now, they're not going to become the social managers because they own capital, and they're not going to become the social managers because they've got a lot of guns. They are going to become the social managers because they can control, organize, and direct what's called "knowledge"―they have the skills to process information, and to mobilize support for decision-making, and so on and so forth. And Bakunin predicted that these people would fall into two categories. On the one hand, there would be the "left" intellectuals, who would try to rise to power on the backs of mass popular movements, and if they could gain power, they would then beat the people into submission and try to control them. On the other hand, if they found that they couldn't get power that way themselves, they would become the servants of what we would nowadays call "state-capitalism," though Bakunin didn't use the term. And either of these two categories of intellectuals, he said, would be "beating the people with the people's stick"―that is, they'd be presenting themselves as representatives of the people, so they'd be holding the people's stick, but they would be beating the people with it.
Noam Chomsky (Understanding Power: The Indispensable Chomsky)
According to one recent study [...] the [climate change] denial-espousing think tanks and other advocacy groups making up what sociologist Robert Brulle calls the “climate change counter-movement” are collectively pulling in more than $ 900 million per year for their work on a variety of right-wing causes, most of it in the form of “dark money”— funds from conservative foundations that cannot be fully traced. This points to the limits of theories like cultural cognition that focus exclusively on individual psychology. The deniers are doing more than protecting their personal worldviews - they are protecting powerful political and economic interests that have gained tremendously from the way Heartland and others have clouded the climate debate. The ties between the deniers and those interests are well known and well documented. Heartland has received more than $ 1 million from ExxonMobil together with foundations linked to the Koch brothers and the late conservative funder Richard Mellon Scaife. Just how much money the think tank receives from companies, foundations, and individuals linked to the fossil fuel industry remains unclear because Heartland does not publish the names of its donors, claiming the information would distract from the “merits of our positions.” Indeed, leaked internal documents revealed that one of Heartland’s largest donors is anonymous - a shadowy individual who has given more than $ 8.6 million specifically to support the think tank’s attacks on climate science. Meanwhile, scientists who present at Heartland climate conferences are almost all so steeped in fossil fuel dollars that you can practically smell the fumes. To cite just two examples, the Cato Institute’s Patrick Michaels, who gave the 2011 conference keynote, once told CNN that 40 percent of his consulting company’s income comes from oil companies (Cato itself has received funding from ExxonMobil and Koch family foundations). A Greenpeace investigation into another conference speaker, astrophysicist Willie Soon, found that between 2002 and 2010, 100 percent of his new research grants had come from fossil fuel interests.
Naomi Klein (This Changes Everything: Capitalism vs. The Climate)
Somewhere in between are the rest of us natives, in whom such change revives long-buried anger at those faraway people who seem to govern the world: city people, educated city people who win and control while the rest of us work and lose. Snort at the proposition if you want, but that was the view I grew up with, and it still is quite prevalent, though not so open as in those days. These are the sentiments the fearful rich and the Republicans capitalize on in order to kick liberal asses in elections. The Democrats' 2006 midterm gains should not fool anyone into thinking that these feelings are not still out here in this heartland that has so rapidly become suburbanized. It is still politically profitable to cast matters as a battle between the slick people, liberals all, and the regular Joes, people who like white bread and Hamburger Helper and "normal" beer. When you are looking around you in the big cities at all those people, it's hard to understand that there are just as many out here who never will taste sushi or, in all likelihood, fly on an airplane other than when we are flown to boot camp, compliments of Uncle Sam. Only 20 percent of Americans have ever owned a passport. To the working people I grew up with, sophistication of any and all types, and especially urbanity, is suspect. Hell, those city people have never even fired a gun. Then again, who would ever trust Jerry Seinfeld or Dennis Kucinich or Hillary Clinton with a gun? At least Dick Cheney hunts, even if he ain't safe to hunt with. George W. Bush probably knows a good goose gun when he sees one. Guns are everyday tools, like Skil saws and barbecue grills. So when the left began to demonize gun owners in the 1960s, they not only were arrogant and insulting because they associated all gun owners with criminals but also were politically stupid. It made perfect sense to middle America that the gun control movement was centered in large urban areas, the home to everything against which middle America tries to protect itself—gangbangers, queer bars, dope-fiend burglars, swarthy people jabbering in strange languages. From the perspective of small and medium-size towns all over the country, antigun activists are an overwrought bunch.
Joe Bageant (Deer Hunting with Jesus: Dispatches from America's Class War)
Geopolitics is ultimately the study of the balance between options and lim­itations. A country's geography determines in large part what vulnerabilities it faces and what tools it holds. "Countries with flat tracks of land -- think Poland or Russia -- find building infrastructure easier and so become rich faster, but also find them­selves on the receiving end of invasions. This necessitates substantial stand­ing armies, but the very act of attempting to gain a bit of security automat­ically triggers angst and paranoia in the neighbors. "Countries with navigable rivers -- France and Argentina being premier examples -- start the game with some 'infrastructure' already baked in. Such ease of internal transport not only makes these countries socially uni­fied, wealthy, and cosmopolitan, but also more than a touch self-important. They show a distressing habit of becoming overimpressed with themselves -- and so tend to overreach. "Island nations enjoy security -- think the United Kingdom and Japan -- in part because of the physical separation from rivals, but also because they have no choice but to develop navies that help them keep others away from their shores. Armed with such tools, they find themselves actively meddling in the affairs of countries not just within arm's reach, but half a world away. "In contrast, mountain countries -- Kyrgyzstan and Bolivia, to pick a pair -- are so capital-poor they find even securing the basics difficult, mak­ing them largely subject to the whims of their less-mountainous neighbors. "It's the balance of these restrictions and empowerments that determine both possibilities and constraints, which from my point of view makes it straightforward to predict what most countries will do: · The Philippines' archipelagic nature gives it the physical stand-off of is­lands without the navy, so in the face of a threat from a superior country it will prostrate itself before any naval power that might come to its aid. · Chile's population center is in a single valley surrounded by mountains. Breaching those mountains is so difficult that the Chileans often find it easier to turn their back on the South American continent and interact economically with nations much further afield. · The Netherlands benefits from a huge portion of European trade because it controls the mouth of the Rhine, so it will seek to unite the Continent economically to maximize its economic gain while bringing in an exter­nal security guarantor to minimize threats to its independence. · Uzbekistan sits in the middle of a flat, arid pancake and so will try to expand like syrup until it reaches a barrier it cannot pass. The lack of local competition combined with regional water shortages adds a sharp, brutal aspect to its foreign policy. · New Zealand is a temperate zone country with a huge maritime frontage beyond the edge of the world, making it both wealthy and secure -- how could the Kiwis not be in a good mood every day? "But then there is the United States. It has the fiat lands of Australia with the climate and land quality of France, the riverine characteristics of Germany with the strategic exposure of New Zealand, and the island fea­tures of Japan but with oceanic moats -- and all on a scale that is quite lit­erally continental. Such landscapes not only make it rich and secure beyond peer, but also enable its navy to be so powerful that America dominates the global oceans.
Peter Zeihan (The Absent Superpower: The Shale Revolution and a World Without America)
Growth was so rapid that it took in generations of Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned out badly, you might get shot. Better to avoid all responsibility. An example of what could happen
Daron Acemoğlu (Why Nations Fail: The Origins of Power, Prosperity and Poverty)
As I near the end of all of that and think back on what I’ve learned, these are the ten principles that strike me as necessary to true leadership. I hope they’ll serve you as well as they’ve served me. Optimism. One of the most important qualities of a good leader is optimism, a pragmatic enthusiasm for what can be achieved. Even in the face of difficult choices and less than ideal outcomes, an optimistic leader does not yield to pessimism. Simply put, people are not motivated or energized by pessimists. Courage. The foundation of risk-taking is courage, and in ever-changing, disrupted businesses, risk-taking is essential, innovation is vital, and true innovation occurs only when people have courage. This is true of acquisitions, investments, and capital allocations, and it particularly applies to creative decisions. Fear of failure destroys creativity. Focus. Allocating time, energy, and resources to the strategies, problems, and projects that are of highest importance and value is extremely important, and it’s imperative to communicate your priorities clearly and often. Decisiveness. All decisions, no matter how difficult, can and should be made in a timely way. Leaders must encourage a diversity of opinion balanced with the need to make and implement decisions. Chronic indecision is not only inefficient and counterproductive, but it is deeply corrosive to morale. Curiosity. A deep and abiding curiosity enables the discovery of new people, places, and ideas, as well as an awareness and an understanding of the marketplace and its changing dynamics. The path to innovation begins with curiosity. Fairness. Strong leadership embodies the fair and decent treatment of people. Empathy is essential, as is accessibility. People committing honest mistakes deserve second chances, and judging people too harshly generates fear and anxiety, which discourage communication and innovation. Nothing is worse to an organization than a culture of fear. Thoughtfulness. Thoughtfulness is one of the most underrated elements of good leadership. It is the process of gaining knowledge, so an opinion rendered or decision made is more credible and more likely to be correct. It’s simply about taking the time to develop informed opinions. Authenticity. Be genuine. Be honest. Don’t fake anything. Truth and authenticity breed respect and trust. The Relentless Pursuit of Perfection. This doesn’t mean perfectionism at all costs, but it does mean a refusal to accept mediocrity or make excuses for something being “good enough.” If you believe that something can be made better, put in the effort to do it. If you’re in the business of making things, be in the business of making things great. Integrity. Nothing is more important than the quality and integrity of an organization’s people and its product. A company’s success depends on setting high ethical standards for all things, big and small. Another way of saying this is: The way you do anything is the way you do everything.
Robert Iger (The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company)
Ingvar Kamprad started IKEA. He owns most of IKEA through INGKA Holding and Stitching INGKA Foundation. He took his share of IKEA, put it in a trust, and the trust pays no taxes, so he basically pays no taxes. Rich people do this all the time. They either move to a country where there is no tax on worldwide income, or no capital gains tax. The concept that you’ll always pay tax is a little overblown if you are a member of the capital class.
Richard Heart (sciVive)
The implications are simple. If past prices contain little or no useful information for predicting future prices, there is no point in following technical trading rules. A simple policy of buying and holding will be at least as good as any technical procedure. Moreover, buying and selling, to the extent that it is profitable, tends to generate taxable capital gains.
Burton G. Malkiel (A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing)
Paper gains do not equal cash on cash returns
Henry Joseph-Grant
Black Swans being unpredictable, we need to adjust to their existence (rather than naïvely try to predict them). There are so many things we can do if we focus on antiknowledge, or what we do not know. Among many other benefits, you can set yourself up to collect serendipitous Black Swans (of the positive kind) by maximizing your exposure to them. Indeed, in some domains—such as scientific discovery and venture capital investments—there is a disproportionate payoff from the unknown, since you typically have little to lose and plenty to gain from a rare event. We will see that, contrary to social-science wisdom, almost no discovery, no technologies of note, came from design and planning—they were just Black Swans. The strategy for the discoverers and entrepreneurs is to rely less on top-down planning and focus on maximum tinkering and recognizing opportunities when they present themselves. So I disagree with the followers of Marx and those of Adam Smith: the reason free markets work is because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or “incentives” for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can.
Nassim Nicholas Taleb (The Black Swan: The Impact of the Highly Improbable)
Property is the worst, since you’re taxed every year whether your house goes up or down in value. Employment income and interest are slightly better, because they’re taxed only when you make money. Qualified dividends and capital gains are the best.
Kristy Shen (Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required)
if you were to stop working, your employment income would drop to $0. And if you were to structure your portfolio such that it earned money as dividends and capital gains, you could end up never paying taxes again.
Kristy Shen (Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required)
CHECKLIST Statement of earnings from Social Security Income tax returns Checkbook records Old and current statements Gifts Winnings Loans Capital gains Illegal sources Contract labor not reported to the IRS (tips, babysitting, errands)
Vicki Robin (Your Money or Your Life)
While the rich became richer, the taxation policy of the government, instead of correcting this trend, actively strengthened it. One of the first decisions of the first Modi government was to abolish the wealth tax that had been introduced in 1957. While the fiscal resources generated by this tax were never significant, the decision was more than a symbolic one.126 The wealth tax was replaced with an income tax increase of 2 percent for households that earned more than Rs 10 million (133,333 USD) annually.127 Few people pay income tax in India anyway: only 14.6 million people (2 percent of the population) did in 2019. As a result, the income-tax-to-GDP ratio remained below 11 percent. Not only has the Modi government not tried to introduce any reforms to change this, but it has instead increased indirect taxes (such as excise taxes), which are the most unfair as they affect everyone, irrespective of income. Taxes on alcohol and petroleum products are a case in point. As some state governments have also imposed their own taxes, this strategy means that India has one of the highest taxation rates on fuel in the world. The share of indirect taxes in the state’s fiscal resources has increased under the Modi government to reach 50 percent of the total taxes—compared to 39 percent under UPA I and 44 percent under UPA II.128 Modi’s taxation policy, a supply-side economics approach, is in keeping with the managerial rhetoric of promoting the spirit of enterprise that the prime minister, who readily presents himself as an efficiency-conscious “apolitical CEO,” relishes. One of the neoliberal measures the Modi government enacted in the name of economic rationality, right from his very first budget in 2015, was to lower the corporate tax.129 For existing companies it was reduced from 30 to 22 percent, and for manufacturing firms incorporated after October 1, 2019 that started operations before March 31, 2023, it was reduced from 25 to 15 percent—the biggest reduction in twenty-eight years. In addition to these tax reductions, the government withdrew the enhanced surcharge on long- and short-term capital gains for foreign portfolio investors as well as domestic portfolio investors.130
Christophe Jaffrelot (Modi's India: Hindu Nationalism and the Rise of Ethnic Democracy)
In 1988, NDTV got a good contract from Doordarshan to produce a famous weekly show called The World This Week, which was anchored by the owner Prannoy Roy. As per records, Doordarshan granted Rs.2 lakhs ($6000[1]) per episode to NDTV, which was a princely sum in those days. Incidentally the head of Doordarshan at that time was Bhaskar Ghose and his son-in-law journalist Rajdeep Sardesai became the No. 2 in NDTV. The Congress Party was in power then and showed all possible support to NDTV and provided a red-carpet welcome to the private media unit to enjoy the national resources of Doordarshan. Every resource and infrastructure of Doordarshan was used for NDTV’s growth. In fact, in the early days (1995-1997), it is this tax payer money (Doordarshan contract) that got him personal gains again when he did “sweet” private equity deals (for sale of personal stake belonging to him and his wife) to a few global private equity funds. Thus, he built a business from patronage (government money) and then created value and cashed some of it by selling to private equity investors such as Goldman Sachs, Morgan Stanley, Alliance Capital, Jardine Fleming etc.
Sree Iyer (NDTV Frauds V2.0 - The Real Culprit: A completely revamped version that shows the extent to which NDTV and a Cabal will stoop to hide a saga of Money Laundering, Tax Evasion and Stock Manipulation.)
Companies like Airbnb, Disney, and the NBA gain moral clout when they preach about how much they care about stakeholders at home. But then they turn around and use that moral clout to implicitly endorse atrocities abroad when foreign dictators flex their own stakeholder status. That’s the key difference between stakeholder and shareholder capitalism:
Vivek Ramaswamy (Woke, Inc.: Inside Corporate America's Social Justice Scam)
A large part of the appeal of Chicago School economics was that, at a time when radical-left ideas about workers' power were gaining ground around the world, it provided a way to defend the interests of owners that was just as readical and was infused with its own calims to idealism. To hear Friedman tell it, his ideas were not about defending the right of factory owners to pay low wages but, rather, all about a quest for the purest possible form of "participatory democracy" because in the free market, "each man can vote, as it were, for the color of tie he wants." Where leftists promised freedom for workers from bosses, citizens from dictators, countries from colonialism, Friedman promised "individual freedom," a project that elevated atomized citizens about any collective enterprise and liberated them to express their absolute free will through their consumer choices.
Naomi Klein (The Shock Doctrine: The Rise of Disaster Capitalism)
As to the learning that any person gains from school education, it serves only, like a small capital, to put him in a way of beginning learning for himself afterward.
Thomas Paine (The Age of Reason)
Long after Rockefeller had exited the industrial scene, various economists, while espousing the general superiority of competition, conceded the economic wisdom of trusts under certain conditions. The conservative, Austrian-born economist Joseph A. Schumpeter, for example, contended that monopolies might prove beneficial during depressions or in new, rapidly shifting industries. By replacing turmoil with stability, a monopoly “may make fortresses out of what otherwise might be centers of devastation” and “in the end produce not only steadier but also greater expansion of total output than could be secured by an entirely uncontrolled onward rush that cannot fail to be studded with catastrophes.”91 Schumpeter imagined that entrepreneurs wouldn’t commit large sums to risky ventures if the future seemed cloudy and new competitors could easily spoil their plans. “On the one hand, largest-scale plans could in many cases not materialize at all if it were not known from the outset that competition will be discouraged by heavy capital requirements or lack of experience, or that means are available to discourage or checkmate it so as to gain the time and space for further developments.
Ron Chernow (Titan: The Life of John D. Rockefeller, Sr.)
You need to pay close attention to three types of taxes as an investor: 1. Ordinary Income Tax. As stated, if you’re a high-income earner, your combined federal and state income taxes are nearing or exceeding 50%. 2. Long-Term Capital Gains. This is a tax on investments, which is only 20% if you hold your investment for longer than one year before you sell. 3. Short-Term Capital Gains. This is a tax on investment gains if the investment is sold before you have held it for a minimum of one year. Today the rates are currently the same as ordinary income taxes. Ouch!
Anthony Robbins (MONEY Master the Game: 7 Simple Steps to Financial Freedom)
When you do sell any investment held outside of a tax-deferred account (like an IRA), make sure you hold for a minimum of a year and a day in order to qualify for the lower long-term capital gains rate (again, at the time of this writing the rate is 20%).
Anthony Robbins (MONEY Master the Game: 7 Simple Steps to Financial Freedom)
I understood, too, what was upsetting my supposed benefactors. This wasn't about my work or my Instagram feed, or whatever uncomfortable email or phone call. Ryan and Seth had received this morning from whichever of their corporate partners was currently on edge. This was about the extent to which I would seem to be playing my role. Just as I had come to understand that in the world of Pict it wasn't enough simply to go to work and go home - that there was, in addition, and expectation of some deeper, human contribution - so too, in the context of this programme, this opportunity, it would never be enough simply to point to the material gains I had made. They needed me to be not only successful, but happy, evolved, gratefully aglow. It was my job to make them feel good about themselves and to help them package up that satisfaction for the consumption of others. In my mind, I saw their vision: me, on a podium or stage, perhaps giving a TED talk, gushing about the life in the change in my life they'd occasioned. (p.165)
Sam Byers (Come Join Our Disease)
By capitalizing on these assets, a company stands to gain customer success, brand strength, first-mover advantage,
Charles O. Holliday Jr. (Walking the Talk: The Business Case for Sustainable Development)
Instead, powerless individuals blamed other powerless individuals for what they lacked. Sometimes they tried to destroy one another. Sometimes, like Fatima, they destroyed themselves in the process. When they were fortunate, like Asha, they improved their lots by beggaring the life chances of other poor people. What was unfolding in Mumbai was unfolding elsewhere, too. In the age of global market capitalism, hopes and grievances were narrowly conceived, which blunted a sense of common predicament. Poor people didn’t unite; they competed ferociously amongst themselves for gains as slender as they were provisional. And this undercity strife created only the faintest ripple in the fabric of the society at large. The gates of the rich, occasionally rattled, remained unbreached. The politicians held forth on the middle class. The poor took down one another, and the world’s great, unequal cities soldiered on in relative peace.
Katherine Boo (Behind the Beautiful Forevers: Life, Death, and Hope in a Mumbai Undercity)
There is no analytic presumption that migration produces gains either for the societies that migrants join, or for those they leave; the only unambiguous gains are for the migrants themselves.
Paul Collier (The Future of Capitalism: Facing the New Anxieties)
After the overthrow of an authoritarian regime, the last vestiges of patriarchal care for the poor can fall away, so that the newly gained freedom is de facto reduced to the freedom to choose the preferred form of one’s misery—the majority not only remain poor, but, to add insult to injury, they are told that, since they are now free, poverty is their own responsibility.
Slavoj Žižek (Trouble in Paradise: From the End of History to the End of Capitalism)
Remember, capital gains are taxed at a lower rate than dividends. Thus, some theorize, investors may prefer capital gains to dividends. This is known as the tax preference theory. Of course, capital gains are not paid until an investment is sold. Investors can control when capital gains are realized, but they can’t control dividend payments.
Timothy J. McIntosh (The Snowball Effect: Using Dividend & Interest Reinvestment To Help You Retire On Time)
Certain performance-based fee schemes work to align the interests of fund managers and fund shareholders, encouraging fund managers to profit from performance excellence instead of asset gathering. Most incentive fee structures involve the combination of an asset-based fee and a performance-based fee. The asset-based fee covers reasonable overhead involved in running investment management operations. The performance-based fee rewards superior returns, defined by the amount by which the returns exceed an appropriate benchmark. For example, a large-capitalization equity fund manager might receive ten percent of the fund’s gains in excess of the return on the S&P 500. In such a dual fee structure, the asset-based fee covers costs and provides a fair income, while the incentive fee rewards managers for producing superior investment returns.
David F. Swensen (Unconventional Success: A Fundamental Approach to Personal Investment)
Jeffrey and Arnott calculate the tax burden imposed by portfolio turnover. Using a 35 percent capital gains tax rate and a 6 percent pre-tax growth rate (roughly equivalent to the long-term capital appreciation of U.S. equities), the authors conclude that even modest levels of turnover create material costs. For example, as shown in Table 8.14, a turnover rate of 10 percent leads to a tax bill that reduces returns by more than a full percentage point, a steep price to pay relative to the 6 percent pre-tax rate of appreciation.
David F. Swensen (Unconventional Success: A Fundamental Approach to Personal Investment)
Optimism. One of the most important qualities of a good leader is optimism, a pragmatic enthusiasm for what can be achieved. Even in the face of difficult choices and less than ideal outcomes, an optimistic leader does not yield to pessimism. Simply put, people are not motivated or energized by pessimists. Courage. The foundation of risk-taking is courage, and in ever-changing, disrupted businesses, risk-taking is essential, innovation is vital, and true innovation occurs only when people have courage. This is true of acquisitions, investments, and capital allocations, and it particularly applies to creative decisions. Fear of failure destroys creativity. Focus. Allocating time, energy, and resources to the strategies, problems, and projects that are of highest importance and value is extremely important, and it’s imperative to communicate your priorities clearly and often. Decisiveness. All decisions, no matter how difficult, can and should be made in a timely way. Leaders must encourage a diversity of opinion balanced with the need to make and implement decisions. Chronic indecision is not only inefficient and counterproductive, but it is deeply corrosive to morale. Curiosity. A deep and abiding curiosity enables the discovery of new people, places, and ideas, as well as an awareness and an understanding of the marketplace and its changing dynamics. The path to innovation begins with curiosity. Fairness. Strong leadership embodies the fair and decent treatment of people. Empathy is essential, as is accessibility. People committing honest mistakes deserve second chances, and judging people too harshly generates fear and anxiety, which discourage communication and innovation. Nothing is worse to an organization than a culture of fear. Thoughtfulness. Thoughtfulness is one of the most underrated elements of good leadership. It is the process of gaining knowledge, so an opinion rendered or decision made is more credible and more likely to be correct. It’s simply about taking the time to develop informed opinions. Authenticity. Be genuine. Be honest. Don’t fake anything. Truth and authenticity breed respect and trust. The Relentless Pursuit of Perfection. This doesn’t mean perfectionism at all costs, but it does mean a refusal to accept mediocrity or make excuses for something being “good enough.” If you believe that something can be made better, put in the effort to do it. If you’re in the business of making things, be in the business of making things great. Integrity. Nothing is more important than the quality and integrity of an organization’s people and its product. A company’s success depends on setting high ethical standards for all things, big and small. Another way of saying this is: The way you do anything is the way you do everything.
Robert Iger (The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company)
Pair 3: American Home Products Co. (drugs, cosmetics, household products, candy) and American Hospital Supply Co. (distributor and manufacturer of hospital supplies and equipment) These were two “billion-dollar good-will” companies at the end of 1969, representing different segments of the rapidly growing and immensely profitable “health industry.” We shall refer to them as Home and Hospital, respectively. Selected data on both are presented in Table 18-3. They had the following favorable points in common: excellent growth, with no setbacks since 1958 (i.e., 100% earnings stability); and strong financial condition. The growth rate of Hospital up to the end of 1969 was considerably higher than Home’s. On the other hand, Home enjoyed substantially better profitability on both sales and capital.† (In fact, the relatively low rate of Hospital’s earnings on its capital in 1969—only 9.7%—raises the intriguing question whether the business then was in fact a highly profitable one, despite its remarkable past growth rate in sales and earnings.) When comparative price is taken into account, Home offered much more for the money in terms of current (or past) earnings and dividends. The very low book value of Home illustrates a basic ambiguity or contradiction in common-stock analysis. On the one hand, it means that the company is earning a high return on its capital—which in general is a sign of strength and prosperity. On the other, it means that the investor at the current price would be especially vulnerable to any important adverse change in the company’s earnings situation. Since Hospital was selling at over four times its book value in 1969, this cautionary remark must be applied to both companies. TABLE 18-3. Pair 3. CONCLUSIONS: Our clear-cut view would be that both companies were too “rich” at their current prices to be considered by the investor who decides to follow our ideas of conservative selection. This does not mean that the companies were lacking in promise. The trouble is, rather, that their price contained too much “promise” and not enough actual performance. For the two enterprises combined, the 1969 price reflected almost $5 billion of good-will valuation. How many years of excellent future earnings would it take to “realize” that good-will factor in the form of dividends or tangible assets? SHORT-TERM SEQUEL: At the end of 1969 the market evidently thought more highly of the earnings prospects of Hospital than of Home, since it gave the former almost twice the multiplier of the latter. As it happened the favored issue showed a microscopic decline in earnings in 1970, while Home turned in a respectable 8% gain. The market price of Hospital reacted significantly to this one-year disappointment. It sold at 32 in February 1971—a loss of about 30% from its 1969 close—while Home was quoted slightly above its corresponding level.*
Benjamin Graham (The Intelligent Investor)
Marx stepped into history as the coauthor of the Communist Manifesto of 1848. Capitalism, he said, stood for the rule of human products over human communities. It gained power, grew out of control, constrained human expectations, and blighted the lives of the overwhelming majority, the working-class proletariat. Communism was precisely the abolition of capitalist tyranny and liberation from it.
Gary J. Dorrien (Social Democracy in the Making: Political and Religious Roots of European Socialism)
When you are ahead of the industry, stay quiet. Don’t boast about what you have learned.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Venture capital has succeeded mainly when high-potential industries are emerging. Historically, VCs earned high returns from emerging, high-potential industries such as semiconductors, personal computers, biotechnology, and telecommunications in the 1970s and 1980s; Internet 1.0 in the 1990s; and Internet 2.0 in the 2000s. When there are no major industries at the emerging stage, VC returns have fallen.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Invention is about technology and the idea. Innovation is about satisfying the unmet needs of customers. Steve Jobs used others’ inventions and developed great innovations by improving them to exceed customers’ expectations and satisfy their unmet needs. Jobs was not the original creator of great inventions. But he was perhaps the world’s greatest imitator and innovator by combining other people’s inventions to develop products that people could not resist.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Capital-intensive ventures expect the industry to grow rapidly and seek to spend large amounts of capital to dominate it. These expenses and investments are made ahead of revenues, causing losses and negative cash flow. This negative cash flow is hopefully funded by angel capitalists and VCs.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Capital-efficient ventures grow slower at the start, yet this approach can enable the venture to break even financially or have positive cash flow, even if in small amounts. It may take longer to reach takeoff.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Hybrid ventures are the third track, combining the capital-efficient and the capital-intensive. Hybrids are capital-efficient until Aha. After Aha, they seek VC for a competitive advantage and to grow faster to dominate the industry.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
After a successful launch, entrepreneurs need to know how to switch from venture mode to corporation mode. This means learning control skills to protect resources, organization skills to build a more productive organization and achieve goals, and leadership skills to dominate the emerging industry.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
To improve productivity frugally, you need to know what to expect, and then organize to make your operations more efficient. Reward employees based on their productivity and contribution to the company.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
A new industry, or an existing industry that is being impacted by a revolutionary trend, is chaotic. Highly successful entrepreneurs see through the chaos, noise, and clutter of a new, emerging industry or the patterns of change in a fragmented industry, and find the right opportunity and strategy to dominate it. That is the essence of revolutionary visioning.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Finance-smart entrepreneurs pivot when they see the reality of the market and assess their competitive advantage. In the capital-efficient and hybrid growth tracks, entrepreneurs learn the skills to develop their business. They don’t seek controlling capital until their strategy is proven and their potential is evident.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
At its core, strategy is about what you sell, your target market segment, your direct and indirect competitors, and your competitive advantage. All of this comes into play if you are to develop a strategy to succeed and dominate. Can you beat your direct and indirect competitors and dominate your market for the long term?
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
To take off without capital, entrepreneurs need to have the skills to bootstrap their innovation.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Most billion-dollar entrepreneurs developed their initial product or service using their skills—and did not need capital. Very little institutional venture capital is provided at the seed stage.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Recognizing and satisfying unmet needs to offer higher value has been the hallmark of entrepreneurs. By understanding your market’s unmet needs, you can sell customers the right products and services.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Ever since the first entrepreneur appeared, the second entrepreneur asked, “How can I do it better or cheaper?
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Some entrepreneurs use their unique skills to develop their product or service to launch their business in emerging technologies. Established companies usually are not dominant in these emerging technologies, and the new ventures can gain a strong foothold before the dominant companies are aware of the opportunity—and the threat.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Technologists often believe that all they need to do is to build a product they think is great, and it will sell itself. Unless you are incredibly lucky, that never happens.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
cliff. You should seek realistic and challenging goals, which are at the upper end of your talent and the lower end of hopes. To be credible, the venture’s goals should be consistent with the scale of the opportunity and the track record of management. A venture that depends on achieving an overly optimistic (based on history and the industry) growth rate or capturing an unrealistic market share (based on history and advantage) may not be credible.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Whether you are seeking financing from equity sources, lenders, vendors, customers, or from internal cash, realistic goals and achievable projections enhance credibility. Miss your projections and financiers are unlikely to take you seriously. Achieving projections helps enhance credibility and helps you get the right financing from the right sources at the right time with the right terms.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Corporations rely on internal cash flow to pay for growth and dividends. The corporate model usually seeks to “optimize” the level of sales, profits (earnings per share), and cash flow. This means that they mostly seek cash-flow-based growth, and their growth may be slower because they mainly operate in mature industries. High-performance entrepreneurs want to grow fast but with control. So they need to balance growth needs with cash flow and external financing.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
The final proof of differentiation is in the marketplace, not on the plan.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
To grow and create profits, you need to differentiate based on market needs and your competitive strengths. The entry wedge can take many forms and can include new technologies (Medtronic), new business models (Dell), new locations (Walmart), or better leadership (Jobs, Bezos). The first step is to know where your venture can get an edge over your competitors and then develop marketing, operations, management, and resource strategies that are consistent with that edge.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Features define what you are selling. Benefits define what customers are buying.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
Find the entry wedge where value exceeds price. Every market segment has its own buying influencers—the benefits and rewards of buying compared with the costs and risks. These are the hot buttons that influence buying and the barriers that may keep buyers away, assuming they know enough about your product. To find the right entry wedge, you need to know your customers’ motivations and why they will buy from you. Different customers may have varied motivations.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)
what if you have a new technology (B) that is worse on today’s key performance variable that is valued by customers but is better on a second variable that may not be highly valued by today’s key markets? This is often the issue with revolutionary technologies. In such a case, the new technology may have to find a new market that may be today’s fringe market but is more open to your uniqueness. The venture can get a foothold in this fringe market, while continuously improving the technology to become more competitive in the key performance variable. When it does, the venture may be able to dominate other market segments.
Dileep Rao (Nothing Ventured, Everything Gained: How Entrepreneurs Create, Control, and Retain Wealth Without Venture Capital)