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💡 Scott Galloway
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A Unifying Theory of Everything | No Mercy / No Malice
Takeaways
Central Theme: Income Inequality
Capitalism is a sort of gangster construct that leverages a species' selfishness and creates all sorts of prosperity from that selfishness.
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💡 Key to successful capitalism has always been a middle class.
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- At the turn of the millennium, America was the only superpower, and we had the most prosperous middle class in the world.
- In the past 20 years, the key feature of China's rise to superpower has been adding several hundred million people to its middle class.
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💡 BUT in the past 50 years, we in America have decided to transfer wealth from the middle class to the shareholder class.
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- The lower and middle classes haven't done any worse, and they haven't done any better but the share of income controlled by the top one percent has exploded.
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💡 This has and will likely continue to create many different externalities
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Externality Example → Gamestop
- Think of it as a mini revolution.
- Young people want volatility.
- If you have assets and are already rich, you want to take volatility down.
- Young people are willing to take risks because they can afford to lose everything.
- For the opportunity to double their money, they will risk losing it all.