Why George Soros Is Considered a Must Listen To
George Soros first began a legend in the world of finance in 1992, when he bet that the British pound would lose value, and he bet hard. When the pound dropped that year, he earned close to $1.2 million dollars. However, he’s much more than a financial legend. He’s also one of the world’s largest philanthropists. Up to 2017, he has given away over $12 billion. That’s “billion”, with a b. That’s a lot of money, going to help refugees, LGBTQ, Roma, and many others who are being oppressed or threatened.
George Soros’s latest contribution to the world is an explanation of what he believes the biggest threat to capitalism is: too much individualism. The capitalist society can only thrive if everyone knows who they are, and doesn’t rely on someone else to tell them what to think, do, say, etc. as a communist or fascist society would. He specifically targets the idea of “lassiez-faire” capitalism, or “hands off” the free market. This is the kind of approach that prevails in the United States of America.
However, he says that the threat is more indirect than anything communism or fascism ever had. In theory, lassiez-faire works. It means that supply and demand will balance each other out if no one touches supply or demand and tries to force something into scarcity or no demand. As with many theories, it doesn’t pan out so well in society because there are people who are looking to manipulate the market to make a few quick dollars and leave. Diamonds are a good example of faking scarcity, but that’s another story for another time.The point he’s trying to make is that when theories don’t account for the human element of a society, the theory will rarely pan out as expected in society.