A few months ago, the Indian government withdrew 86% of banknotes in circulation. Ostensibly, it was to cut down on the black market economy and tax cheats, but it also wiped out a large percentage of the wealth of the poorest people, who hold their wealth in cash. A few weeks later, Venezuela followed with a similar measure.
This got me thinking, to what degree do people control their own wealth today, and should they have more control?
Who controls money?
For most of human history, individuals had very little control of their own wealth. Warring tribes raided villages and all-powerful kings and emperors could seize your property on a whim. If you worked hard and managed to accumulate some wealth, it wasn’t entirely clear that you would be able to keep it, so most people were content to keep their head down, eek out a meager existence, and not draw too much attention.
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Showing posts with label emperors. Show all posts
Showing posts with label emperors. Show all posts
Saturday, 21 January 2017
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