Following the high level of generosity from wealthy French business people following the blaze at Notre Dame, why attack the wealth creators?
The shocking images on Monday evening of Notre Dame, the world-famous Parisian landmark, being engulfed in flames moved virtually everyone that saw them.
By the end of Wednesday, the French government had received over €850 Million from wealthy French families, French companies and international corporations.as they seek to incur favour by donating such large sums to one of the highest visibility causes in recent memory. Or one could argue why so much for a building when human needs go unnoticed?
This really is the politics and economics of envy and resentment. Why the attacks on the custodians of wealth creating private sector companies. Let us just remember that globally Renault employs 118,334 people and LVMH offers employment to 136,633. Thirty years ago, 50% percent of people in poor nations were living in extreme poverty. In the intervening years since the development of global markets, this figure has declined to 21%. The reason for this decline has been the use of free enterprise, capitalist-based economics.
Impose too high a burden of tax and the wealth creators will move away, so leaving the former host nation far worse off. I accept that economic growth generated by the free enterprise system alone will not necessarily solve unemployment. For example, growth cannot solve structural and frictional unemployment. There is a role for the state...not through higher taxation. In fact through less by offering enhanced tax breaks and supply side incentives.
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