Photo: Laughing Squid via flickr
Because it leads to inequality, capitalism can drive empathetic people into the streets in angry protest.We saw a lot of that last fall.
But sometimes, capitalism works miracles.
Eight years ago, some kid built a Web site in his dorm.
Then, because some smart 1%ers risked their money (and money aggregated from the 99%) that Web site was able to become a very successful company.
Yesterday, that successful company filed for an IPO. And now, in May, that company will sell shares to the public.
When that happens, it will create more than 1,000 millionaires in a single moment. In that same moment, and in a blow against another kind of inequality, one Facebook’s executives will take a huge step toward becoming the world’s wealthiest self-made women by 2017. The 1%ers (and the 99%ers whose aggregated money they handle) will see an exponential return on their investment.
In the months that will follow, some of those millionaires will buy cars and houses. Many of them, now 1%ers themselves, will start or invest companies that could be the next Facebook.
It’s a miracle.
I talked about this with Yahoo Daily Ticker’s Aaron Task in the video below. Watch: