wealthy ppl provide capital? - no wealth no capital? - right? wrong?

Question

we hav it on the authority of galbraith ['dean of economists'] that 'liberty equality fraternity' cultures like the scandinavian hav highest capital formation - extreme overpaid/underpaid countries like middle east hav ZERO capital formation - and wealth/poverty countries like america hav low capital formation, ie relatively HIGH cost of money

[egalitarian cultures also hav highest real income growth]

i guess the reason is that in egal societies, there is a PLATEAU of success - a perceivable social LEVEL - when ppl reach it, they can relax and save - there is no poverty to fear falling into

with wealthpoverty cultures like america, there is no resting place, just a slippery slope - the wealthy hav no rest, there are always 'jones's' higher up, and the yawning pit of poverty straight below - hence stress, dogeatdog culture [americans SNARL, GROWL a lot], mental disease - putting others down heavily: a schoolyard normal sport

an unliberty inequality unfraternity culture

Answer 1

I do not agree with all this. In a democratic country like US there are not only people like Bill Gates but lots & lots of lazy people who do not want to toil hard and reap fortunes. Only because of this we find homelessness & poverty. One need not much worry about this what Adam Smith the father of Econimics said lazez fare still holds good and the lazy peoples kith & kin who now realise that they are becoming poorer & poorer than the rest of the people in the world will once again pounce up and work hard and compete with the other and regain their number one position back. Yes this is democray & only this way it would be.

Answer 2

Okay, I get your opinion, uninformed as it is. But, what is your question?

Adam Smith, who published "The Wealth of Nations" in 1776, is much closer to your economic philosophy than John Kenneth Galbraith.

Galbraith followed the reasoning of John Maynard Keynes, who debunked Smith's ideas. However, the U.S. rejected Keynes' economic policy of big government, big government spending, and acquiring a national debt until mid-way through World War II.

At that point, Franklin Roosevelt grudgingly took the advice of Galbraith, and the nation was able to finance the rest of the war and bounce back from debt to an economic balance.

Most presidents after Roosevelt substituted borrowing for taxation to finance giant government programs. Bill Clinton was the only one who made significant strides in paying down the national debt. Since then, the debt has been growing faster and faster. It's now $7,500,000,000,000.00.

Meanwhile, domestic economic policy has created homelessness on a scale not seen since the great depression and certain individuals (like Bill Gates) building such massive fortunes that they could leave a bankrupt U.S. and simply buy their own countries.