A Reader Who Knows a Lot More About Economics Than Me Writes

I just thought that I would share with you some good news about how you’ve forced me to more seriously consider the social gospels and reconcile them with my own beliefs about human nature and economic organization.

The poor, around the world, own approximately $9.3 Trillion in real capital. The problem is that this is “dead” capital, ie outside the legal system. Bringing this capital into the legal system and making it live is possibly the easiest way to provide a dignified life for the poor. The issue affects approximately 4 billion people or 2 out of every 3 on the planet. Essentially writing up a few hundred laws and implementing them would add trillions to world economies and create a tremendous lift for the world’s poor.

I choose to think that, at least in part, this is what Pope Francis is going on about people being despoiled as dead capital has no legal protection and people lose their property with the payment of a bribe.

Conventional charity is not equipped to move that much money into the hands of the poor. But the example of Carlos Slim Helu shows that you can make a great deal of money selling to the “bottom of the pyramid” so there’s a natural coalition waiting to be consummated between the business interests who want new markets and the vast poor who want tools to build a dignified life for themselves if they only had the collateral to stake their dream.

Anyway, this has been floating around in my head for years but your banging on about the social gospel really forced me about getting serious and organizing my thoughts. Thank you for that.

Here’s a link you may find of interest. The whole blog is neat.

I’m not competent to comment but those who are should feel free to do so in the comboxes.

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