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Children of the Yuan Percent: Everyone Hates China's Rich Kids

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Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#21

Post by icebraining »

vijayr wrote: post #17
timwaagh wrote: post #12

Earlier quoted context omitted.

most people i know do need to work if they dont want to sleep in the streets. i program others wait tables or clean out the garbage. you think somebody does that for 'pride'? it does not matter if the country is developed or not you still have to work because real estate is expensive even if food is not. if you dont well congrats but then you (and your buddies) are one of these second generation dandies.

even if food is not. Good food is not cheap. In NYC, we pay 8$ for a decent sized watermelon - almost all fruits are expensive, and most vegetables too. Only shitty food like chips, soda, candy, fast food etc are cheap.

Watermelon is good food? As far as I know, it's not particularly rich nutritionally, it's mostly expensive sugary water.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#23

Post by vvvv »

rcarrigan87 wrote: post #11

Further down in the article, some interesting points about the motivations behind philanthropy. "philanthropy is about more than just social responsibility—it’s about social stability." So other than a genuine desire to do good or vanity seeking that can motivate philanthropy, you have a third element in China - preventing a revolt by the poor on the rich. If you give just enough, you'll keep the poor subdued. I wond…

That is exactly the control mechanism that was used by a number of Arab countries, including Saudi Arabia, to prevent the Arab Spring revolutions from happening within their borders. They handed out billions of cash to the populace.

"...the Saudi state began spending $130 billion to pump up civil servant salaries (paying two extra months’ salaries)"

"In Kuwait, at around the same time, the state increased civil servant salaries by 115 percent at a cost of more than $1 billion, and at an additional cost of $5 billion, gave a cash handout of Kuwaiti Dinar (KD) 1000 to its citizens and promised free distribution of foodstuffs for fourteen months"

http://www18.georgetown.edu/data/people/mk556/publication-61...

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#24

Post by 0xcde4c3db »

k__ wrote: post #8
gd1 wrote: post #4

Cool headline, but given the population of China, we're probably talking children of the 0.001%

Wasn't "The 1%" really "The 0.001%" in the US already?

Pretty much. The bottom of the 1% is the elite of people who still actually work for a living, such as lawyers, dentists, and doctors.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#25

Post by mtgx »

rcarrigan87 wrote: post #11

Further down in the article, some interesting points about the motivations behind philanthropy. "philanthropy is about more than just social responsibility—it’s about social stability." So other than a genuine desire to do good or vanity seeking that can motivate philanthropy, you have a third element in China - preventing a revolt by the poor on the rich. If you give just enough, you'll keep the poor subdued. I wond…

Relevant recent quote from someone at the UN:

> "Unfortunately only when the poor enter the halls of the rich, do the rich notice that the poor exist."

http://www.reuters.com/article/2015/09/27/us-un-assembly-ref...

Inequality is a problem for the rich, too, and not just because the poor will eventually revolt on them and take their stuff by force or murder them violently, but also because when most money is concentrated in the hands of only a few, the "economy" becomes weaker and less dynamic, as people can't afford to buy all sorts of stuff anymore (from the rich people's companies). The lesson here is not to postpone solving the inequality problem until the poor are already at their doors or causing riots in the streets.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#26

Post by hndude »

rcarrigan87 wrote: post #11

Further down in the article, some interesting points about the motivations behind philanthropy. "philanthropy is about more than just social responsibility—it’s about social stability." So other than a genuine desire to do good or vanity seeking that can motivate philanthropy, you have a third element in China - preventing a revolt by the poor on the rich. If you give just enough, you'll keep the poor subdued. I wond…

>I wonder if there are similar motivations for super rich American philanthropists. My guess is they're less worried about revolt and more motivated by vanity.

This is a bit more pessimistic view but what about the raise in minimum wage for fast food workers (in NY) to $15 an hour? I daresay those employees are less likely to participate in Occupy Wall Street protests now, not that the balance of power in this country has actually changed any.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#27

Post by gozo »

EliRivers wrote: post #16
mrkickling wrote: post #14

"You deserve to be poor because you don’t work hard." I wonder how they can allow themselves to be rich if they don't work?

That's a bit out of context. The full quote radically changes the meaning: "There are two groups of poor people. One is, you don’t work hard. You deserve to be poor because you don’t work hard. Second is, you work hard but can’t succeed. I think we should help the second group of people."

Which is still ridiculous because the Chinese are the hardest working people I've ever seen. I would assume she and her friends are by far the least hard working demographic in China. It's a just world fallacy if anything.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#28

Post by Shivetya »

rcarrigan87 wrote: post #11

Further down in the article, some interesting points about the motivations behind philanthropy. "philanthropy is about more than just social responsibility—it’s about social stability." So other than a genuine desire to do good or vanity seeking that can motivate philanthropy, you have a third element in China - preventing a revolt by the poor on the rich. If you give just enough, you'll keep the poor subdued. I wond…

Pretty sure that is the motivation behind many government support programs. keep the people at the bottom placated enough to support you. The trouble is you create a dependent class because the number of people willing to live in such a way is higher than most would expect

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#29

Post by moron4hire »

rcarrigan87 wrote: post #11

Further down in the article, some interesting points about the motivations behind philanthropy. "philanthropy is about more than just social responsibility—it’s about social stability." So other than a genuine desire to do good or vanity seeking that can motivate philanthropy, you have a third element in China - preventing a revolt by the poor on the rich. If you give just enough, you'll keep the poor subdued. I wond…

If they are at all studied in classic literature and world history, it should at least be at the back of their mind, because it's been a known effect since at least the Romans. Where do you think the phrase "bread and circuses" comes from?
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