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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

#51

Post by knodi123 »

jerf wrote: post #44
talloaktrees wrote: post #38

I had trouble understanding this title, and I realized it's because I speak Chinese. "Yuan" doesn't sound anything like one. it's more like "you" + "an"

Even in English it's a serious stretch. I just checked my /usr/share/dict/words for everything starting with "y" and nothing else that uses a Y for a W sound is leaping out at me.

> I just checked my /usr/share/dict/words for everything starting with "y"

If they ever find a way of converting nerd cred into dollars, you'll be in a very good position.

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

#52

Post by mattzito »

jb613 wrote: post #45

An underlying motif of the article seems to be that the fuerdai not only do not want to work hard but also that they only deserve the best jobs. One example: "It’s no surprise that most fuerdai, after summering in Bali and wintering in the Alps, reading philosophy at Oxford and getting MBAs from Stanford, are reluctant to take over the family toothpaste cap factory." However, at least some of the parents fortunes cam…

I think you are underestimating the amount of graft and corruption that may have been involved in a lot of these fortunes. From knowing folks who have opened factories and businesses in China, there is a staggering amount of market manipulation by various government functionaries who pick and choose who gets to win and lose.

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

#53

Post by sulam »

0xcde4c3db wrote: post #24
k__ wrote: post #8

Earlier quoted context omitted.

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.

And software engineers. :)

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

#54

Post by o0-0o »

blisterpeanuts wrote: post #20

I visited China in 1982, when the capitalist revolution was just getting started. Such wealth did not exist, but there was a deep, simmering anger among the people over Communist corruption and general unfairness and inequity. I witnessed it personally. Now that there's a bit more prosperity and availability of material goods, but still no freedom and still a simmering resentment of government corruption, this fuerda…

Large scale social unrest is just what the communists fear the most. To me, that's not worrisome - it's hopeful. Just opining, and I understand that the collateral costs would be worrisome for everyone in the short term.

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

#55

Post by LiweiZ »

hellbanner wrote: post #43
Chathamization wrote: post #32

Earlier quoted context omitted.

The impression I get from American philanthropists is that, for many of them, it's another way to show off their wealth. It might not directly benefit them, but neither does buying diamonds or gold jewelry. With philanthropy you get big galas, get buildings named after you, demonstrate how wealthy you are to your peers, etc.

This is called https://en.wikipedia.org/wiki/Signalling_theory in evolutionary biology.

Any nice book offering an overview of evolutionary biology applied to our society that you'd recommend?

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

#56

Post by jb613 »

mattzito wrote: post #52
jb613 wrote: post #45

An underlying motif of the article seems to be that the fuerdai not only do not want to work hard but also that they only deserve the best jobs. One example: "It’s no surprise that most fuerdai, after summering in Bali and wintering in the Alps, reading philosophy at Oxford and getting MBAs from Stanford, are reluctant to take over the family toothpaste cap factory." However, at least some of the parents fortunes cam…

I think you are underestimating the amount of graft and corruption that may have been involved in a lot of these fortunes. From knowing folks who have opened factories and businesses in China, there is a staggering amount of market manipulation by various government functionaries who pick and choose who gets to win and lose.

Sure, in many instances, corruption may have played a role too, but corruption requires work too - something the article implies is beneath the fuerdai.

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

#57

Post by SEJeff »

roymurdock wrote: post #31

Funny to think that China was reforged under communist ideals only 50 years ago, and that the hatred of the poor rural folk for the wealthy, corrupt royals and warlords was strong enough to unite allow the country to expel the Japanese, the British, and the KMT. It's my view that the standard of living for the poor and lower classes has improved enough that there would not be enough hatred to fuel a revolution. Disgu…

Look what happened when one upset street vendor in Tunisia self imolated (hint: the beginning of the entire Arab Spring). Mohamed Bouazizi might not have realized it, but his actions, even if fatal to himself, changed the entire course of history in the middle east.

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

#58

Post by LiweiZ »

jb613 wrote: post #45

An underlying motif of the article seems to be that the fuerdai not only do not want to work hard but also that they only deserve the best jobs. One example: "It’s no surprise that most fuerdai, after summering in Bali and wintering in the Alps, reading philosophy at Oxford and getting MBAs from Stanford, are reluctant to take over the family toothpaste cap factory." However, at least some of the parents fortunes cam…

Being a master of "马屁精" or ass-kisser as a somewhat direct translation is the only skill they need besides being born in the inner circle or having special relationship with the circle. I'd admit being a master in a field is a challenging task. Better systems encourage more masters contributing to humanity, while others encourage masters contributing to themselves.

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

#59

Post by themartorana »

vvvv wrote: post #23
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 serva…

What will become of the already unstable Middle East when oil begins its inevitable (likely slow) decline as a dominant power source?

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

#60

Post by rcarrigan87 »

littletimmy wrote: post #46
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 really liked this sentiment of Oscar Wilde on charity: “[Charity] is not a solution [to poverty]: it is an aggravation of the difficulty. The proper aim is to try and reconstruct society on such a basis that poverty will be impossible…Just as the worst slave-owners were those who were kind to their slaves, and so prevented the horror of the system being realised by those who suffered from it, and understood by thos…

Wow, need to read more of him.
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