When Stocks Go Up Who Benefits?

When Stocks Go Up Who Benefits?
Fix, Blair. (2023). Economics from the Top Down. 28 October. pp. 1-17. (Article - Magazine; English).

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https://economicsfromthetopdown.com/2023/10/28/when-stocks-go-up-who-benefits/, https://www.econstor.eu/handle/10419/279884, https://yorkspace.library.yorku.ca/items/5f42a35a-5086-49c8-b604-9ff7b7f16bf4

Abstract or Brief Description

Cui bono? For whose benefit?

Think of this question as a sword — a sharp piece of steel that cuts through bullshit. In this post, we’ll use it to slice through business-press bullshit about the stock market. You know the stuff — the ubiquitous puff pieces that gush about rising stock prices, as though they benefit everyone.

When we ask cui bono, we carve through this BS. We discover that for most people, rising stocks are a tool not for gain, but for administering pain. Looking at the United States, I find that when stocks go up, the vast majority of people see their share of income (and wealth) decline.

So here’s the truth about the stock market: it’s a socially sanctioned way to take from the poor and give to the rich.

Language

English

Publication Type

Article - Magazine

Keywords

billionaires corporation distribution ownership United States

Subject

BN Power
BN Region - North America
BN Business Enterprise
BN Capital & Accumulation
BN Conflict & Violence
BN Distribution

Depositing User

Jonathan Nitzan

Date Deposited

30 Oct 2023 23:20

Last Modified

24 Nov 2023 20:53

URL:

https://bnarchives.yorku.ca/id/eprint/803

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