Why in news
Billionaire Warren Buffet, with a net worth of almost $121 billion by some estimates, has maintained his pledge of giving away his wealth
He has mentioned a transfer of his wealth to foundations overseen by his children, a total amount of around 870 million dollars.
In all, it is estimated that he has given away an amount of $52 billion.
Buffet's Social Philosophy on Wealth
Believes wealth should be used to equalize opportunities, as luck plays a large role in individual success.
Wealth accumulation across generations is problematic for society.
Emphasizes that inequality is not purely about luck but a result of policy choices.
Buffet and Luck Egalitarianism
Buffet credits much of his fortune to fortuitous circumstances, like being born in the U.S. as a white male.
Supports "luck egalitarianism," which argues that no one should suffer from inequality due to bad luck.
Moral responsibility lies in ensuring wealth can be used to provide opportunities for the less fortunate.
Issues with Charity and Wealth Distribution
Charitable giving helps equalize well-being but doesn’t address the root cause of wealth concentration.
Wealth inequality grew significantly from the 1980s due to deregulation and neo-liberal policies, which benefited a small elite.
Wealth was generated through monopolistic practices and financialization, not just luck.
Addressing inequality should focus on policies like taxation, redistribution, and fair wages rather than relying solely on private philanthropy.
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