Inherited Wealth

The notion that capitalism rewards the owning class because of their drive and devotion to business is a complete fraud. Robert Reich Professor of Public Policy at the University of California at Berkeley exploded that myth in his recent blog. 'The "self-made" man or woman, the symbol of American meritocracy, is disappearing. Six of today's ten wealthiest Americans are heirs to prominent fortunes. Just six Walmart heirs have more wealth than the bottom 42 percent of Americans combined (up from 30 per cent in 2007).' (Robert Reich blog, 15 July) Reich was Secretary of Labour in the Clinton administration and  Time Magazine named him one of the ten most effective cabinet secretaries of the twentieth century, so he has a good grasp of how capitalism operates. RD