Martin Luther King Jr: Socialism for Rich
on Wednesday, September 19, 2018Martin Luther King Jr. Money Quote saying we only believe in socialism when it benefits corporations and businesses, but insist on capitalism for those in poverty. Martin Luther King Jr. said:
“We all too often have socialism for the rich and rugged free market capitalism for the poor” — Martin Luther King, Jr.
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In this quote, Martin Luther King Jr. is critiquing the unequal application of economic systems for different classes in society. He argues that in practice, wealthy and powerful entities often receive government support, bailouts, subsidies or other benefits that socialize their risks and costs – a form of “socialism for the rich.”
Meanwhile, ordinary and low-income citizens are left to struggle under “rugged free market capitalism” without such protections from failures or hardships. King’s point is that the economic rules seem to favor the interests of the affluent, while the poor are not afforded similar safety nets and face a harsher form of capitalism without fail-safes.
His view challenges the fairness of an unequal system where the downsides of markets are socialized for some but not for others.
Birthday: January 15, 1929 – Died (assasinated) April 4, 1968