The Consequences of Rule by Billionaires

Check out this story about Oracle’s Larry Ellison buying 98 percent of an island in Hawaii.

This is what it’s coming to with our trend toward rule by billionaires. How can it be that any one individual can own 98 percent of a sizable island in Hawaii in the first place? Now we see two of them simply making a swap in ownership while the people of Hawaii or America must just hope that Larry might invite them or allow them to visit that beautiful place from time to time.

One of the nice things about California as compared to the East Coast is how all the ocean front is public. The leaders and people of California in the past had the vision to make sure that no one person or persons owned that sliver of land along the ocean – and they worked hard to keep frequent public access to it.

That is not the case in, say, Connecticut, where I once lived. There wealthy people owned all the beach front and the public was herded into a handful of places along the coast. That’s bad public policy. Good for those with money or the accumulated wealth and privilege of those families that got there early. But not good for the long-term health of the society that comes later.

I think we can work out better systems than this. Larry can still get a spectacular place with a spectacular view and ample access to his dear ocean. But he’s not the only guy that gets to.

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