Millions of dollars are pumped into election by billionaires
Private equity tycoon Ronald Burkle is the Clintons’ good friend who has raised over $20 million for democrats in the US election campaign. This has become the norm for rich Americans, from Warren Buffet to Jim Walton. However, people in the developing world are also getting richer. Though most billionaires on the Forbes list are from the developed world, a majority of new inclusions are from developing countries too. Billionaires in Asia have increased to 50. The picture in Africa and Middle East is also same. The region is now home to 26 billionaires, including six newcomers, with a total worth of $85 billion.
However, the emergence of billionaires means many positive ramifications in the economy and standard of living of the fellow citizens in developing countries. With that, can their interest and affiliation with politics and significant contributions in politics and election campaigns make politics more popular or interesting among uneducated common citizens? Or will their emergence just result in taking over of the bureaucracy where citizens are misguided in choosing their representatives, leaders!
However, the emergence of billionaires means many positive ramifications in the economy and standard of living of the fellow citizens in developing countries. With that, can their interest and affiliation with politics and significant contributions in politics and election campaigns make politics more popular or interesting among uneducated common citizens? Or will their emergence just result in taking over of the bureaucracy where citizens are misguided in choosing their representatives, leaders!
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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