Or would you rather that we just outlaw the Walmart?
Who has Walmart shareholders’ wealth?
Who has the wealth of wealthy stockholders?
The question seems absurd: the stockholders have it, of course.
But I’m not asking who owns the stock; I’m asking who has the wealth? There is a difference. And the difference matters because many good people condemn the free market system on the mistaken belief that the wealth of the wealthy benefits only the wealthy.
. . .
In this important sense, Walmart’s employees and customers have the shareholders’ wealth. They are the ones who use it. The shareholders’ wealth provides tools and equipment that make the employees more productive and therefore higher paid (defending that claim must wait for another post), and it provides goods and services at low prices to customers. Their wealth serves others, not themselves.
