The Philosophies of Wealth
Throughout the ages philosophers and socio-economic thinkers have offered widely differing views on the nature of wealth and the purpose it can serve. Ancient philosophers such as Plato and Aristotle have focused more on the idea of an equitable society in which wealth is evenly distributed and used for the betterment of all. Modern day ideals, however, place emphasis on the notion of personal accumulation of wealth in the pursuit of economic growth, advancement and security.
Plato and Aristotle both embraced the concept of a fair, equitable society, advocating that wealth be shared and distributed among the people in order to achieve greater social harmony. They viewed wealth as something to be allocated and managed by the state, believing that individuals should put community needs before personal desire or ambition. Plato believed in a self-sustaining economy where all goods and services were produced and exchangeable within the society and that no external influences were necessary.
Aristotle differed from Plato’s views by believing that wealth should be acquired and used with the intention of promoting the development of the city state. He argued that the primary function of wealth was to enable the citizens to lead an enjoyable and beneficial life in terms of education, leisure, culture and security. Aristotle believed in the importance of private enterprise, but this was to be tempered with what he felt to be the correctly distributed wealth for the benefit of all.
On the other hand, modern day philosophies of wealth largely draws from Capitalism and the notion of the ‘invisible hand’. This concept suggests that individuals are economically independent from the state, and either create their own wealth or are able to take advantage of existing resources and opportunities. Wealth can be accumulated by creating new industries, expanding or building upon existing ventures and extending markets. There is an emphasis on creating wealth through investment and the notion that wealth creation is an engine for economic growth, often with the ultimate goal of becoming rich and secure.
To sum up, wealth has been viewed in a variety of ways throughout the ages, depending on the underlying purpose it is intended to serve. Plato and Aristotle viewed wealth as a means to promote and sustain a fair and equitable society while modern day philosophies support the notion of personal accumulation of wealth for the purpose of economic growth and securement. Ultimately however, the best use of wealth is the one that is beneficial to all and gives everyone the best opportunity to prosper.
