Millions of dollars are pumped into election by billionaires
T he emergence of billionaires does not remain confined to the developed world. Their growing presence, influence and interest in politics of world’s richest individuals raises many questions especially in developing countries. Can money and billionaires make politics more people friendly when people in developing countries hate politics? Or will it mark the return of ‘billioanophobia’?
A close analysis of the role and impact of billionaires’ interest in politics in developed world can help illustrate the point. Russian & Ukrainian billionaires kept close ties with both communist and pro-western parties which divulged their ideologies, political aims to common citizens. However, the trend has become evident when American billionaires started donating or raising funds for democrats and republics openly. George Soros, the hedge fund billionaire has donated over $5 billion to various political and philanthropic groups in last three decades.
T he emergence of billionaires does not remain confined to the developed world. Their growing presence, influence and interest in politics of world’s richest individuals raises many questions especially in developing countries. Can money and billionaires make politics more people friendly when people in developing countries hate politics? Or will it mark the return of ‘billioanophobia’?
A close analysis of the role and impact of billionaires’ interest in politics in developed world can help illustrate the point. Russian & Ukrainian billionaires kept close ties with both communist and pro-western parties which divulged their ideologies, political aims to common citizens. However, the trend has become evident when American billionaires started donating or raising funds for democrats and republics openly. George Soros, the hedge fund billionaire has donated over $5 billion to various political and philanthropic groups in last three decades.
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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