Tuesday , July 27 2021
Home / Mike Norman Economics / How monopoly was invented to demonstrate the evils of capitalism

How monopoly was invented to demonstrate the evils of capitalism

Summary:
I loved the game Monopoly the first few times I played it when I was a boy, and with all those fancy little houses and hotels it was kind of magical. But I soon learned to not like it so much as it was a slow, drawn out, painful death most of the time. The purpose of the dual sets of rules, said Magie, was for players to experience a 'practical demonstration of the present system of land grabbing with all its usual outcomes and consequences' and hence to understand how different approaches to property ownership can lead to vastly different social outcomes. 'It might well have been called “The Game of Life",' remarked Magie, 'as it contains all the elements of success and failure in the real world, and the object is the same as the human race in general seems to have, ie, the accumulation

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

John Quiggin writes Sandpit

John Quiggin writes Monday Message Board

Lars Pålsson Syll writes Cherry-picking economic models

WARREN MOSLER writes Total initial claims, vehicle sales

I loved the game Monopoly the first few times I played it when I was a boy, and with all those fancy little houses and hotels it was kind of magical. But I soon learned to not like it so much as it was a slow, drawn out, painful death most of the time. 

The purpose of the dual sets of rules, said Magie, was for players to experience a 'practical demonstration of the present system of land grabbing with all its usual outcomes and consequences' and hence to understand how different approaches to property ownership can lead to vastly different social outcomes. 'It might well have been called “The Game of Life",' remarked Magie, 'as it contains all the elements of success and failure in the real world, and the object is the same as the human race in general seems to have, ie, the accumulation of wealth.'


Once the game's true origins came to light, Parker Brothers bought up Magie's patent, but then re-launched the board game simply as Monopoly, and provided the eager public with just one set of rules: those that celebrate the triumph of one over all. Worse, they marketed it along with the claim that the game's inventor was Darrow, who they said had dreamed it up in the 1930s, sold it to Parker Brothers, and become a millionaire. It was a rags-to-riches fabrication that ironically exemplified Monopoly's implicit values: chase wealth and crush your opponents if you want to come out on top.

Alternet


How monopoly was invented to demonstrate the evils of capitalism


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *