The immense power of the new plutocracy: How billionaires like Musk, Bezos and Zuckerberg shape our lives and our democracies

On May 5, 1789, King Louis XVI of France inaugurated the Estates-General. The institution convened that year to address the problem of rampant inflation and the bankruptcy of the monarchy, which was deeply indebted due to a lack of revenue. Neither the nobility nor the clergy paid taxes. Not because they were short of money. Their reason for exemption was simpler and more absurd: it was their privilege.

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