The Value of Everything: Making and Taking in the Global Economy

Let’s begin our journey with a gentle invitation: imagine a world where the richest stories are not just found in fairy tales, but in the very fabric of our economies. For centuries, the stories we tell about who creates wealth have quietly shaped the destinies of nations and individuals alike. We hear of heroic entrepreneurs, daring financiers, and innovative tech titans, each claiming the mantle of 'wealth creator.' But beneath these tales lies a deeper truth—one that is often obscured by the dazzling lights of success and the comforting myths of merit.

Consider the world of finance. Not so long ago, bankers and financiers were seen as mere facilitators, shuffling money between the real engines of growth: farms, factories, and workshops. Their work was important, but not productive in the classic sense. Then, as the decades unfolded, a subtle shift occurred. Deregulation and changes in economic measurement allowed finance to step into the spotlight, recasting itself as a creator of value. Suddenly, profits from speculation and complex financial instruments were celebrated as evidence of productivity, even as the real economy lagged behind. This transformation was not just a technical change—it was a narrative triumph.

But these stories do more than entertain; they justify. When a CEO claims that their high income is a reward for taking risks and creating jobs, or when a pharmaceutical company sets a sky-high price for a life-saving drug, they are weaving a narrative that legitimizes inequality. These tales are not always true, but they are powerful. They shape public opinion, policy, and even the way we measure success. The stories we believe about wealth creation determine who is praised, who is envied, and who is left behind.

Yet, if we look closer, we see a different picture. The technologies that power our modern lives—GPS, the internet, touchscreens—were not the work of lone geniuses or daring investors, but the result of collective effort, often funded by the public sector. Still, the narrative of the solitary innovator persists, overshadowing the reality of shared creation and risk.

As we settle into this story, let us remember Plato’s wisdom: storytellers rule the world. The stories we choose to tell—and believe—about value and wealth are not mere reflections; they are blueprints for action. If we cannot define what we mean by value, we cannot be sure to produce it, nor to share it fairly, nor to sustain economic growth.

Let’s move forward, then, to unravel how these shifting definitions of value have shaped not just our stories, but the very boundaries of our economies.