Wolf Money(book recommendation)
“The Velvet Rope Economy-How inequality became big business” by Nelson D. Schwartz touches on the raw nerve of the inequality in our society. Businesses in America are ditching their bread and butter customers for more productive wealthier patrons. What is a Velvet Rope Economy? Businesses are providing premium services and goods to the ever growing pool of wealthy individuals who have the money to pay for the best. In America, God created everyone equally but not consumers. Big Corporate are cashing in according to the 80/20 rule or the Pareto Principle. (80 percent of effort goes to the top 20 percent of your big spending customers.)
The Velvet Rope Economy is in full display at theme parks. Have anyone observe the pricing difference for a general admission ticket and the so called “express ticket”. Basically express ticket is a queue jumping ticket. Tickets are usually sold at a much higher premium. It doesn’t cost more for the theme parks to sell the express ticket but it does improve the financial side of things substantially for the operators. Effectively they are creating a product call “save time” out of thin air. Most park visitors waited in line for hours for their joy ride under the hot sun while express ticket holders breeze through the queue within minutes with ease. Under normal circumstances, it doesn’t affect the enjoyment of the general ticket holders if only a few people are buying the express tickets but what if more and more people are getting the express tickets as more people who could afford them keep growing, it just lengthened the waiting time for people who could only afford general admission tickets. The Velvet Rope Economy has created two segregated social class of “the have” and “have not” with velvet rope as the invisible marker. It has also introduced to a new type of caste system where people with money can bulldoze the rights of ordinary people.
What was mention in the book mirrored the growing trend of that social inequality in Singapore. One eg was exhibited a few years ago in our public hospitals which are already facing acute shortage of hospital beds. The hospitals continue to market themselves as the choice medical institution for overseas patients which can afford to pay the higher fees. Doesn’t that make the shortage even more acute? Only the authority can answered . They have since build more hospitals to address the problem. Will the government introduced more premium services for rich individuals which may encroached the space and the spirits of public services? Will premium service post covid be a common sight due to the need for more revenue after the big spending done to save the economy during the era of covid 19? The velvet economy doesn’t stop at hospital beds, it had sunk its roots in education where rich American could buy their kid a spot in an Ivy League school. There are no limit what money could seek. The author give a glimpse of what is like within the velvet rope and those outside the velvet rope. The situation facing America is a mind boggling reality show shown live in our society. The egalitarian society is under threat where connection and money speak louder. The Velvet Economy goes onto Lone Wolf recommendation for it thought provoking take on what is taking place and what our society is facing in the future. “The Velvet Economy” is one of the best book I had read recently.
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