The bezzle
The bezzle is a term originally coined by John Kenneth Galbraith for a long-term pattern of bad faith in which the mark does not realise at the time that they have been a victim, and may even feel that they have gained in the short term, until being disillusioned later on.[1] The term is a contraction of the word "embezzlement".[1] The bezzle does not necessarily require criminal acts; the creation of illusionary wealth suffices.[2]
Charles Munger extended Galbraith's concept to include the apparent wealth created by the bezzle and the economic effects created by that apparent wealth, which can go far beyond the actual creation of illusory wealth.[3][4]
In 2024, Cory Doctorow published a novel entitled The Bezzle, with a forensic accountant main character challenging a corrupt system.[5]
See also
[edit]- Financial bubble
- Ponzi scheme
- Minsky moment, comparable concept associated with financial crises
References
[edit]- 1 2 Pettis, Michael (23 August 2021). "Why the Bezzle Matters to the Economy". Carnegie Endowment for International Peace. Retrieved 2024-02-06.
- ↑ "Ajay Johal: The great wealth illusion and the bezzle". www.civilsociety.co.uk. Retrieved 2024-02-06.
- ↑ Kay, John (2021-09-08). "The Bezzle Years". johnkay.com. Archived from the original on 2024-07-08. Retrieved 2024-02-06.
{{cite web}}: CS1 maint: bot: original URL status unknown (link) - ↑ "11/10/00 Talk of Charles T. Munger to breakfast meeting of the Philanthropy Round Table". Mungerisms. Archived from the original on 2013-05-06. Retrieved 2024-02-06.
- ↑ Doctorow, Cory (2024-02-20). The Bezzle. Macmillan Publishers. ISBN 9781250865878.
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