In his new book, John O. McGinnis makes the case for why the wealthy matter for democracy—and why attacking them may backfire.

At one time, the rich could generally count on the Republican Party not begrudging them financial success, even of the outlying variety. That’s no longer the case. Arguments that such elites may be bad for America, and maybe just bad, period, now come from both sides of the political spectrum. Some even propose class genocide.

“Billionaires should not exist,” said Vermont Senator Bernie Sanders when introducing a plan for a new wealth tax.

In Why Democracy Needs the Rich, John O. McGinnis, a law professor at Northwestern University, offers a different opinion.

He didn’t title the book Why Our Economy Needs the Rich. McGinnis does include the standard case for the wealthy, that through hard work, risk taking and foresight, they make our shared economy more productive. Without Elon Musk, for example, there would be no Tesla. If its customers, employees, and the IRS all benefit from that, why shouldn’t Musk be rewarded?

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