“Yes, they are greedy dogs which can never have enough, and they are shepherds that cannot understand: they all look to their own way, everyone for his gain, from his quarter.” —Isaiah 56:11

On November 18, 2012, Congress of South African Trade Unions (COSATU) President Sidumo Dlamini said, “greed,” or the wealth of the world being controlled by a few, is the root cause of the world’s economic instability. He said this while addressing the 47th National African Federated Chamber of Commerce Conference in Johannesburg. His 14-year-old remarks still ring true today.

“The current dominant world political and economic system is predicated on greed and is constructed by and on behalf of a tiny minority,” said the president of South Africa’s largest union. “Its primary purpose is to deliver profit for them.”

Dlamini explained that the vicious nature of the capitalist system scraps all “proposed alternatives” that take humanity into consideration, “in favor of those who present an opportunity to have capital continue to maximize profit even during the [world’s] worsening crisis.”

“Greed, for a lack of a better term, is good,” said the unscrupulous corporate raider played by Michael Douglas in the 1987 Oliver Stone movie “Wall Street.” What that fictional character did not say is that countless lives are sacrificed to make greed good for the few.

To provide insight into the above, we need only revisit the 2008 economic crisis, which led to the collapse of the U.S. subprime mortgage market and the reversal of the housing boom in other industrialized economies. According to Dlamini, “when we could see levels of poverty increasing, people being retrenched, and when all of us were made to carry our hands on our heads about the big economic crisis, evidence shows that during that period the world’s billionaires saw their wealth grow by 50 percent, and their ranks swell to 1,011 from 793.”

During the same period, the number of U.S. billionaires grew from 359 to 403.

The 1,011 billionaires’ combined net worth increased to $3.6 trillion, “up,” Dlamini explained, adding “$1.2 trillion from the year before.” Each billionaire, on average, had his or her wealth increased by $500 million. According to Dlamini, “The wealth of the 403 U.S. billionaires [could have] more than cover[ed] the 2008 U.S. federal deficit, with money left over for the states.”

As of March 2026, the world community includes a record 3,428 billionaires, according to the 2026 Forbes World’s Billionaires List. This marks a significant increase from previous years, with these individuals residing in over 80 countries. More than enough to pay off the economic costs being incurred by the consequences of U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu’s war against Iran.

This global greed, particularly by Global North countries, has also impacted the African continent.

“When African countries got independence, they inherited the colonial power structures of the colonizers without fundamentally altering them, thus perpetuating the dominance of capitalism to the detriment of the masses: the urban poor and peasantry,” explained Takudzwa Hillary Chiwanza, a barrister, journalist and social media content professional in his 2023 commentary “Africa Shouldn’t Listen to the International Community.”

Economist, Dr. Ndongo Samba Sylla, the Senegalese head of research and policy for Africa at International Development Economics Associates, has often analyzed “greed” not merely as a personal vice, but as a structural, institutionalized component of the global financial system that perpetuates inequality and colonial-style exploitation.

In his book, “Africa’s Last Colonial Currency: The CFA Franc Story,” co-authored with journalist Fanny Pigeaud, they argue that the CFA Franc acts as a neocolonial tool that extracts wealth from so-called Francophone Africa. They outline how this monetary arrangement hinders economic sovereignty, perpetuates underdevelopment, and subordinates African nation-states to European financial policies and French geopolitical interests.

“Over forty years after the formal end of colonialism, suffocating ties to Western financial systems continue to prevent African countries from achieving any meaningful monetary sovereignty,” Sylla writes.

According to Tricontinental: Institute for Social Research, in an article headlined, “How Neoliberalism Has Wielded ‘Corruption’ to Privatize Life in Africa,” the most “referenced” socio-psychological reasons for corruption are “greed.”

“But greed is not a transhistorical concept or emotion; rather, it is shaped by the social formation in which it is allowed to grow. Capitalism has a special relationship to greed, since it fosters the ‘animal spirits’ (as the economist John Maynard Keynes put it) to reduce all human life to commodities and to centralize the profit motive as the economic motor,” the article noted.

The film “Wall Street” and Douglas’ character’s explanation of the term “greed” to justify his drive to accumulate wealth have come to be seen as the archetypal portrayal of the excesses of financial institutions. The movie, which won Douglas an Academy Award, reportedly inspired many to work on Wall Street. The lead characters, portrayed by Douglas and Charlie Sheen, and the film’s director, Oliver Stone, have previously remarked that people still approach them to say they owe their careers in the financial industry to having seen the film.

That the movie has influenced so many possible careers is a testament to how ingrained in this culture of receiving financial dividends at the expense of others it is.

The Honorable Minister Louis Farrakhan said it best in his 1993 book, “A Torchlight for America.” In chapter three, “Greed and Leadership’s State of Mind,” Minister Farrakhan writes: “The fundamental motivation in this society is greed and the preying upon the weak of the country and the weak of the world, versus sharing the wealth in cooperation with the weak and the poor. Greed is defined as a selfish desire for possessions and wealth beyond reason. When greed is exercised in the society, it is reflected by division among the people.”

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