Inside the mind of George Soros: one of the most controversial entrepreneurs

George Soros is, without a doubt, one of the most polarising entrepreneurs in modern history. His business acumen and philanthropy work have brought him acclamation and praise from some; however, those same decisions have brought him condemnation and criticism from others. Why is George Soros so controversial? Well, let’s hear his story to find out more.

He fled the Nazis in Hungary

Soros was born in Budapest, Hungary in 1930. He endured a Nazi Germany-occupied Hungary and subsequently emigrated to the United Kingdom in 1947. After relocating, Soros graduated from the highly acclaimed London School of Economics with a Bachelor’s degree.

Black Wednesday

Given his turbulent upbringing, many would assume that Soros is widely respected for his rise to financial fame. However, Soros had an instrumental role in the 1992 UK currency crisis, known colloquially as “Black Wednesday”. Soros’ fund short sold over $10 billion worth of pounds sterling, which subsequently earned him a profit of over $1 billion. His intervention caused massive economic instability, and from then one he became known as “The Man Who Broke the Bank of England”. His involvement was lambasted by political leaders, many of whom claimed that he was partially responsible for economic downturns and market contractions.

Fall of communism

Soros was also pivotal in influencing the fall of communism throughout Eastern Europe, naturally bringing him criticism from radical left-leaning groups across the world.

Criticism of China

Furthermore, Soros has also been highly critical of China and its economic approach. He did, however, praise their government as vigorous and more robust than the United States. Nonetheless, he did concede that China would represent a grave threat to open societies and free democracy, criticising the Chinese Communist Party for engaging in totalitarian tactics. In January 2019, Soros reaffirmed that Chinese companies Huawei and ZTE should not be forbidden from engaging in 5G telecommunications.