18 Sep 2019 Saving capitalism from the rentiers
The FT has launched on Wednesday September 18, 2019 a new agenda under the simbolic title “Capitalism. Time for a reset.” The famous FT editorialist Martin Wolf has written an extreemely interesting article on how ‘rentier capitalism‘ is destroying the economy and capitalism itsself. Where ‘rentier capitalism’ means an economy in which priviledged individuals and businesses extract a great deal of rent from everybody else. The article presents interesting data on the slowdown in productivity, the downturn in company creation since the ’80s and the increase in the level of inequality as well as the dramatic increase in tax heavens’ fictitious profits.
The High Pay Centre has collected data that show that the ratio of average CEO pay to that of average worker pay in the UK rose from 48 in 1998 to 129 in 2016 and in the US the same ratio rose from 42 in 1980 to 347 in 2017.
To read the full article, see the link below:
For further information and literature on the topic, see also: