By Guy Standing
"In this considerate e-book, man status makes a speciality of the significant challenge of recent capitalism—the tendency of significant wealth to remodel itself into political strength that corrupts the political method and generates legislation and rules favouring the wealthy—and indicates beneficial and critical solutions." —Robert Reich, US hard work Secretary 1993-1997
There is a lie on the middle of worldwide capitalism. Politicians, financiers, and worldwide bureaucrats declare to think in loose, aggressive markets, yet have built the main unfree marketplace procedure ever made. it truly is corrupt simply because source of revenue is channelled to the proprietors of property—financial, actual and intellectual—at the rate of society.
This e-book finds how international capitalism is rigged in favour of rentiers to the detriment of we all, specially the precariat. A plutocracy and elite enriches itself, now not via construction of products and prone, yet via possession of resources, together with highbrow estate, aided by means of subsidies, tax breaks, debt mechanisms, revolving doorways among politics and enterprise, and the privatization of public providers. Rentier capitalism is entrenched through the corruption of democracy, manipulated by means of the plutocracy and an elite-dominated media.
The Corruption of Capitalism argues that rentier capitalism is fostering riot, and concludes through outlining a brand new source of revenue distribution process that may in attaining the extinction of the rentier whereas selling sustainable growth.
Guy Standing is a professor on the university of Oriental and African experiences, college of London, and is a Fellow of the Academy of Social Sciences. he's at the moment co-president of the elemental source of revenue Earth Network.
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Additional info for The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay
China plans to raise the retirement age in stages from 2017, which will add millions to the world’s labour force. Meanwhile, in India, hundreds of millions of people will move from its backward rural economy and informal urban economy into the global wage-labour market. There is little prospect of a global labour shortage pushing up wages in rich countries for many years to come. China’s industrialisation surge has accompanied a sharp decline in manufacturing employment in industrialised countries, particularly since the financial crash.
Capital and technology mobility has increased; potential mobility has increased even more. Corporations can de-structure, fracture, offshore or inshore, and outsource or in-source functions as costs and prices dictate, in the interest of profit-making. This fluidity has made the firm itself a variable entity, subject to mergers, acquisitions, takeovers and restructuring at the behest of its ever-changing owners and managers. Firms have become commodities. Second, the new technologies are contributing to inequality.
Fortunately, we are still in the early stages, when collective action can assert democratic control. Whether or not they will do so in the future, the technologies have not yet produced mass unemployment. Although measured unemployment is higher than a few decades ago, this must be seen in the context of population growth and globalisation, in which the world’s labour supply has more than tripled. There are more jobs than at any time in history. One difficulty is that many analysts interpret ‘disruption’ – a favoured word – as the destruction of jobs in general and the simple replacement of labour by robots and automation.