Ajay Kapur, global strategist at Citigroup, and his research team came up with the term “Plutonomy” in to describe a country that is defined. The full report is available here MarPlutonomy-Report-Leaked-Citigroup-Memo-Part1. Maybe I’m the last person who’s hearing about the Citigroup “plutonomy memos”, but they’re blowning me away. Wait, now that I look around.

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Update on Monday, May 30, at Wait, now that I look around, I see that Yves Smith at Naked Capitalism posted about this on October 15,almost three years ago, citkgroup called for people to protest the annual meetings of the American Bankers Association. Update on Tuesday, April 30, at The World is dividing into two blocs — the Plutonomy and the rest.
The answer is of course yes. But we suspect this is a threat more clearly felt during recessions, and periods of falling wealth, than when average citizens feel that they are better off.
Plutonomics
From his post bolding is his:. When the s came along, there were sudden and sharp changes: It shows that the rich in the US continue to be in great shape. Interestingly, they also say this: Within a couple of years, they started having to put money into the party coffers in order to get ahead, a topic studied mainly by Tom Ferguson.
Email Article to Friend. This site uses cookies. From Wikipedia, the free encyclopedia. It used to be citjgroup if a person in Congress hoped for a position such as a committee chair, he or she got it mainly through seniority and service.
Practically every country in the world is taking at least halting steps towards trying to do something about it.
Plutonomics – The Wealth Report – WSJ
Our own view is that the rich are likely to keep getting even richer, and enjoy an even greater share of the wealth pie over the coming years. In a paper, which he wrote for customers of his new employer, Bank of America Merrill Lynchone of the largest wealth management firms, Kapur and his team defended Piketty against critics.

It would have taken a little popular support, but it could have made a major change in the economy. Richard William Posner permalink. Fill in your details below or click an icon to log in: They are richer than ever, more powerful than ever, controlling the political system, disregarding the public. Top Blog at WordPress. Asset booms, a rising profit share and favorable treatment by market-friendly governments have allowed the rich to prosper and become a greater share of the economy in plutonomy countries.
Corporate tax rates could rise, choking off returns to the private sector, and personal taxation rates could plutonomg — dividend, capital-gains, and inheritance tax rises would hurt the plutonomy.

There are a lot of reasons for it. The link you provided no longer works. He has the same cadre of economic advisors as GWB and they have convinced him that the financial industry can patrol itself with no need for any significant new regulation. Concentration of wealth yields concentration of political power. While this tends to be something more often seen in countries with a shorter history of capitalist democracy, such as the Ukraine attempts to undo prior privatizationsor Russia where some of our clients believe events surrounding Mikhail Khodorovsky to be a form of nationalizationit can happen in the strangest of places.
However in democracies this is rarely tolerated forever. Update on Thursday, November 11, at A third threat comes from the potential social backlash. Before the s, banks were banks. The World is dividing into two blocs — the Plutonomy and the rest. Post was not sent – check your email addresses! Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Pluto-participant.
The multinational decided to close it down instead, probably for reasons of class-consciousness. As for the rest, we set them adrift.

Behold the Dark Side! No such requirement applies when Citi speaks to the rest of us—we expect to be lied to, and we are seldom disappointed. Not literal numbers, but the right picture. It seems inevitable therefore, that plutonomists and their agents have gone to great memmo to suppress these documents.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
But as yet, there seems little political fight being born out on this battleground. To find out more, including how to control cookies, see here: Often these wealth waves involve great complexity.
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