Wealth

Latest (2017) Credit Suisse Global Wealth Report.

I found the report and databook very useful during 2011? occupy movement against the 1%.

Showed much tinier fraction the main enemy, eg Top 1000 or so billionaires owned more than bottom half of world population (using my own very conservative adjustments).

Many other sources now. Oxfam claims much tinier (perhaps with opposite adjustments).

Posted below in comment here:

https://thenextrecession.wordpress.com/2017/11/27/neoliberalism-works-for-the-world/#comment-97562

https://www.credit-suisse.com/corporate/en/articles/news-and-expertise/global-wealth-report-2017-201711.html

Got actual download link via:

http://publications.credit-suisse.com/index.cfm/publikationen-shop/research-institute/global-wealth-report-2017-en/

Also one needs databook as well as report:

http://publications.credit-suisse.com/index.cfm/publikationen-shop/research-institute/global-wealth-databook-2017-en/

 

2. My takeaway from Milanovic “elephant” graph was that it helped explain why capitalism (which includes China) has remained viable. Bulk of world’s population are continuing to see improvements (elephant back), only best off workers in advanced countries at bottom of elephant trunk stagnating and starting to resent relative decline but their resentment can still be directed against those below (eg anti-immigration) rather than the tiny few at top of elephant trunk.

3. It is simply absurd that the levels of concentration now openly boasted about have not provoked widespread outrage. I suspect closely connected to absence of any serious proposals for alternative economic system to capitalism (eg greens and pseudoleft want to go backwards rather than forwards from it). That in turn connected with lack of any understanding of how it actually works from which one could propose serious economic policies for revolutionary movements that could actually be successfully implemented by revolutionary governments that people would believe could actually work and be worth the effort of disrupting what they already have and expect to continue to get.

4. More briefly, in a world where 1% own more than half the wealth and top 1000 or so billionaires own more than bottom half of world’s population and top 3 in USA own more than bottom half of USA population we cannot blame “neoliberalism” for abysmal absence of a left. The problem is not with exposing them. They are doing that for us. The work required is on actually having an alternative.

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Neverthelss this category will be for documenting and explaining inequality trends. Key related policy issue is how to implement expropriation to maximize empowerment of working class and minimize mobilization of and disruption by others given a world in which disparities are between as well as within nations, economy is globalized far more than politics and so revolutionary movements are likely to have to confront need for economic policies of states in transition from but still part of a global system based on wage labor and capital.

eg Can top 1% (or whatever) of nationals by expropriated by national decree?

Leaves bulk of wealth privately owned but provides significant funds for government investment programs without providing excuse for economic or military warfare.

If other states refuse to recognize national ownership of the wealth previously owned by richest local nationals as shares in “their” local and global multi-national enterprises can reciprocate with resulting breakdown in world investment and trade flows, but at least places the onus on them rather than us.

May not be completely unfeasible if mass movements threatening states where capitalists remain in charge. But even if it is unfeasible may be worth elaborating the issues anyway.

cf Problems of bolsheviks hoping to be rescued by world (European) proletarian revolution, alliance with SRs, peasant economy, NEP and significantly later collectivization and industrialization followed by fascist war.

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