Inequality – why the workers’ loss of income, and the bosses’ triumph, has broken our economy

Posted: January 15, 2012 in Capitalism, Politics, Socio, The People's History
Tags: , , , , , ,

Stewart Lansley’s The Cost of Inequality: Three Decades of The Super-Rich and the Economy is full of figures to make the blood boil.

* According to Forbes, the number of American billionaires jumped 40-fold in the 25 years to 2007. In that period general US incomes stagnated in real terms, but the aggregate wealth of the top 400 soared from $169 to $1500 billion. (p. 7)

* The average pay of chief executives of Britain’s biggest 100 companies grew by 11% per annum in real terms 1999-2006; for other fulltime employees the figure was 1.4%. (p. 24) In the US chief execs’ pay ratio to workers’ from 1960 (42 to one) had leapt to 334 to one by 2007. (p. 25)

* To make it global, the combined wealth of the world’s 1000 richest people is almost twice as much as the poorest 2.5 billion. (p.27)

It makes the point that most of us have been around for long enough can feel instinctively – all of this is not some kind of inevitable way of things, but a relatively recent, and relatively sudden, development.

via Inequality – why the workers’ loss of income, and the bosses’ triumph, has broken our economy – Philobiblon.

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