Wait, now that I look around, I see that Yves Smith at Naked Capitalism posted about this on October 15, , almost three years ago, and called for people to protest the annual meetings of the American Bankers Association. We project that the plutonomies the U. Just google it. Nothing that surprising, economically speaking, except for maybe the fact that their reaction, far from being outrage, is something bordering on gleeful. Low-end developed market labor might not have much economic power, but it does have equal voting power with the rich.
|Published (Last):||12 July 2016|
|PDF File Size:||20.11 Mb|
|ePub File Size:||4.99 Mb|
|Price:||Free* [*Free Regsitration Required]|
The reports are available for the time being: 20 June here and here. In and Citigroup issued two now notorious but highly significant reports for the exclusive use of its richest clients. This 35 page report begins:. The World is dividing into two blocs — the Plutonomy and the rest. The U. Continental Europe ex-Italy and Japan are in the egalitarian bloc.
In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc. We worry less. We project that the plutonomies the U. It shows that the rich in the US continue to be in great shape. We thought this was good time to bang the drum on plutonomy. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the US, UK, Canada and Australia.
These economies have seen the rich take an increasing share of income and wealth over the last 20 years, to the extent that the rich now dominate income, wealth and spending in these countries.
Asset booms, a rising profit share and favourable treatment by market-friendly governments have allowed the rich to prosper and become a greater share of the economy in the plutonomy countries. Both reports were leaked and made available on the WEB. Michael Moore referred to them in Capitalism: a love story , and the now retired US newscaster Bill Moyers has called attention to them. But they seem to have been largely ignored by scholars. They should be required reading.
They have succeeded in getting the second plutonomy report removed from Scrib. I managed to get 2 from the Greencard site…. You can find the first report here: Click to access downloads. There might be a connection with Robert Gordon. Could anyone who downloaded this please email it to me. I would greatly appreciate it as none of the links are currently functioning. My email is civileconomies gmail.
The link you provided no longer works. First, rich people are supposed to be good for the economy because they invest, not because they spend. Behold the Dark Side! I have these documents on a Public Dropbox folder, to share with anyone who wants them. Just send e-mail to gil —AT— merced-a.
Can someonoe please e-mail me the report? My e-mail is leninha. Pretty sad actually. Writing the hagiography of the plutocrats has always been an unfortunate role. You got to admire the cluelessness of people who deny the down and praise the up as if gravity had nothing to do with it.
Plutocracies always destroy themselves, and many innocents along with them. Plutocrats repent, your end is near. You are commenting using your WordPress. You are commenting using your Google account. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. This site uses Akismet to reduce spam.
Learn how your comment data is processed. Sign me up! Subscriptions are free. Over one million full-text copies of RWER papers are downloaded per year. These guidelines exist to further that reputation. Anyone may comment. Old Paradigm methodology rethinking economics Old Paradigm Economics Real World Economics Movement revere award Revolving-Door Economists students teaching World Economics Association The Economy Arab World Bubbles budget deficits upward income redistribution crisis debt microcredit debt crisis depression economic development Economy education Eurozone Eurozone Crisis exploitation financial crisis financial markets food globalization Graphics Decline of the USA Quality of life indicators Greece Growth health housing bubble income inequality income redistribution inequality jobs Keynes Piketty's Capital Plutonomy Political Economy Politics and the economy poverty Recession Social Security taxes Uncategorized unemployment upward income and wealth redistribution upward income redistribution The Economy and the Planet economics of climate change oil energy the planet and the economy WEA Books.
The reports are available for the time being: 20 June here and here from Edward Fullbrook In and Citigroup issued two now notorious but highly significant reports for the exclusive use of its richest clients. This 35 page report begins: The World is dividing into two blocs — the Plutonomy and the rest. And it continued: We project that the plutonomies the U. Share this: Email Twitter Facebook Print. Comments 26 Leave a comment. Dave Raithel. Edward Fullbrook.
Gil C. That is not true. They present themselves as looney, as well. Like say, Bachmann, Palin, etal? Thank you, Helena. Michael Monterey. Mitch Zaiman. Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in:. Email required Address never made public.
Name required. Email subscription to this blog Join 18, other followers. Edward Fullbrook and Jamie Morgan. Search for:. Comments on issue 74 - repaired post and read comments on issue Kurien —————.
Christian Arnsperger and Yanis Varoufakis. Family Links C. Top Blog at WordPress. Post was not sent - check your email addresses! Sorry, your blog cannot share posts by email.
Plutonomy Memo by Citigroup
Citigroup wrote memos in and addressed to investors, basically saying that the world is dividing up more and more into a small group of rich people who drive the economy, surrounded by a large number of poor people whose economic interests can be safely ignored. Disruptive technology-driven productivity gains, creative financial innovation, capitalist- friendly cooperative governments, an international dimension of immigrants and overseas conquests invigorating wealth creation, the rule of law, and patenting inventions. Often these wealth waves involve great complexity, exploited best by the rich and educated of the time. Of course, Naomi Klein, being a journalist rather than an investment banker, spent time with the victims of all these policies and thus was pretty pissed off about them. Well anyway, nice to know that great minds think alike, as it were. Ever since they were leaked to the internet a few years back, Citigroup has been trying desperately to hide these memos from the public.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
Plutonomy entered the language as late as the s in the work of John Malcolm Forbes Ludlow. Citigroup analysts have also used the word plutonomy to describe economies "where economic growth is powered by and largely consumed by the wealthy few. The authors of these studies predicted that the global trend toward plutonomies would continue, for various reasons, including "capitalist-friendly governments and tax regimes". Eight years after Kapur and his team developed and published their plutonomy thesis, the French economist Thomas Piketty achieved worldwide prominence with his book Capital in the Twenty-First Century. In this book, he shows a strong long-term trend toward more concentrated income and wealth. Some economists took issue with this diagnosis. During this discussion, Ajay Kapur the author of the plutonomy-theses, which is closely related to Piketty's theses, entered the public stage again in May
The World is dividing into two blocs — the Plutonomy and the rest. The U. Continental Europe ex-Italy and Japan are in the egalitarian bloc. In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
Learn more about Scribd Membership Home. Much more than documents. Discover everything Scribd has to offer, including books and audiobooks from major publishers. Start Free Trial Cancel anytime. Plutonomy Memo by Citigroup. Uploaded by cstroeh.