Lecture (ppt 4). Social structure in 21st Century

Transcript:Lecture (ppt 4). Social structure in 21st Century:
Lecture (ppt 4). Social structure in 21st Century Capitalism: Wealthy Elites, middle class and labor. Andrés Solimano, Universidad Mayor and CIGLOB . Prague –University of Economics November, 2014 Rise of Economic Elites and the Super Rich. Social Counterpart of income and wealth concentration. The Internal Differentiation of the Middle Class :Polarization between a new upper middle class and a stagnant traditional middle class. Marginalization of labor, stagnant wages, job vulnerability and polarization of job structures. Trends for mature capitalist economies and developing countries with some variations (labor incomes may grow faster). January 2014 - Rutgers University 2 The social structure of 21st Century Capitalism Wealthy Elites, Crises and Economic Democracy. New Alternatives Beyond Neoliberal Capitalism. Andrés Solimano Two methods: Income-based (from tax- returns information of the top 10 %, top 5 %, top 1% and top 0.1 %. (iii) Wealth-Based: individual data on billionaires (Forbes Magazine) and asset ownership. Aggregate wealth to income ratios. Income and wealth concentration is greater the USA and UK than in continental Europe (France, Germany, the Netherland and Switzerland) and Japan. January 2014 - Rutgers University 3 Wealthy Elites, Crises and Economic Democracy. New Alternatives Beyond Neoliberal Capitalism. Andrés Solimano Measuring Elites: Top Incomes and Top Wealth Strong financial elites in the USA, UK and other countries. Rise of income concentration at the top in large emerging economies such as Russia, China and India that have followed market-oriented and liberalization policies. The emergence of Russian oligarchs, new mandarines (China) and new economic castes in India. January 2014 - Rutgers University 4 New Elites in US, UK, Russia, China and India. Wealthy Elites, Crises and Economic Democracy. New Alternatives Beyond Neoliberal Capitalism. Andrés Solimano Top 10 %, top 5 %, top 1 %, top 0.1 % for OECD countries (USA, UK, Germany, France, Sweden, Switzerland, Jpan, Australia, Ireland, New Zealand,Canada). For emerging economies (Argentina, China, India, Singapore, Colombia, Mauritius, South Africa). January 2014 - Routgers University 5 Empirical evidence on top incomes January 2014 - Routgers University 6 Top decile in the United States, 1917-2010 January 2014 - Routgers University 7 Top 1 %, top 5-1 %, top 5-10%, USA (1913-2010) January 2014 - Routgers University 8 Top decile US, UK, Germany and France, 1910-2010 January 2014 - Routgers University 9 Top 1 % in English speaking countries (1910-2010) January 2014 - Routgers University 10 Top 1 % in Continental Europe and Japan,(1900-2010) January 2014 -