Technology is advancing in leaps and bounds — and so is economic inequality, says writer Chrystia Freeland. In an impassioned talk, she charts the rise of a new class of plutocrats (those who are extremely powerful because they are extremely wealthy), and suggests that globalization and new technology are actually fueling, rather than closing, the global income gap. Freeland lays out three problems with plutocracy … and one glimmer of hope.

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Hat tip Panskeptic

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13 Responses to “Rise of the New Global Super-Rich”

  1. chartist says:

    You have a few super connected super rich folks in China exploiting the masses, just like the gilded age of America.

  2. DeDude says:

    Another part of this internationalization is that the plutocrats can take over and plunder one country, and then seamlessly move on to the next when the first one implodes. This is part of what is going on in the US currently. They know that it is not sustainable in the long run, but they don’t care because they will leave just before the collapse.

    • S Brennan says:

      Dedude, to your point, from my comment yesterday:

      “….[we can also use bombs] to destroy high quality civilian infrastructure, such as schools, water distribution, electrical generation et al which put a previously debt free [country]…in need of massive western loans to rebuild assets destroyed by the US. Apparently, we are using bombs to create orifices for blood funnels.

    • Frilton Miedman says:

      Exactly, multinationals can leapfrog between nations globally, negotiating depraved tax rates & exploiting desperate labor conditions in one location, while capitalizing on favorable demand elsewhere without reciprocating those benefits in the form of wages or tax revenues.

    • BennyProfane says:

      To where? Mars, eventually?

    • RW says:

      Back in the day we used to call this the new colonialism: Instead of conquering and plundering foreign countries it is the motherland that is suborned and looted.

  3. sellstop says:

    I read her book “Plutocrats, the rise…” some time ago. It is a good read and makes sense.

  4. panskeptic says:

    For a more extended discussion, Chrystia Freeland appeared with Matt Taibbi on Moyers and Co.

    http://www.youtube.com/watch?v=rvIM6-BGx8I

  5. Mr Reality says:

    She does a decent job of describing the situation, but so what? I’ve heard plenty of people like her saying similar things, but NOBODY talks about HOW to make the changes necessary to make things more equitable.

    History teaches us that those that have the power loath giving up that power.
    So, you can talk till you are blue in the face, but that isn’t going to change a thing.

  6. TDHawk says:

    As long as the super rich and lucky are people like Gates, Buffet, or Jobs, I can deal with that. I thought we were talking about a super rich bankster syndicate here.

    Gates does not prepare or encourage his children to be part of the super rich class by any “education arms race”. Sure there are going to be rich people who will, but you can’t teach people how to invent Google.

    If people nowadays can invent a dumb website like Facebook and get paid billions for that innovation, we need even more competing innovations! More lucky and smart nerds jumping in.

    And “glimmer of hope”? What is this…a Shakespearean tragedy?

  7. victor says:

    When capitalism-an economic system NOT a social system-runs amok and morphs into something else, where inequality reigns, and the much touted “ability to self correct” fails then all sorts of political movements advocating all sorts of redistribution schemes will compete to grab power, i.e., expect social unrest resulting in reduced economic activity. That’s what the gold bugs keep telling us.

  8. 873450 says:

    “We need a new, New Deal.”

    She nailed it.

    Unfortunately, the historic, extremely capable POTUS elected twice during multiple crisis has tragically failed to realize the leadership and authority placed into his hands to achieve it.

    No audacity. No change. Just hope. (He doesn’t seem to care.)