Tag: plutocrats

“The great fortunes of the late 19th and early 20th centuries were built on the backs of worker-consumers in primarily inward-looking national contexts. By contrast, today’s plutocrats thrive by selling their goods and services globally; their success is dramatically less connected to the fortunes of their fellow national citizens than was that of previous generations. Moreover, the two signature types of massive wealth accumulation in the early 21st century have been high technology and financial services. Neither of these industries relies on masses of laborers, so their productivity is detached from the health of any particular national middle class. […] While plutocrats sewed up the licit opportunities afforded by the integration of the global economy, they mostly avoided dealing in goods and services that were banned for moral or prudential reasons. By contrast, deviant entrepreneurs realized that arbitraging the moral and regulatory differences that existed in different jurisdictions worldwide presented fantastic business opportunities — with opportunities continuously emerging as the capacities of different states contracted at differing rates.” — Nils Gilman for The American Interest