Rising Wealth Inequality and the Growth of an Ecosystem of Fake

Political forces at work at a national level were highly important in determining how incomes have become distributed after the major changes of the early 1980s in the English speaking economies. A universal trend of increasing inequality everywhere would be in line with the notion that inequality is determined primarily by global market forces and technological progress. However, the reality of two markedly different inequality trends, namely the “Anglo-U” versus the “Euro-L” suggests that institutional and political frameworks in different countries have played a substantial if not dominant role. In other words, inequality is not inevitable, it has in fact been driven by policies and actions.

medium.com/@K_Gallowglaich/rising-wealth-inequality-and-the-growth-of-an-ecosystem-of-fake-104bae5e12d5

Many conventional City Tory economists will loath the sight of the two papers listed below. The second immediately signals criticism of Her Majesty Queen Thatcher, so will probably not be read by them. Randian "Libertarian Paternalists" will realise that the conclusions are correct:

1. The Free Market nonsense was an invented fraud and a con with a specific purpose (see 2):

2. There is a globalised free running world superior elite which is well on it' way to taking over.

However, for the Thiels, Bannons, Erdogans, Putins, Mercers, Orbans and Cummings of this world in 2019, these "Satyas" (Sanskrit eternal virtue of Truth) do not matter. Meek, weak little people can write and say millions of words pointing out real Satyas, signalling the virtues again and again, because The Autocrats believe that the severe and clear "disconnect" between the actions of the hyper wealthy globalised few, their regimes and the corrupted, castrated semi-powerless puppet governments that are in tandem with them do not have to alter what they are planning and doing one tiny bit as a result of those words.

It all seems to be going wonderfully to plan for such men, indeed to date has all been quite brilliantly done. Despite this, they over-play their hands and over-estimate their own personal power and achievements. This is set against the sheer scale of the vast powers they have almost certainly unwittingly set themselves up against most singularly and unfortunately. They are but specks of nothing within a vast sweep of time and space. Poor tiny idiot things, setting themselves against The Dharmackakra: www.metmuseum.org/art/collection/search/77751

Whenever I see "virtue signalling" used I think of the Yamas I have learned that those who say this never know what the Yamas are anyway, so they are most wholly and easily forgiven (NO! Not really, they go up onto the damn wheel every time!!)…..

(a) Stiglitz: The Invisible Hand does not exist:

evonomics.com/10-logical-reasonswhy-free-marketeers-dont-understand/

(b) Davis and Walsh (2015), "The Role of the State in the Financialisation of the UK Economy", 

journals.sagepub.com/doi/abs/10.1111/1467-9248.12198?journalCode=psxa

"The UK state became an active participant in the process of financialisation. At the heart of this pro-finance institutional shift was a changing balance of power between the Treasury and the DTI. In the late 1970s, both departments went through a series of dramatic changes that left the Treasury far stronger relative to the DTI.

The Treasury then attempted to remake the DTI in its own image, subjugating its alternative economic outlook to that of its own. In the process, the UK financial sector was continually boosted while its core industrial base was undermined and further placed in the hands of its London-centred financial sector. This was not simply a lurch towards free markets, but a particular economic policy paradigm that advantaged finance and aided the financialisation of UK industry. It propelled the UK towards financialisation faster than almost any other leading economy of the time".