Martin Wolf: why rentier capitalism is damaging liberal democracy
Economies are not delivering for most citizens because of weak competition, feeble productivity growth and tax loopholes
So why is the economy not delivering? The answer lies, in large part, with the rise of rentier capitalism. In this case “rent” means rewards over and above those required to induce the desired supply of goods, services, land or labour.
“Rentier capitalism” means an economy in which market and political power allows privileged individuals and businesses to extract a great deal of such rent from everybody else.
Martin Wolf chief economics commentator at the Financial Times 18 September 2019
So why is the economy not delivering? The answer lies, in large part, with the rise of rentier capitalism. In this case “rent” means rewards over and above those required to induce the desired supply of goods, services, land or labour.
“Rentier capitalism” means an economy in which market and political power allows privileged individuals and businesses to extract a great deal of such rent from everybody else.
Martin Wolf chief economics commentator at the Financial Times 18 September 2019
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