Friday, March 24, 2017

Yilmaz Akyuz — How to Understand Globalization: Not Nations, But Class

South Centre Chief Economist Yilmaz Akyuz explains why a correct understanding of contemporary globalization requires class, rather than nation, as the central unit of analysis.
The global ownership class is vacuuming up the bulk of income and wealth. This is inherent in the institutional design of capitalism, which favors owners (capital) over workers (labor) and the environment (land).

Triple Crisis
How to Understand Globalization: Not Nations, But Class
Yilmaz Akyuz | South Centre Chief Economist 

1 comment:

Andrew Anderson said...

This is inherent in the institutional design of capitalism, which favors owners (capital) over workers (labor) ... Tom Hickey

Yes, since the former are the most so-called worthy of what is, in essence, the public's credit but for private gain and private wealth concentration into fewer and fewer hands.

Without government subsidies for usury, it's likely that capital would be much more broadly owned so that the distinction between capital and labor would be much less pronounced than it is.