rentier capitalism Concepts

Rentier Capitalism: Who Owns the Economy, and Who Pays for It?

by Brett Christophers · 17 Nov 2020 · 614pp · 168,545 words

reproduction in which incomes are dominated by rents and economic life is dominated by rentiers. Following many others, I refer to such a system as rentier capitalism. Rentier capitalism is an economic system not just dominated by rents and rentiers but, in a much more profound sense, substantially scaffolded by and organized around the

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generate those rents and sustain those rentiers. Assets, for instance, like those of Arqiva – a quintessential rentier. Pervaded by a proprietorial rather than entrepreneurial ethos, rentier capitalism can be usefully understood as a kind of ‘balance-sheet capitalism’. Alongside the income statement (which details a business’s revenues, costs and profits) and

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assets facilitate and liabilities mitigate profitable making or providing, or whatever else a business does. For a form of capitalism structured by contrast around ‘having’ – rentier capitalism, in other words: a mode of economic organization in which success is based principally on what you control, not what you do – the balance sheet

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is the be-all and the end-all. The assets held on household and (especially) corporate balance sheets are rentier capitalism’s basic building-blocks. When you hear corporate executives wax lyrical about the ‘strength’ and ‘health’ of a company’s balance sheet, about ‘leveraging’

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all three, rent (and hence the rentier) is a marginal, residual or ephemeral phenomenon within capitalism. Marx, as I have said, emphasizes landed forms of rentier capitalism, and thus treats the rentier as residual, harkening back to feudalism. It baffled Marx that under nineteenth-century industrial capitalism, the landed rentier hadn’t

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incredibly stubborn. It is a much more important phenomenon to contemporary capitalism than Marx or Keynes could ever have imagined, and than mainstream economics allows. Rentier Capitalism demonstrates this entrenchment. Further, it investigates the historical supports to contemporary rentierism, showing how it has been accelerated by a series of policy reforms typically

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– using the abstract calculus of r > g – did in Capital in the Twenty-First Century. As such, this book is a political-economic critique of rentier capitalism. It asks what the secular advance of rentierism means for macroeconomic outcomes and for the changing ‘microeconomic’ experiences of key actors in the rentier drama

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rentierism identified above. It is worth briefly fleshing out the differences. In his Tous Rentiers!, Philippe Askenazy offers a largely ideological or ‘ideational’ critique of rentier capitalism. Defining rent as income derived by capitalists not from control of an economic asset but from advantages conferred by powers that are as likely to

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very much in the tradition of ‘moral economy’. By this, I do not mean that they are concerned principally with the moral norms embedded in rentier capitalism (although such norms do figure in the discussion). Rather, they bring primarily moral considerations to bear in their critique of that economic system. The critique

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, Mazzucato, Sayer and Standing rely, more and less explicitly, on notions of justice and fairness, and they share exactly the same rationale for doing so. Rentier capitalism is unfair and unjust, they maintain, because, being predicated on ‘having’ rather than ‘doing’, rentier income – unlike income received by workers or by what

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the authors in question refer to as ‘productive’ capitalists – is unearned. Rentier Capitalism provides a fresh perspective, then, inasmuch as its critique is concerned neither with ideology nor morality, neither with the inherent ethical status of rentierism nor

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what Anderson describes as ‘a capitalist stratum proper’.1 The UK was now characterised by a political economy later described by Martin Daunton as ‘aristocratic rentier capitalism’, dominated by a landowning class that was ‘capitalist rather than feudal’ – or, in Martin Wiener’s words, ‘basically rentier, not entrepreneurial or productive’.2

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into one in which control of exclusive assets is ever more critical. We have seen the development of a full-fledged national rentier capitalism – or, more exactly, a system of rentier capitalism centred on the UK, but extending well beyond its territorial borders. In the UK today, the leading corporations are largely rentiers, and

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remains of manufacturing has itself become more rentierist – and the rise of a rentier economy. We see a shift, as it were, from cartelized to rentierized capitalism. How can we explain the rentierization of the UK economy? What have been its consequences? All seven chapters of this book offer distinctive answers to

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these questions. Each individual rentier capitalism is different in terms not only of its structural complexion and operating dynamics, but also in relation to the factors accounting for the rentier’s

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extraordinary, prescient essay written by E. P. Thompson in 1965.32 It offered three main, striking observations, each of which has subsequently been borne out. Rentier capitalism was unequivocally on the way back. The state was deeply implicated in the enablement of its revivification. And this was assuredly not simply the UK

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incomes. In fact, income inequality is to some degree baked into the rentier business model: growing inequality is a handmaiden to the emergent dominance of rentier capitalism. Rentierism is fundamentally about securing, protecting and sweating scarce assets, and these different roles – which we can think about in terms of different working ‘relationships

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states; the lawyers who secure patent approval for a blockbuster new drug; the ‘rain-makers’ who win ten-year outsourcing contracts. Indeed, the rise of rentier capitalism is the only credible explanation that we have for the fact that, as David Graeber has recently observed, lawyers and accountants account for ‘an extraordinarily

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in actually-existing income inequality.75 Figure 0.8 Estimated taxable gains on capital disposals by UK individual taxpayers, 2017–18 ____ If the rise of rentier capitalism in the UK has led to growing income inequality, what of its corollary, wealth inequality? Here, of course, the key scholarly reference point of

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be worth ten times that sum. Appropriately enough, it is specifically with financial rents that I will begin my more detailed analysis of contemporary UK rentier capitalism. CHAPTER ONE The Functionless Investor: Financial Rents To announce great individual fortune in the midst of wider social and economic misery is invariably to court

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housing, or of financial assets, households can also be rentiers. We therefore need to consider their own particular forms of participation in the landscape of rentier capitalism. Indeed, in the specific case of financial rents that I have addressed in this chapter, the picture is even more complicated. Financial rentiers include not

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if this process has precipitated the re-emergence in Western states of a rentier society – as both a counterpart to and a vital component of rentier capitalism – it is, Piketty rightly notes, a markedly different rentier society from the one that pertained in the late nineteenth century. For one thing, the

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rentierism, specifically in the form of petit rentierism in the residential sector, thus occupies a special place in the wider story of growing inequality under rentier capitalism in the neoliberal UK. For all the reasons explained in the Introduction, the ascendancy of rentierism in general has generated in the UK increased inequalities

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and contract rentierism have proliferated (Chapters 4 and 5). The aggregate result has been a substantial increase in UK income inequality in the age of rentier capitalism.5 Furthermore, as the work of Thomas Piketty, most famously, has shown, rentierism such as now dominates the UK economy has implications for wealth

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greatest when g is suppressed and r is inflated. We have just seen that the first of these conditions has characterized the UK under monopolistic rentier capitalism: output growth has been falling. And as I have emphasized repeatedly, the latter condition has also widely obtained. Piketty’s r has been inflated

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, represented in the UK case by the more than 4 million people now living in deep poverty precisely as a result of the return of rentier capitalism. Mann uses the word ‘dishonorable’ in reference to Robespierre’s notion of ‘honourable’ poverty – ‘one in which having less, perhaps even almost nothing, still

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carries dignity’. But ‘honourable’ poverty and rentier capitalism are mutually exclusive; there is, after all, no dignity in eating at food banks, as nearly 4 million adults in the UK are now forced

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of the ‘metropolitan elite’ liberal establishment. Thus, if there really is an ‘alliance’ in support of Brexit that we can usefully understand in terms of rentier capitalism, it is much more paradoxical than the one to which Davies refers. Yes, it certainly includes ‘the comfortable Telegraph-reading Hampshire retiree’, the rentier reaping

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capturing monopoly profits would in turn increase the government’s tax revenues. This would allow the government not only to support more effectively those whom rentier capitalism has largely left behind, but to invest actively in the production of an alternative, less-rentierist or even non-rentierist future. Boosting the state’

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UK economy in a manner that militated against ongoing rentier dominance, ownership is probably the consideration that underpins all the others. What, after all, is rentier capitalism if not a mode of economic production and reproduction in which the bulk of society’s valuable economic assets are owned by capital? If the

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strengthened, in the process changing the practical meaning and substance of ‘ownership’. If there is to be any meaningful prospect of a shift away from rentier capitalism in the UK, therefore, the direction of such ownership transformations must, to some extent, be reversed. More than anything else, taking on the rentier

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definition, the power to shape, or even dictate, that future, which is a matter of politics as much as economics. This is another dimension of rentier capitalism to which George Monbiot is more alive than most. ‘The economic power of the owners of wealth translates’, he has argued, ‘into political power. The

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as well as economic rule.45 As Martin Wolf has recently observed, there is nothing at all accidental about the fact that the rise of rentier capitalism has occurred simultaneously with the materialization of ‘an increasingly degraded democracy’.46 Thus when it comes to the question of the objectives of reforming ownership

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post-rentier UK into being – would be to build on these initiatives and rapidly scale them up. Ultimately, it is clear enough that moving beyond rentier capitalism in the UK would, above all, be a question of breaking the ideological and substantive dominance of private ownership, whatever the exact mix of ownership

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is not sufficiently worried that the emergence of the rabble will lead to a revolutionary “destruction of existing economic forces in their entirety” ’.65 Is rentier capital in the contemporary UK worried about gross inequality and dishonourable poverty and their potentially destructive implications for capitalism – and prepared to sacrifice accordingly? It does

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pillar of anti-rentierist political-economic transformation I outlined earlier – competition policy. But you cannot have everything. ____ Figuring out what needs to be done about rentier capitalism, and who needs to do it, is the easy part. Getting it done is, unfortunately, altogether more difficult. To tackle meaningfully issues of ownership, competition

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in the rentier. Here, we would do well to listen to Bregman, who has made a crucial observation about the durability of rentier capitalism in the face of its manifest unfairnesses. Rentier capital is safeguarded, he writes, not just by its cosy relationship with officialdom and the mainstream media. Something arguably much more troublesome

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87 As I suggested in Chapter 7, the individualized conflicts to which this paradoxical state of affairs can readily give rise – recognizing the problems of rentier capitalism, and perhaps even wanting to see it done away with, while simultaneously reaping its benefits in a personal capacity – are much less common among younger

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change comes soon, the problems explored in this book will intensify rather than abate. That, as Monbiot reminds us, is in the very nature of rentier capitalism: [W]hen the return on capital increases faster than the growth of economic output, inequality spirals, social mobility stalls and the enterprise economy is replaced

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mix. In the future, it seems inevitable that the kinds of political, military and economic turmoil that scarred the twentieth century, temporarily putting paid to rentier capitalism in the process, will be intimately bound up with environmental turmoil. Here, too – including in the UK, home as it is to carbon neoliberalism (

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and, 202–203; financial rentiers and, 113–114; intellectual property rentiers and, 153–156; natural-resource rentiers and, 109, 114, 119–120, 132, 134–136; rentier capitalism and, 24 Local Government, Planning and Land Act (1980), 237, 343 Local Government Association, 258 Lodge, Guy, 126 London, as world’s leading financial centre

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381–384, 418 remunicipalization, 404–405 renationalization, 405 Renfrewshire, Scotland, 346 rent: definitions and understandings of, xvi–xvii, xx–xxvi; main sources of, xxx–xxxi rentier capitalism, xvii–xix, xxvi–xxix, xxxvi, 1–3, 5–6, 22–23, 39–40, 382–383, 399–401, 409, 419–421 rentierization, of the UK economy

Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy

by Quinn Slobodian · 4 Apr 2023 · 360pp · 107,124 words

, and the Rise of Digital Utopianism (Chicago: University of Chicago Press, 2006). 18. Jathan Sadowski, “The Internet of Landlords: Digital Platforms and New Mechanisms of Rentier Capitalism,” Antipode 52, no. 2 (March 2020): 562–80. 19. “Innovators Under 35,” MIT Technology Review (2013), https://www.technologyreview.com/innovators-under-35/2013/. 20

The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay

by Guy Standing · 13 Jul 2016 · 443pp · 98,113 words

further testimony to the book’s primary theme. It was a populist vote against the insecurity, inequalities and austerity induced by a system of rentier capitalism that has channelled more of the income to a minority in a global Gilded Age. That revolt will be followed by others of a similar

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the index of Tony Atkinson’s magisterial book Inequality, while Thomas Piketty’s much-cited tome Capital in the Twenty-First Century claims that rentier capitalism has faded.3 Keynes was mistaken because he did not foresee how the neoliberal framework built since the 1980s would allow individuals and firms to

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professional associations and occupational guilds. When the interests of free markets and property clash, they favour the latter. Neo-liberalism is a convenient rationale for rentier capitalism. THE GREAT CONVERGENCE It is impossible to make sense of the Global Transformation without appreciating the role of China. With a population of 1.4

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17 October 2015, p. 38. 57 R. Gordon, The Rise and Fall of American Growth (Princeton: Princeton University Press, 2016). Chapter 2 THE SHAPING OF RENTIER CAPITALISM As neo-liberalism took shape in the 1980s, the concept of ‘competitiveness’ became almost an obsession. A country could only develop or grow fast if

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inequality in which an ugly plutocracy emerged. It was not the outcome of autonomous market forces, but of politically driven institutions. THE GLOBAL ARCHITECTURE OF RENTIER CAPITALISM The Great Transformation was built by national bureaucracies answerable to national politicians and financiers. But, after the first phase collapsed in the 1930s, bankers were

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that do not give rental income to inventors, such as prizes or collaborative partnerships, have been relegated to the margins. As with other aspects of rentier capitalism, the patent system began with the monarchy. From the fourteenth century onwards, European rulers, including the English monarchy, granted temporary monopolies to petitioners through

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someone else copies it you can sue.’27 Copyright was opposed by Thomas Jefferson as being a tax on knowledge. But, in the era of rentier capitalism, ever stiffer copyright rules limit access to books and articles, including educational materials and scientific papers. Access is controlled by giant media companies such as

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benefits, while independent studies predict job losses, a decline in worker incomes and greater inequality.39 In reality, these agreements are a smokescreen for strengthening rentier capitalism. As The Economist acknowledged, ‘Trade deals have relatively little to do with tariffs; they focus instead on deeper regulatory issues such as rules governing capital

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cannot bring ISDS cases. The process does not conform to juridical principles and compromises national sovereignty and democratic decision-making. THE FIRST THREE LIES OF RENTIER CAPITALISM So, what can be concluded from this review of the institutional architecture of globalisation? It is claimed that global capitalism is based on free markets

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. This is the first lie of rentier capitalism. Given the spread of intellectual property rules, development of the global capital-risk insurance system and the rent-seeking abilities of the plutocracy in crony

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a lucrative source of income for rentiers. That is not postcapitalism, or a stepping stone in that direction. This leads to the second lie of rentier capitalism. In defence of intellectual property rights, the claim is made that these encourage and reward risk takers. But many patented inventions are based on

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who went before him. One could repeat this metaphor for many breakthroughs that have yielded a few individuals billions of dollars. The third lie of rentier capitalism is that the institutional structure of global capitalism built in the globalisation era is ‘good for growth’. It has actually hindered growth and made

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construction of regulations favouring private capital, and organisations like the OECD have tried to give privatisation an intellectual legitimacy. In sum, the institutional architecture of rentier capitalism has created a fearsome edifice for siphoning income into the hands of the plutocracy, an elite receiving income from capital, and some other favoured groups

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and, coupled with the abolition or erosion of rent controls, generated an increasingly expensive private rental market. Landlordism has become a feature of global rentier capitalism. It has not been resurrected by chance or by free markets. The UK’s present housing crisis has its origins in Thatcher’s decision in

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But, without doubt, housing-based inequality has been fuelled by government subsidies that have neither moral nor economic justification. THE FOURTH LIE OF RENTIER CAPITALISM A fourth lie of rentier capitalism is the claim that profits reflect managerial efficiency and returns to risk-taking. Rather, the increase in the share of income going in

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opprobrium. Never has this been truer than now, when rent-seeking lenders have proliferated and when debt has come almost to define the age. Global rentier capitalism loves debt. Financiers and other holders of assets thrive on creating debt, because they are enriched by interest payments and fees. And they are constructing

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or because of an increase in previously supportable debt due to higher interest rates or changes in circumstance. The main narrative in the age of rentier capitalism concerns the growth of distress debt. This has contributed to inequality and intensified economic insecurity for a growing proportion of the population. Those on low

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fragility – lack of resilience – of those on the edge of unsustainable debt in meeting daily or life cycle needs. High and rising debt testifies to rentier capitalism’s relentless expansion. In 2014, global debt reached a record $199 trillion, equivalent to nearly three times global income, according to the McKinsey Global Institute

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2 billion in 1996 to $17 billion in 2007. In May 2012, student debt reached the $1 trillion milestone. It has become a hallmark of rentier capitalism, a huge source of rental income shaping the lives of millions of young Americans. By 2013, over 7 million ex-students were in deep arrears

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interests, such as ‘muzak’. The ultimate commodification of the commons, beyond all parody, occurred in 2015 in China. Chinese cities are on the frontier of rentier capitalism, spawning a rapidly growing plutocracy of billionaires as well as the world’s largest precariat. They are also so heavily polluted with toxic smog that

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allotments and, in rural areas, County Smallholdings Estate. In the twentieth century, attitudes fluctuated, as did the number of allotments. But in the era of rentier capitalism, the attack on them has been quietly relentless as councils have sold off allotment sites for private development. There are some 250,000 allotments in

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during the dispute. More than half the gallery trustees, appointed by the government, are from the world of finance and business, oriented to the rentier capitalism model in which public assets can be restructured and partially or wholly privatised. The trustees will have seen the institution’s employees as just a

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use drives up the price, giving the rights holders extra income. Sometimes called ‘cognitive capitalism’, the intellectual property system is in reality a system of rentier capitalism, resting on the contrived scarcity of the intellectual commons. Paul Mason claims that, although corporations seek to restrict the supply of information, it remains abundant

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basis of sex, race, colour, national origin or religion. Another issue raised by this form of tasking is the erosion of professionalism, an undercurrent in rentier capitalism. Uber is again an exemplar, since it has attracted high-profile protests from taxi operators claiming unfair competition in just about every city it has

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unpaid activists and can be pushed out or marginalised by commercial ventures. Many will need state subsidies in order to survive. THE FIFTH LIE OF RENTIER CAPITALISM ‘Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if

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passed a law granting independent contractors the right to unionise. Chapter 7 THE CORRUPTION OF DEMOCRACY There is a murkier side to the growth of rentier capitalism: the institutionalised manipulation of democracy. There are too many related developments to put them aside as marginal. This chapter risks being dismissed by critics

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and exaggerated. All one can say by way of introduction is that my initial reaction to such claims was one of scepticism. Not any more. Rentier capitalism depends on the state: not just a complicit government, but a set of institutions that shape processes and outcomes, with people who act as

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while millions are struggling with stagnant incomes and growing insecurity. This imbalance surely would not be tolerated in a proper democracy. The main reason for rentier capitalism gaining ground is that powerful rentiers have ways of capturing the state and commodifying politics, while politicians can use rental income to indulge in clientelistic

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and increasing domination by a global plutocracy. This chapter considers the reasons for political disengagement, which is breeding a weary cynicism that must be overcome. Rentier capitalism is fundamentally fraudulent. The neo-liberal rhetoric has extolled the virtues of free markets. Yet neo-liberals have constructed the most unfree market system imaginable

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to gain a majority in Parliament with the support of just 24.3 per cent of the electorate. The claim of this chapter is that rentier capitalism has been entrenched by the commodification of democracy. Public opinion has been shaped by a specific ideology, aided by well-funded media and political

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years, inequality was greater than when they entered it. It was a similar story elsewhere, for Third Wayers did nothing to halt the growth of rentier capitalism or the hegemony of finance. Indeed, the first significant act of the Blair government was to make the Bank of England independent, abdicating democratic

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has happened on the right is equally fascinating. Its old class base also weakened in the early phase of globalisation and the early stages of rentier capitalism. Deindustrialisation meant a dwindling number of industrialists to fund and mobilise support. Moreover, all across the Western world, middle-income groups seemed to be

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right. But this may take time. Second, an emboldened centre-right has moved to entrench its advantage by becoming the representative of global finance and rentier capitalism, remaking economies and societies to serve their interests. Consider how that is being done in Britain. The Conservatives won the general election in 2015 with

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to diminishing effect. It was also evident that the widespread refusal to engage in formal party politics and elections was just what the representatives of rentier capitalism would want. Leading social democrats, as well as their opponents, were prone to dismiss the growing precariat as ‘post-political’. This was to confuse

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-based, that if there is to be a counter-movement it must be led by the group – the precariat – that is most disadvantaged by rentier capitalism. A group identity must be forged and used to mobilise energies and vision or there will be no coherent movement for change. The pitchforks the

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concessions. In the remainder of this chapter, it will be assumed that new progressive politics will emanate from the precariat. The politics of resistance to rentier capitalism are clear. The revolt will not come from the plutocracy, the elite or the salariat. They all gain from forms of rent. Today, perhaps

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playing on racism and xenophobia. Only the precariat has the potential, in terms of size, growth and structured disadvantage, to articulate a progressive response to rentier capitalism and its corruption. The lumpen-precariat, the underclass, does not have the agency to act, although some in it might join protests, as they did

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same ends. It is disingenuous if not dishonest to urge everyone to do the same thing and imagine that all will gain. Those benefiting from rentier capitalism are likely to want to keep wages down in their own country, since they are not confronted by the Fordist dilemma. Henry Ford in

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that there was no alternative. Once it was clear there was one, the game was up. Neo-liberals, and the interests that thrive under rentier capitalism, also want us to think there is no alternative to existing structures and inequalities. We play into their hands if we ourselves say there are

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a distribution system that would reduce inequality and insecurity while promoting more ecologically sustainable growth. TOWARDS THE ‘EUTHANASIA OF THE RENTIER’ Recall the architecture of rentier capitalism described in Chapter 2. The legitimacy of the intellectual property system depends on striking an acceptable balance between providing incentives for innovation and ensuring public

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2008 was that those who had pushed for the policies and regulations that caused the crisis were able to retrench and renew the growth of rentier capitalism. This was at the cost of growing inequality and insecurity, against a backdrop of an interminable war mentality, anomic terrorism and an unprecedented surge

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1, 2, 3 Institute of Economic Affairs 1, 2 intellectual commons 1, 2 intellectual property branding 1 and commons 1 copyright 1 and lies of rentier capitalism 1 and lobbying 1 and revolt of precariat 1, 2, 3 trade and investment treaties 1 see also patents International Association of Political Consultants 1

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, 8, 9 and debt 1, 2 and democracy 1 and neo-liberalism 1 and rentier platforms 1 and revolt of precariat 1 and shaping of rentier capitalism 1, 2, 3, 4, 5, 6, 7 professionalism 1 ‘profit shifting’ 1 Property Law Act (1925) 1 Proudhon, Pierre-Joseph 1 Public and Commercial

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, Dieter 1 Scottish Water 1 Second Gilded Age 1, 2, 3 Securitas 1 securitisation 1, 2, 3 selective tax rates 1 Selma 1 shaping of rentier capitalism branding 1 Bretton Woods system 1, 2, 3 and copyright 1 and ‘crony capitalism’ 1, 2, 3 dispute settlement systems 1, 2, 3 global

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architecture of rentier capitalism 1 lies of rentier capitalism 1 and neo-liberalism 1, 2 patents 1 and privatisation 1, 2, 3, 4, 5, 6, 7 and ‘shock therapy’ 1, 2 trade

Stolen: How to Save the World From Financialisation

by Grace Blakeley · 9 Sep 2019 · 263pp · 80,594 words

the inherent contradictions of finance-led growth itself. The political regime of privatised Keynesianism, necessary to mitigate the fall in demand associated with low-wage, rentier capitalism, was always inherently unstable. Bank deregulation had created a one-off rush of cheap money that had inflated a bubble in housing and asset markets

The Making of an Atlantic Ruling Class

by Kees Van der Pijl · 2 Jun 2014 · 572pp · 134,335 words

-supported expansion of fixed industrial capacity, notably in the three years 1941–43, and the resulting industrial emphasis in the profit-distribution process. Bank and rentier capital were temporarily disenfranchised by the emphasis on real accumulation: banks ‘were occupied principally as fiscal agents of the Federal Government … interest rates were kept low

Why We Can't Afford the Rich

by Andrew Sayer · 6 Nov 2014 · 504pp · 143,303 words

to encourage real investment and full employment. As hosts to the dominant centres of financialisation, the US and British governments backed this shift to a rentier capitalism.20 In 1973 the oil-producing countries restricted oil supply in retaliation for US support for Israel in the Yom Kippur War. This resulted in

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ancient critiques said, usury allows the strong – and nowadays, the too-big-to-fail – to take advantage of the weak. But in addition, in contemporary rentier capitalism, our dependence on banks makes many of us have a stake in the success of the rentiers. Shuffling ownership: the market for companies Over the

Profiting Without Producing: How Finance Exploits Us All

by Costas Lapavitsas · 14 Aug 2013 · 554pp · 158,687 words

, he has emphasized the dominance of financial interests – the ‘dictatorship of creditors’ – over industrial and other capital which has given to globalization the character of ‘rentier capitalism’.31 The influence of Chesnais’s work on the analysis of financialization in this book can be easily detected; however, it is argued below that

The Innovation Illusion: How So Little Is Created by So Many Working So Hard

by Fredrik Erixon and Bjorn Weigel · 3 Oct 2016 · 504pp · 126,835 words

members of the Billionaires’ Club, trawling the world looking for happiness or escaping boredom. Nor are they the villains of Thomas Piketty’s history of rentier capitalism and its return in modern times.3 Big capitalists do belong to the “one percent.” But they neither are cousins of the cold-hearted Ebenezer

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invested on the premise that a company should largely follow the market trend. That is not a capitalist characteristic; it is rather a characteristic of rentier capitalism. Finally, capitalism has turned gray because a growing part of savings and shareholding is linked to the aging of Western societies and, as part of

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predictably grow value, almost like putting money in a bank. He or she is, to quote Lenin, “clipping coupons.” It is not the classic Marxist rentier capitalism, defined by usury, which is emerging. Nor does today’s capitalism resemble the rentier society in Piketty’s chronicle of inequality, which concerns the widening

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), (ii) Marxist monopolistic theory of (i) “middle-aged” capitalism (i), (ii), (iii) “money manager capitalism” (Hyman Minsky) (i) and organization (i) and planning machines (i) rentier capitalism (i), (ii), (iii), (iv), (v), (vi) and Swedish hybrid economy (i) and technology (i) see also capitalist ownership; corporate managerialism; entrepreneurs; entrepreneurship; the future (and

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of real economy (i); intermediaries and asset managers (i), (ii), (iii), (iv), (v), (vi) pensions and retirement savings (i), (ii), (iii), (iv), (v), (vi), (vii) rentier capitalism (i), (ii), (iii), (iv) resource allocation according to rentier formula (i) rich people vs. capitalists (i), (ii) sovereign wealth funds (i), (ii) Graylin, Will Wang

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(i) institutional investors (i) total assets by types of investors (OECD, 2001–13) (i), (ii) see also asset managers; professional investment/investors institutional owners and rentier capitalism (i) see also insurance companies/funds; pensions insurance companies/funds and asset management industry (i) and financial regulation (i) and

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rentier capitalism (i) total assets (OECD, 2001–13) (i), (ii) intangibles and business investment data (i) knowledge as intangible (i) and withering (i) Intel (NM Electronics) (i), (

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and investment allocation (i), (ii) rise of regulatory uncertainty (i) see also deregulation; regulation renewable energy see green/renewable energy rent-seeking (i), (ii), (iii) rentier capitalism (i), (ii), (iii), (iv), (v), (vi) rentier formula, resource allocation according to (i) rentiers (i), (ii) reputation management (i) research concept of in corporate world

The New Enclosure: The Appropriation of Public Land in Neoliberal Britain

by Brett Christophers · 6 Nov 2018

, then, into which the government has delivered vast amounts of new stock, expecting it – against all reason – to be allocated and used efficiently. Land Banking, Rentier Capitalism and Social Dislocation We now know what the privatization of public land has not done for Britain and Britons. So what has it done? What

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secretary Sajid Javid in January 2018, better late than never but nonetheless in something of an understatement, ‘definitely some hoarding of land by developers’.3 Rentier capitalism You will recall this passage from Adam Smith’s Wealth of Nations, cited in Chapter 1: As soon as the land of any country has

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was writing, economic commentators, drawing as much on Marx as on Smith, have alighted on a term that captures well what Smith was getting at: ‘rentier capitalism’.2 The privatization of public land in Britain under neoliberalism has, I suggest, helped turn it into a rentier-capitalist economy. As more and more

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made their money from industry, and seven from retail. Finance and investment have 10 entries apiece.’1 Such, one might say, is the personification of rentier capitalism. ‘Let’s talk about the real money’, George Monbiot wrote in 2014. ‘The Westminster government claims to champion an entrepreneurial society, of wealth creators and

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, ‘On Voodoo Economics: Theorising Relations of Property, Value and Contemporary Capitalism’, Transactions of the Institute of British Geographers 35 (2010), pp. 94–108. Note that ‘rentier capitalism’ does not necessarily signify the prominence of land rents; it denotes the significance of economic rent in general, where rent is understood as value captured

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Register of Surplus Public Sector Land, 227 Reisman, David, 39, 40 Renfrewshire, 272 rent, 30–2, 44–8, 53–4, 57–64, 78, 305–11 rentier capitalism, 305–11 residential land. see housing land Resource Accounting and Budgeting framework, 179, 199 The Return of Owners of Land, 74, 84, 85, 87, 90

A Pelican Introduction: Basic Income

by Guy Standing · 3 May 2017 · 307pp · 82,680 words

face of lurches to authoritarianism and paternalism may be very difficult in current circumstances. And we must recognize that this means a fundamental reform of ‘rentier capitalism’ arising from the policies and underlying ideology that have held sway since the 1980s. In that context, one of the biggest challenges confronting any major