Posts

Showing posts from March, 2014

Patrimonial Capitalism

Image
This notion has been stewing in me for quite a while, and yesterday Paul Krugman wrote an article about this topic of Patrimonial Capitalism.

"...the political spectrum now instinctively accords much more respect to capital than to labor, at a time when capital income is growing ever more concentrated in a few hands — and is surely on its way to being concentrated largely in the hands of people who inherited their wealth."
This is somewhat related to my earlier post of how I wish things were - with a balance between owners, employees and customers - called Capitalism and the Three Legged Stool.

In Krugman's article, the basic premise is that since wealth and income are concentrated increasingly in fewer people's hands, the society at large is dependent on the patrimony, or direction, of the 1% (or maybe the .1%).  Decisions like Citizens United help to reconfirm this, as those with large wealth can now invest to shape the government.

These topics have been beaten to…