What’s Wrong with the Global Economy

Source: ZeroHedge, Jun 2018

Trends

  1. The financialization of the economy
  2. The technological transformation of the economy
  3. The end of cheap fossil fuels
  4. Globalization
  5. The destructive consequences of “growth at any cost” are piling up

Consequences

  1. The economy’s gains in income and wealth are concentrated in the very top of the wealth-power pyramid: the top 5%
  2. The devaluation of ordinary labor and capital means the bottom 60% of the economy that lacks the requisite skills
  3. The concentration of wealth and power in the hands of the self-serving few corrupts the economy and democracy.

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