JACK SHUTE Having watched a TED talk by Guy Standing, co-founder of the Basic Income Earth Network, I reflected on the emerging social class called the ‘Precariat’ and how they could, and to a certain extent have already, drastically altered the political landscape. Standing describes how we are in the painful construction of a globalised market economy and states that currently it is a delicate moment, with growing inequalities and insecurities starting to threaten long-nurtured enlightenment values. The supply side economic policies pursued since the Thatcher-Reagan days has resulted in a system of “rentier capitalism,” in which a rising share of income is going to those who own physical, financial and intellectual property. This effectively means that the income distribution system of the 20th century has broken down, and will not come back. As a result, one could certainly argue that it has generated a new global class structure. At the top you have a plutocracy of multi-billionair...
An Academic Blog for Watford Grammar School for Boys