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News Is the US a Plutocracy? Citigroup says YES.

  1. Aug 20, 2010 #1
    This leaked document from Citigroup states that the USA, Uk, and Canada are plutocracies (rule by the wealthy).
    Quotes from the document:
    [PLAIN]http://img.elblogsalmon.com/2007/01/Citigroup%20logo%20234.158.gif [Broken]

    http://www.scribd.com/doc/34641013/Plutonomy [Broken]

    So what do you think, is the US a plutonomy?

    The citigroup seems to be against democracy, or at least they see it as a risk to their status quo.
    Last edited by a moderator: May 4, 2017
  2. jcsd
  3. Aug 20, 2010 #2
    you have to look at the microphysics of (economic) power. If a large number of people are relatively poor and social-economic mobility is nearly if not totally impossible, the question becomes how do the poor live? How do they sustain themselves? What labor do they perform and what do they consume and how? Do they have access to the means to basic nutrition, health, shelter, etc. and at what cost?

    If "plutocracy" means that a wealthy elite control everything, I think any economy would be plutocratic from a certain perspective. After all, where does money come from in socialized economies? Wealthy pay taxes and the government distributes the money in various ways. The government is still a mechanism of money transfer from the wealthy to the rest, causing the rest to be dependent on the wealthy. This in turn creates a political dynamic where the government must cater to the wealth to avoid them relocating to another tax-region. So, even socialized governments cater to the will of the wealthy; which btw is typically focussed on creating a general level of welfare that promotes a sense of security for upper class people.

    Look at who is criticizing the "vast gap" between rich and poor in less socialized regions and I believe you will find that it is upper- and upper-middle class people who have attained a level of prosperity where they are free enough economically to think about their general social surroundings as something to invest in. People who worry that their money can't stretch far enough to improve the general social welfare for everyone look for bounded communities (such as welfare states and gated communities) where the standard of living and education for everyone is high enough to prevent civil strife and guilt in the conscience of the controlling elite. The wealthy elite need these bounded paradises so that they can achieve utopia while blaming others for not achieving the same level of utopia outside their privileged regions.
  4. Aug 20, 2010 #3


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    Staff: Mentor

    You've got a 5 year old opinion piece by a bank's branch in India? Things have changed. Did you know that China just replaced Japan as the world's #2 economy?

    Sorry, that's not adequate for a new thread.

    Let me know if you come up with a recent valid study.
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