Corporate 1% in U.S. Gets Wealthier While Cash Piles Up by Lorraine Woellert for Bloomberg. (via Naked Capitalism).
In the Future, We’ll All Be Renters: America’s Disappearing Middle Class by Joel Kotkin from his new book, The New Class Conflict. (via Naked Capitalism)
During the Gilded Age of the late 19th century, U.S. politics was at least as corrupt as it is now, and a tiny oligarchy of wealth had as much power as it does now. Yet these oligarchs also built railroads, steel mills, grain elevators—what we call physical capital—that was of ultimate benefit to the nation as a whole. The same is true of the oligarchs of China and Russia today.
In contrast, the super-rich class in the USA today can’t seem to find anything useful to do with their money. And that’s not because there is nothing useful to be done. American roads, bridges and water and sewerage systems, as one example, need upgrade and repair. But, no, I don’t think selling off American public infrastructure to private interests would be the answer.
Going Postal by Peter Byrne from his new book of the same name. (via Corrente)
A corporation headed by Senator Dianne Feinstein’s husband, Richard C. Blum, has an exclusive contract to sell U.S. post offices as the Postal Service downsizes. He is selling them to his friends, cheap.
Is ‘shareholder value’ bad for business? by Leon Neyfakh for the Boston Globe (via Mike the Mad Biologist)
Market Basket, a supermarket chain based in New Hampshire, is an example of how a CEO can run a profitable business that pays good wages and serves customers well, and still be kicked out for failing to “maximize shareholder value”.
Now Is a Critical Moment to Stop Some Scary Global Corporate Deals That Are in the Works by Kevin Zeese and Margaret Flowers for AlterNet.
The Obama administration is pushing Congress to enact the Trans-Pacific Partnership and the Trans-Atlantic Free Trade Agreement, but the public is beginning to catch on that these are schemes to establish corporate power in international law.