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CORRUPTION OF CAPITALISM: Why Rentiers Thrive
Bibliophile price: £4.00
Post-capitalism where work and leisure becomes blurred and work dissociated from income is a hot topic today. Basic Income is an idea whose time has come and Guy Standing has pioneered our understanding of it. Rapid automation and the emergence of a precarious workforce on zero hours contracts and the gig economy mean that wages derived from work will never be enough. Standing focusses on the central problem of modern capitalism - the tendency of great wealth to transform itself into political power that corrupts the political process and generates laws and regulations favouring the wealthy. He suggests useful and important solutions. There is a lie at the heart of global capitalism. Politicians, financiers and global bureaucrats claim to believe in free competitive markets, but have constructed the most unfree market system ever. It is corrupt because income is channelled to the owners of property whether the physical, financial or intellectual, at the expense of society as a whole. This book reveals how global capitalism is rigged in favour of rentiers to the detriment of all of us, especially the precariat. A plutocracy and élite enriches itself, not through production of goods and services, but through ownership of assets aided by subsidiaries, tax breaks, debt mechanisms, revolving doors between politics and business, and the privatisation of public services. Rentier capitalism is entrenched in the corruption of democracy, and an élite-dominated media. Meanwhile labour markets are transformed by outsourcing, automation and the on-demand economy. Standing argues that rentier capitalism is fostering revolt and concludes by outlining a new income distribution system to promote sustainable growth. 352pp.

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