£’s. Petras Gagilas / Flickr. Some rights reserved. Accelerated by austerity’s inequities, the 20 th century income distribution system has broken down irretrievably in what is an era of global rentier capitalism. More and more income is flowing to a rent-extracting elite, returns from financial, physical and so-called intellectual property, bolstered by subsidies and an international architecture of institutions geared to rent-seeking. For various reasons, the returns to labour have declined and will continue to do so.
Real wages are stagnating across the OECD, not just in Britain, and are falling for the growing precariat, which is also losing non-wage […]
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