Oh dear, this Phillip Blond really doesn\’t know what he\’s talking about, does he?
But the real story of neo-liberal success is not the extension of assets to all, but the huge and disproportionate share of wealth attained by the very rich. In the United States, between 1979 and 2004 the wealthiest 1 percent saw an increase in their share of national income of 78 percent, whereas 80 percent of the population saw an overall decrease in their income share by 15 percent. That\’s a wealth transfer from the large majority to a tiny minority of some $664 billion.
Confusing wealth, a stock, with income, a flow, like that is a very naughty thing to do. Or, if you prefer, a sign of ignorance.
Further, there has been no such transfer. Wealth has increased over the period and yes, it\’s true that those already wealthy have been getting the lion\’s share of that increased wealth. But that isn\’t a transfer of pre-existent wealth. That\’s an unequal allocation of newly created wealth.
Both Left and Right seem incapable of challenging monopoly capitalism.