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Why We Can't Afford the Rich
Even as inequalities widen, the effects of austerity deepen, and the consequences of recession linger, in many countries the wealth of the rich has soared. Why We Can’t Afford the Rich exposes the unjust and dysfunctional mechanisms that allow the top 1% to siphon off wealth produced by others through the control of property and money. Leading social scientist Andrew Sayer shows how over the past three decades the rich worldwide have increased their ability to hide their wealth, create indebtedness, and expand their political influence. Aimed at all engaged citizens, this important and accessible book uses simple distinctions to burst the myth of the rich as especially talented wealth creators. But more than this, as the risk of runaway climate change grows, it shows how the rich are threatening the planet by banking on unsustainable growth. Forcefully arguing that the crises of economy and climate can only be resolved by radical change, Sayer makes clear that we must make economies sustainable, fair, and conducive to well being for all.
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Why We Can't Afford the Rich
Even as inequalities widen, the effects of austerity deepen, and the consequences of recession linger, in many countries the wealth of the rich has soared. Why We Can’t Afford the Rich exposes the unjust and dysfunctional mechanisms that allow the top 1% to siphon off wealth produced by others through the control of property and money. Leading social scientist Andrew Sayer shows how over the past three decades the rich worldwide have increased their ability to hide their wealth, create indebtedness, and expand their political influence. Aimed at all engaged citizens, this important and accessible book uses simple distinctions to burst the myth of the rich as especially talented wealth creators. But more than this, as the risk of runaway climate change grows, it shows how the rich are threatening the planet by banking on unsustainable growth. Forcefully arguing that the crises of economy and climate can only be resolved by radical change, Sayer makes clear that we must make economies sustainable, fair, and conducive to well being for all.
Even as inequalities widen, the effects of austerity deepen, and the consequences of recession linger, in many countries the wealth of the rich has soared. Why We Can’t Afford the Rich exposes the unjust and dysfunctional mechanisms that allow the top 1% to siphon off wealth produced by others through the control of property and money. Leading social scientist Andrew Sayer shows how over the past three decades the rich worldwide have increased their ability to hide their wealth, create indebtedness, and expand their political influence. Aimed at all engaged citizens, this important and accessible book uses simple distinctions to burst the myth of the rich as especially talented wealth creators. But more than this, as the risk of runaway climate change grows, it shows how the rich are threatening the planet by banking on unsustainable growth. Forcefully arguing that the crises of economy and climate can only be resolved by radical change, Sayer makes clear that we must make economies sustainable, fair, and conducive to well being for all.
Andrew Sayer is professor of social theory and political economy at Lancaster University, UK. His books include Radical Political Economy: A Critique, The Moral Significance of Class, and Why Things Matter to People: Social Science, Values and Ethical Life.
Table of Contents
Introduction
Part I: A Guide to Wealth Extraction Slippery Terms and Vital Distinctions For rent . . . for what? Interest . . . for what? or We need to talk about usury Profit from production: or capitalists and rentiers: what’s the difference? Other ways to skin a cat Don’t the Rich Create Jobs? – and other objections
Part II: Putting the Rich in Context: What Determines What People Get? To what do we owe our wealth?: Our dependence on the commons So what determines pay? The myth of the level playing field
Part III: How the Rich Got Richer: Their Part in the Crisis The roots of the crisis Key winners Summing up: the crisis and the return of the rentiers
Part IV: Rule by the Rich, for the Rich Silent power, pol donations lattice of influence Hiding it Illegal? + poachers What about philanthropy? Plutonomy
Part V: Ill-gotten and Ill-spent: From Consumption to Ill-Being and CO2 Spending it Global warming trumps everything
Conclusion: back to basics – what kind of economy do we need?
"Sayer proceeds with arguments that are internally coherent and does not invent economic mechanisms in the way that populists often do, never forgetting that cake-making must come before cake distribution." The Times Literary Supplement
"Sayer does an impressive job of bringing home to the reader the scale of the threat capitalism now poses to humanity. As an introduction to critical political economy, the book is one of the best available." Counterfire
"Adds to the growing body of work that challenges mainstream economic thinking and traditional self-justifications for inequality." New Left Project
"Sayer puts forth a cogent and thoroughly convincing argument that will enlighten and inform—and may even help instigate the radical changes he puts forth." Publishers Weekly
"A refreshing antidote to a public discourse that has allowed the perpetrators of the financial crisis to make massive gains, while the full burden of costs falls on those innocent of its causes. A must-read for all those who want to reverse that injustice and a wake-up call for the rich." Ann Pettifor, Director, Prime: Policy research in macroeconomics
“Unmatched in persuasive argument and compelling illustrations, Andrew Sayer shows how the rich and the super-rich are destroying not just the economy but the planet too. Everyone should read Why we can’t afford the rich and spread the word.” Michael Burawoy, University of California, Berkeley
"Cuts through the hype so often used to defend growing inequality and gets to the core of the problem, with suggestions about where solutions may come from." Danny Dorling, University of Oxford