I am the Director of the High Pay Centre, a London-based think tank researching the causes and consequences of economic inequality. In most major economies, the richest 1% of the population now take up to a fifth of all income and something like a quarter to a third of all wealth. These rich jerks aren’t necessarily bad people, at least not in all cases, and we don’t literally need to eat them all. However, such extreme concentration of income and wealth is undeserved and unnecessary, and it should definitely be an overriding priority to share it in a fairer and more even way.
My book argues that if we taxed the super-rich more and got them to pay better wages to the people who work at the companies they run and invest in, living standards for the majority would be far higher.
The economic risks associated with the kind of policies that would achieve a more even balance of income and wealth distribution are wildly overstated. A major and transformative program to address the problem of the super-rich is a totally moderate, reasonable, and realistic objective. The aim of my book was to produce a concise and hopefully persuasive argument to this effect.
This is an obvious choice, but it’s obvious for a reason–it sets out clearly and rigorously the extent to which the super-rich across multiple different countries suck up an ever-increasing share of aggregate income and wealth.
There’s doubtless some satisfaction from being one of the small proportion of purchasers to get through all 700+ pages, but it’s actually quite readable and peppered with literary references to writers like Jane Austen and Honore Balzac.
A New York Times #1 Bestseller An Amazon #1 Bestseller A Wall Street Journal #1 Bestseller A USA Today Bestseller A Sunday Times Bestseller A Guardian Best Book of the 21st Century Winner of the Financial Times and McKinsey Business Book of the Year Award Winner of the British Academy Medal Finalist, National Book Critics Circle Award
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard…
Journalist Polly Toynbee relates her experiences working in a succession of very low-paid jobs that millions of workers across the UK depend on to heat their homes, feed their families, and put a roof over their heads.
It’s a powerful and empathetic reminder of how incredibly hard some people work, doing jobs that society depends upon, and that when we look at how they’re rewarded compared to those in high-earning roles, we really haven’t got the balance quite right.
'A passionately reasoned and compelling account of the avoidable cruelties still embedded in the underside of British life - by a writer who has literally worn the clothes, lived in the flats and done the jobs of the poor. Every member of the cabinet should be required to read it, apologise and then act'. - Will Hutton. A frank and breathtaking book, this is journalist and broadcaster Polly Toynbee's account of her courageous intention to live and work on the minimum wage. The 'decent living' wage set by the Council of Europe is set at GBP7.39. The minimum wage in…
After the UK Miners’ Strike was defeated in 1984, the coal mining industry across the country gradually shut down. At the Tower Colliery in South Wales, however, Miners led by Union official Tyrone O’Sullivan used their redundancy cheques to buy the mine and run it as a co-operative until the coal ran out.
It’s an incredible tale of the spirit and ingenuity that exist but are too rarely nurtured in post-industrial communities and of how badly so many mining towns in Britain were let down by so-called free market economics.
Tyronne O'Sullivan is the chairman of Tower Colliery, Hirwaun, South Wales. He led the team of miners that fought to buy the pit from British Coal in 1995. He and 238 miners each paid 8,000 from their own redundancy settlement to become shareholders and borrowed a further GBP2 million. This was, and still is, a unique achievement - no other mine, in the history of British Coal, has been bought by the workforce. For over 20 years Tyronne was the National Union of mineworkers branch secretary, leading a radical group of men in what had to be a militant colliery.…
This thought-provoking academic text outlines how corporate power and the super-rich have almost become governing institutes in their own right through funding of political parties, control of the media, and the platforms they enjoy as outsized economic actors.
It perhaps lends itself to undue pessimism about the possibility of change but is certainly powerful evidence of the need for a rebalancing of the distribution of wealth and power.
In Post-Democracy (Polity, 2004) Colin Crouch argued that behind the facade of strong institutions, democracy in many advanced societies was being hollowed out, its big events becoming empty rituals as power passed increasingly to circles of wealthy business elites and an ever-more isolated political class.
Crouch's provocative argument has in many ways been vindicated by recent events, but these have also highlighted some weaknesses of the original thesis and shown that the situation today is even worse. The global financial deregulation that was the jewel in the crown of wealthy elite lobbying brought us the financial crisis and helped stimulate…
There are loads of good novels warning of the dangers of inequality and wealthy megalomaniacs, typically set against the backdrop of one of the many monstrous things that the super-rich have done to the rest of us throughout history.
In my view, the First World War was the worst of the lot. Society has moved on a bit since then, but I don’t doubt that the billionaire class that runs the modern world would have us all marching into the machine guns if they thought they could get away with it. Hasek’s good-humored but poignant tale of a Czech soldier serving in the army of the Habsburg Empire acts as a reminder of the need for vigilance.
The inspiration for such works as Joseph Heller's Catch-22, Jaroslav Hasek's black satire The Good Soldier Svejk is translated with an introduction by Cecil Parrott in Penguin Classics.
Good-natured and garrulous, Svejk becomes the Austro-Hungarian army's most loyal Czech soldier when he is called up on the outbreak of the First World War - although his bumbling attempts to get to the front serve only to prevent him from reaching it. Playing cards, getting drunk and becoming a general nuisance, the resourceful Svejk uses all his natural cunning and genial subterfuge to deal with the doctors, police, clergy and officers…
Magnolia Merryweather, a horse breeder, is eager to celebrate Christmas for the first time after the Civil War ended even as she grows her business. She envisions a calm, prosperous life ahead after the terror of the past four years. Only, all of her plans are thrown into disarray when her secret lover returns and starts asking questions she can’t answer without disaster following.
Bryce Day comes home to Alabama after he’s discharged from the First Alabama Cavalry USA with guilt weighing on his heart. His neighbors won’t cotton to his Unionist bent, and the woman of his heart likely…
One terrible lie, a desperate measure to save her past, just might destroy her future…
Award-winning author of historical fiction presents a new novel of love and lies, secrets and sensuality, and the hands of fate weaving it all together.
The American Civil War is finally over and Christmas beckons. Magnolia Merryweather, backyard horse breeder, is eager to celebrate for the first time since the war began even as she continues to grow her business. She envisions a calm, prosperous life ahead after all the terror of the past four years. She’s preparing to follow in her mother’s matriarchal footsteps,…
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