The effects of their spending are so extreme that there is now a whole field of study, called plutonomy
, devoted to it.
: Buying luxury, explaining global imbalances.' Citigroup Equity Strategy Industry Note, 16 October.
The result, Kotkin says, is a ''more stratified, less permeable social order.'' And today's ''plutonomy
,'' an economy fueled by the spending of the relatively few people who guaranteed that luxury brands did best during the recession.
Market forces benefit greedy and prideful people who have no regard for humanity, and greed and pride are the values of radical capitalism, also known as plutonomy
has become a plutocracy, a nation governed by and for the wealthy, but that we have become a "plutonomy
," a term coined by strategists at Citigroup to describe a singular mark of the U.S.
In contrast, neoliberalism relies on the inequality of rich and poor--a point explicitly acknowledged in the notorious Citigroup report, 'Revisiting Plutonomy
: The Rich Getting Richer'.
: Buying Luxury, Explaining Global Imbalances', Citigroup Equity Strategy Industry Note, 16 October.
Peck then focuses on the effects of the Great Recession on youth, the middle class, the underclass and the "plutonomy
"--the author's term for the 1 percent.
We are the necessary abject: needed to provide a powerful state that will "bail out the plutonomy
when it gets into trouble, but other than that [the members of the precariat] have no function" (np).
NOAM Chomsky, in a recent article, revealed the true picture of concerns over unemployment by citing the 2005 brochure of investment bank Citigroup called Plutonomy
: Buying Luxury, Explaining Global Imbalances.
In teasing out the argument that in many ways race today remains the most potent political fulcrum to manage "democracy" in service of what Citibank in a 2005 memo to investors called the newly emergent "plutonomy
," I will focus on two moments of explicitly racialized public discourse with implicit theological significance that "bookend" the Obama ascendency.
As Peter Drucker pointed out a few years ago that the companies of the 21st century will be managed by few people (2001), the end of Management led by a "plutonomy
" (7) is slowly appearing in responsible business educational environments and there is more concern today about corporate democracy and fair practices (Semler, 2003).