The 1% and the Rest of Us : A Political Economy of Dominant Ownership

One of the major accomplishments of the Occupy movement has been to draw global attention to the massive disparity of income, wealth, and privilege concentrated in one percent of the world’s population. In __The 1% and the Rest of Us__, Tim Di Muzio offers the first empirical and theoretical study of the culture, politics, built environments, and social behavior of this extremely wealthy minority. In doing so, he examines the fallout of this socio-economic order and its devastating consequences for the other ninety-nine percent of the population. Drawing on case studies and incorporating provocative insights into the worldviews, politics, and lifestyles of the economic elite, Di Muzio reveals how the one percent is creating a world unto themselves in which the accumulation of wealth has become a powerful symbol of control over society and the natural environment. This timely and thought-provoking book offers the first in-depth analysis of the global political economy of the one percent, and, at the same time, demonstrates how unflagging resistance can continually challenge and call into question its power and dilute its influence. Front Cover 1 About the Author 2 Title Page 4 Copyright 5 Contents 6 Tables and Figures 7 Dedication 9 Introduction: Towards a Global Political Economy of the 1% 10 Political Economy and the Elite 13 The Main Arguments and Structure of the Book 21 1: The Unusual Suspects: Identifying the Global 1% 30 The Professor and the Prince 30 Income and Wealth: A Primer 31 A Taxonomy of the Global 1% 35 Holding Wealth 44 The Geography of the 1% 49 Billionaireville 52 The Rest of Us 54 2: Capital as Power and the 1% 57 A Brief Genealogy of the Term ‘Capital’ 60 Corporate America and the Rise of Capitalisation 66 Capital as Power 70 The Capitalist Mode of Power 75 The Architecture of Capitalisation 81 3: Wealth, Money and Power 112 A Brief History of Wealth before Political Economy 113 Mercantilism 122 The Birth of Classical Political Economy 125 The General Theory of Money, Energy and Power 145 4: Differential Consumption: The Rise of Plutonomy 151 The Global Plutonomy 152 Conspicuous Consumption in the First Gilded Age 155 Differential Consumption in the New Gilded Age 160 ‘The Rich are Destroying the Earth’ 170 5: Society versus the Superman Theory of Wealth 174 From Hobbes to Locke’s Theory of Ownership 175 Rousseau, Bentham and Mainstream Economics 181 Veblen’s Political Economy 188 Unjust Deserts 194 The Distribution of Wealth and Capital as Power 197 6: The Party of the 99%: Resistance and Future Prospects 201 Occupy in Context 202 Five Reasons Why Present Trends Will Likely Continue 208 Ten Priorities 214 Creativity, Power and the Meaning of Life 224 Notes 229 Bibliography 238 Index 251 Back Cover 258 One Of The Major Accomplishments Of The Occupy Movement Has Been To Draw Global Attention To The Massive Disparity Of Income, Wealth, And Privilege Concentrated In One Percent Of The World's Population. In The 1% And The Rest Of Us, Tim Di Muzio Offers The First Empirical And Theoretical Study Of The Culture, Politics, Built Environments, And Social Behavior Of This Extremely Wealthy Minority. In Doing So, He Examines The Fallout Of This Socio-economic Order And Its Devastating Consequences For The Other Ninety-nine Percent Of The Population. Drawing On Case Studies And Incorporating Provocative Insights Into The Worldviews, Politics, And Lifestyles Of The Economic Elite, Di Muzio Reveals How The One Percent Is Creating A World Unto Themselves In Which The Accumulation Of Wealth Has Become A Powerful Symbol Of Control Over Society And The Natural Environment. This Timely And Thought-provoking Book Offers The First In-depth Analysis Of The Global Political Economy Of The One Percent, And, At The Same Time, Demonstrates How Unflagging Resistance Can Continually Challenge And Call Into Question Its Power And Dilute Its Influence. Introduction: Towards A Global Political Economy Of The 1% -- The Unusual Suspects: Indentifying The Global 1% -- Capital As Power And The 1% -- Wealth, Money And Power -- Differential Consumption: The Rise Of Plutonomy -- Society Versus The Superman Theory Of Wealth -- The Party Of The 99%: Resistance And Future Prospects. Tim Di Muzio. Includes Bibliographical References (pages [229]-241) And Index. While the Occupy movement faces many strategic and organizational challenges, one of its major accomplishments has been to draw global attention to the massive disparity of income, wealth and privilege held by 1% of the population in nations across the world. In The Rich and the Rest of Us, Tim Di Muzio explores what it means to be part of a socio-economic order presided over by the super-rich and their political servants. Incorporating provocative and original arguments about philanthropy, social wealth and the political role of the super-rich, Di Muzio reveals how the 1% are creating a world unto themselves in which the accumulation of ever more money is really a symbolic drive to control society and the natural environment. A timely and innovative book that provides readers with the first global political economy of the 1%, whilst demonstrating how resistance can continue to challenge their rule

While the Occupy movement faces many strategic and organizational challenges, one of its major accomplishments has been to draw global attention to the massive disparity of income, wealth and privilege held by 1% of the population in nations across the world. In The 1% and the Rest of Us, Tim Di Muzio explores what it means to be part of a socio-economic order presided over by the super-rich and their political servants.

Incorporating provocative and original arguments about philanthropy, social wealth and the political role of the super-rich, Di Muzio reveals how the 1% are creating a world unto themselves in which the accumulation of ever more money is really a symbolic drive to control society and the natural environment.

While the Occupy movement faces many strategic and organizational challenges, one of its major accomplishments has been to draw global attention to the massive disparity of income, wealth and privilege held by 1% of the population in nations across the world. In The 1% and the Rest of Us , Tim Di Muzio explores what it means to be part of a socio-economic order presided over by the super-rich and their political servants. Incorporating provocative and original arguments about philanthropy, social wealth and the political role of the super-rich, Di Muzio reveals how the 1% are creating a world unto themselves in which the accumulation of ever more money is really a symbolic drive to control society and the natural environment. The first historically informed, theoretically rich and empirically detailed study of what Occupy has called the 1%.