{"id":8362,"date":"2021-01-11T18:27:36","date_gmt":"2021-01-11T18:27:36","guid":{"rendered":"https:\/\/progressiveeconomyforum.com\/development\/?post_type=glossary&p=8362"},"modified":"2021-01-11T18:27:38","modified_gmt":"2021-01-11T18:27:38","slug":"rentier-capitalism","status":"publish","type":"glossary","link":"https:\/\/progressiveeconomyforum.com\/development\/glossary\/rentier-capitalism\/","title":{"rendered":"Rentier Capitalism"},"content":{"rendered":"\n

Rentier capitalism<\/strong> is a term currently used to describe the belief in economic practices of monopolization of access to any kind of property (physical, financial, intellectual, etc.) and gaining significant amounts of profit without contribution to society – source<\/a><\/p>\n\n\n\n

Rentiers derive income from ownership, possession or control of assets that are scarce or artificially made scarce (Standing P3) . Most is renatl income from land, property, mineral exploitation, financial invstments, debt interest, ownership of intellectual property such as patents and copyrights brands trademarks, <\/p>\n\n\n\n

Keynes dismissed the rentier as ‘the functionless investor ‘who gained income solely from ownership of capital , exploiting its scarcity value. Standing P4<\/p>\n\n\n\n

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The Guardian carried an opinion piece <\/a>on Rentier Capitalism on 27th December 2020 <\/p>\n\n\n\n

For further reading two books are highly recommended <\/p>\n\n\n\n

The Corruption of Capitalism by Council member Guy Standing<\/a> Biteback Publishing Ltd 2016<\/p>\n\n\n\n

There is a lie at the heart of global capitalism. Politicians, financiers and global bureaucrats claim to believe in free competitive markets, but have constructed the most unfree market system ever. It is corrupt because income is channelled to the owners of property \u2013 financial, physical and intellectual \u2013 at the expense of society.<\/em><\/p>\n\n\n\n

This book reveals how global capitalism is rigged in favour of rentiers to the detriment of all of us, especially the precariat. A plutocracy and elite enriches itself, not through production of goods and services, but through ownership of assets, including intellectual property, aided by subsidies, tax breaks, debt mechanisms, revolving doors between politics and business, and the privatisation of public services. Rentier capitalism is entrenched by the corruption of democracy, manipulated by the plutocracy and an elite-dominated media.<\/em><\/p>\n\n\n\n

Meanwhile, wages stagnate as labour markets are transformed by outsourcing, automation and the on-demand economy, generating more rental income while expanding the precariat.<\/em><\/p>\n\n\n\n

and <\/p>\n\n\n\n

Rentier Capitalism: Who Owns the Economy, and Who Pays for It? by Brett Christophers, Verso Books<\/a><\/p>\n\n\n\n

In this landmark book, the author of The New Enclosure provides a forensic examination and sweeping critique of early-twenty-first-century capitalism. Brett Christophers styles this as \u2018rentier capitalism\u2019, in which ownership of key types of scarce assets – such as land, intellectual property, natural resources, or digital platforms – is all-important and dominated by a few unfathomably wealthy companies and individuals: rentiers. If a small elite owns today\u2019s economy, everybody else foots the bill. Nowhere is this divergence starker, Christophers shows, than in the United Kingdom, where the prototypical ills of rentier capitalism – vast inequalities combined with entrenched economic stagnation – are on full display and have led the country inexorably to the precipice of Brexit. With profound lessons for other countries subject to rentier dominance, Christophers\u2019 examination of the UK case is indispensable to those wanting not just to understand this insidious economic phenomenon but to overcome it. Frequently invoked but never previously analysed and illuminated in all its depth and variety, rentier capitalism is here laid bare for the first time.<\/em><\/p>\n\n\n\n

His Guardian article<\/a> about his book was published on 20th August 2020<\/p>\n\n\n\n

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