I happened to be reading through some of my old posts and noticed that I was going to write a post after I’d finished reading Plutocrats. I guess somewhere along the way it got removed from my to do list. I did write something that came to me while reading the book about looking down our noses, but nothing really about the book after that.
I think the author, Chrystia Freeland, did a really good job of bringing the issues to light and explaining them in ways that were accessible. It’s been more than a few months since I read it, a couple of the main points stuck with me.
1. It’s not just the wealthy that control the global economy, but the uber-wealthy.
Meaning, it’s not the 1% that are controlling the economy and affecting the 99% (as was the main message from Occupy Wall Street), but it’s the 0.1% who control the economy and affect the 99.9%. This may seem like splitting hairs, but Freeland offers compelling data that shows even the “wealthy” (i.e. the 1%) look like small potatoes next to the 0.1%.
2. The wealth gained by these folks wasn’t necessarily from unsightly means.
I don’t know remember if she says unethical, but some may consider it unethical. She makes the case that the uber-wealthy got that way — and continue to stay that way — because they’ve manipulated the market to funnel the wealth in their direction. She also does a little bit of debunking of the “trickle-down” economics perspective.
Overall, like I’ve said before, it’s a book that’s certainly worth reading.
Something that I find fascinating — Freeland was (as of a few days ago) a Managing Director and Editor of Consumer News at Thomson Reuters. As you learn from the book, this position allowed her to cultivate the contacts with people in high places to make the book that much more compelling (with stories and anecdotes). Anyway, like I said, she had this position. She recently left it. Why? She’s running for a seat in Parliament. The Canadian Parliament (she is Canadian).
One of the most storied politicians in Canada in recent history (Bob Rae) left his seat in Toronto Centre to become the chief negotiator for the James Bay area First Nations in negotiations with the provincial government. This vacated his seat and as a result, they’ll be a by-election in the Fall (date not set, yet). Freeland has met with some of the Liberal Party of Canada leaders and decided to seek the seat.
I don’t know if she’ll win the seat (she hasn’t even won the right to represent the Liberal Party just yet), but if she does, I wouldn’t be surprised to see her become part of the “brass” very quickly. In fact, if Justin Trudeau and the Liberals can win enough seats to form a minority or majority government, I wouldn’t be surprised to see Freeland become a Cabinet Minister or at the very least, a senior advisor. Of course, the Federal election isn’t until 2015, but it’s certainly something to think about.