Re:Warren Buffett: The U.S. is moving toward plutocracy
by _pius on Sunday March 27, 2011 @11:11AM
(#2375111)
This is not a new concept. Citigroup released an infamous report to select clients in 2005 stating that the U.S. has now become a plutonomy and advising clients on how to exploit it: http://www.scribd.com/doc/6674234/Citigroup-Oct-16-2005-Plut...
[ Parent
| on HN ]
Re:Warren Buffett: The U.S. is moving toward plutocracy
by neilk on Sunday March 27, 2011 @12:18PM
(#2375263)
It's related but not the same concept. Plutocracy means government by the rich; the Citigroup article discusses plutonomy, an economy of the rich.
The Citigroup report argues that income distribution is so skewed among the elites of the Western nations, there's a whole other transnational economy that has nothing to do with people on the lower side of the curve.
They're sort of arguing in the same vein as the "power law" meme that was popular a few years ago; that the concept of the average consumer, in a plutonomy, is meaningless and outmoded.