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 - financial, physical and intellectual - at the expense of society. 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. Meanwhile, wages stagnate as labour markets are transformed by outsourcing, automation and the on-demand economy, generating more rental income while expanding the precariat.The Corruption of Capitalism argues that rentier capitalism is fostering revolt, and concludes by outlining a new income distribution system that would achieve the extinction of the rentier while promoting sustainable growth.
Guy Standing is Research Professor at the School of Oriental and African Studies, University of London, and is a Fellow of the Academy of Social Sciences.He was previously Professor of Economic Security at the University of Bath and Professor of Labour Economics at Monash University in Australia, and was director of the Socio-Economic Security Programme of the International Labour Organisation, in the United Nations. He is a co-founder and honorary co-president of the Basic Income Earth Network.His books include The Precariat: The New Dangerous Class (2011), A Precariat Charter: From Denizens to Citizens (2014), Work after Globalization: Building Occupational Citizenship (2009) and Basic Income: A Transformative Policy for India (2015).