Daily Archives: September 8, 2012

The Ruling Class (HUM415)

From A Short History of Neoliberalism:

Today, as a consequence of these [neoliberal] policies, the richest 358 people on earth have the same wealth as the poorest 45% of the world’s population, or 2.3 billion people.  Even more shocking, the top 3 billionaires have the same wealth as all of the Lowest Developed Countries put together, or 600 million people.[12]  These statistics flag a massive transfer of wealth and resources from poor countries to rich countries, and from poor individuals to rich individuals. Today, the wealthiest 1% of the world’s population controls 40% of the world’s wealth, the wealthiest 10% control 85% of the world’s wealth, and the bottom 50% control a mere 1% of the world’s wealth.[13]