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Rentier Capitalism
Rentier capitalism describes the economic practice of gaining large profits without contributing to society. And a rentier is someone who earns income from capital without working. This is generally done through ownership of assets that generate yield (cash generated by assets), such as rental properties, shares in dividend paying companies, or bonds that pay interest.The origins of the term are unclear; it is compatible with the Marxist idea of surplus value extraction, although the combination of words “rentier capitalism" were never used by Karl Marx himself. Modern economists agree that the power dynamics of the rentier-tenant relationship are oppressive, but capitalist theories such as the natural "euthanasia of the rentier" famously put forth by John Maynard Keynes have been abandoned in light of the increase in rent-seeking behavior seen over the past century. Usage by Marxists In his early works, Karl Marx juxtaposed the terms "rentier" and "capitalist" to argue t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yield (finance)
In finance, the yield on a security is a measure of the ex-ante return to a holder of the security. It is one component of return on an investment, the other component being the change in the market price of the security. It is a measure applied to fixed income securities, common stocks, preferred stocks, convertible stocks and bonds, annuities and real estate investments. There are various types of yield, and the method of calculation depends on the particular type of yield and the type of security. Because of these differences, yield comparisons between different types of financial products should be treated with caution. Fixed income securities The coupon rate (or nominal rate) on a fixed income security is the interest that the issuer agrees to pay to the security holder each year, expressed as a percentage of the security's principal amount ( par value). The current yield is the ratio of the annual interest (coupon) payment and the bond's market price. The yield ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rentier State
In current political-science and international-relations theory, a rentier state is a state which derives all or a substantial portion of its national revenues from the rent paid by foreign individuals, concerns or governments.Mahdavy 1970, p. 428 The academic use of the term rentier states and rentier states theories (RST) became well known after the works of Hazem El Beblawi and Giacomo Luciani on the development of oil rich countries in the Persian Gulf. They show that rentier states receive income without an increase in the productivity of the domestic economy or political development of the state, that is the ability to tax citizens. The unequal distribution of external income in rentier states has thus a negative effect on political liberalism and economic development. With virtually no taxes citizens are less demanding and politically engaged and the income from rents negates the need for economic development.Beblawi 1987 Rentier state theories have now become a dom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rent-seeking
Rent-seeking is the act of growing one's existing wealth without creating new wealth by manipulating the social or political environment. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, reduced wealth creation, lost government revenue, heightened income inequality, and potential national decline. Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their uncorrupt competitors. This is one of many possible forms of rent-seeking behavior. Description The term rent, in the narrow sense of economic rent, was coined by the British 19th-century economist David Ricardo, but rent-seeking only became the subject of durable interest among economists and political scientists more than a century later after the publication of two influential papers on the topic by Gordon Tullock in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rentier State
In current political-science and international-relations theory, a rentier state is a state which derives all or a substantial portion of its national revenues from the rent paid by foreign individuals, concerns or governments.Mahdavy 1970, p. 428 The academic use of the term rentier states and rentier states theories (RST) became well known after the works of Hazem El Beblawi and Giacomo Luciani on the development of oil rich countries in the Persian Gulf. They show that rentier states receive income without an increase in the productivity of the domestic economy or political development of the state, that is the ability to tax citizens. The unequal distribution of external income in rentier states has thus a negative effect on political liberalism and economic development. With virtually no taxes citizens are less demanding and politically engaged and the income from rents negates the need for economic development.Beblawi 1987 Rentier state theories have now become a dom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parasitism (social Offense)
Social parasitism was a political crime in the Soviet Union in which the perpetrator was accused of living at the expense of other people or society. A number of Soviet intellectuals and dissidents were accused of the crime of parasitism, including Joseph Brodsky, Iosif Begun, Vladimir Voinovich, Lev Kopelev and Andrei Amalrik. Soviet Union In the Soviet Union, which declared itself a workers' state, every adult able-bodied person was expected to work until official retirement. Thus unemployment was officially and theoretically eliminated. Those who refused to work, study or serve in another way risked being criminally charged with ''social parasitism'' (russian: тунеядство ''tuneyadstvo'', тунеядцы anti-social, parasitic way of life" in the Russian Soviet Federative Socialist Republic. Charges of parasitism were frequently applied to dissidents and refuseniks, many of whom were intellectuals. Since their writings were considered anti-establishment, the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financialization
Financialization (or financialisation in British English) is a term sometimes used to describe the development of financial capitalism during the period from 1980 to present, in which debt-to-equity ratios increased and financial services accounted for an increasing share of national income relative to other sectors. Financialization describes an economic process by which exchange is facilitated through the intermediation of financial instruments. Financialization may permit real goods, services, and risks to be readily exchangeable for currency, and thus make it easier for people to rationalize their assets and income flows. Financialization is tied to the transition from an industrial economy to a service economy, as financial services belong to the tertiary sector of the economy. Specific academic approaches Various definitions, focusing on specific aspects and interpretations, have been used: * Greta Krippner of the University of Michigan writes that financialization ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crony Capitalism
Crony capitalism, sometimes called cronyism, is an economic system in which businesses thrive not as a result of free enterprise, but rather as a return on money amassed through collusion between a business class and the political class. This is often achieved by the manipulation of relationships with state power by business interests rather than unfettered competition in obtaining permits, government grants, tax breaks, or other forms of state intervention over resources where business interests exercise undue influence over the state's deployment of public goods, for example, mining concessions for primary commodities or contracts for public works. Money is then made not merely by making a profit in the market, but through profiteering by rent seeking using this monopoly or oligopoly. Entrepreneurship and innovative practices which seek to reward risk are stifled since the value-added is little by crony businesses, as hardly anything of significant value is created by them, wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Davies (political Writer)
William Davies (born 1976) is an English writer, political and sociological theorist. His work focuses on the issues of consumerism, happiness, and the history and function of expertise on society. Davies has written for a variety of newspapers and periodicals including The Guardian, New Left Review, London Review of Books, and The Atlantic. In 2015 Davies published his second book '' The Happiness Industry'', which assesses the relationship between consumer capitalism, big data and positive psychology. Davies is Professor of Political Economy at Goldsmiths, University of London, where he is Co-Director of The Political Economy Research Centre in London. Works *''The Limits of Neoliberalism: Authority, Sovereignty and the Logic of Competition'' (2014) *'' The Happiness Industry: How Government and Big Business Sold Us Well Being'' (2015) *''Nervous States: Democracy and the Decline of Reason'' (2019) *''This is Not Normal: The Collapse of Liberal Britain'', Verso Books Verso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political economy is the study of how economic systems (e.g. markets and national economies) and political systems (e.g. law, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth; "political" signifying the Greek word '' polity'' and "economy" signifying the Greek word '; household management. The earliest works of political economy are usually attributed to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many List of islands of the United Kingdom, smaller islands within the British Isles. Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uppsala University
Uppsala University ( sv, Uppsala universitet) is a public research university in Uppsala, Sweden. Founded in 1477, it is the oldest university in Sweden and the Nordic countries still in operation. The university rose to significance during the rise of Sweden as a great power at the end of the 16th century and was then given a relative financial stability with a large donation from King Gustavus Adolphus in the early 17th century. Uppsala also has an important historical place in Swedish national culture, identity and for the Swedish establishment: in historiography, literature, politics, and music. Many aspects of Swedish academic culture in general, such as the white student cap, originated in Uppsala. It shares some peculiarities, such as the student nation system, with Lund University and the University of Helsinki. Uppsala belongs to the Coimbra Group of European universities and to the Guild of European Research-Intensive Universities. It has ranked among the wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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