> The flip side of these trends at the top of the wealth ladder is the erosion of wealth among the middle class and the poor. There is a widespread public view across American society that a key structural change in the U.S. economy since the 1920s is the rise of middle-class wealth, in particular because of the development of pensions and the rise in home ownership rates. But our results show that while the share of wealth of the bottom 90 percent of families did gradually increase from 15 percent in the 1920s to a peak of 36 percent in the mid-1980, it then dramatically declined. By 2012, the bottom 90 percent collectively owns only 23 percent of total U.S. wealth, about as much as in 1940 (see Figure 2.)[0]
> The structure of the control network of transnational corporations affects global market competition and financial stability. So far, only small national samples were studied and there was no appropriate methodology to assess control globally. We present the first investigation of the architecture of the international ownership network, along with the computation of the control held by each global player. We find that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions. This core can be seen as an economic “super-entity” that raises new important issues both for researchers and policy makers.[1]
Probably a case where choosing ones words carefully helps. If you told me in the 90s "wealth inequality will increase" I probably would believe you. If you had told me "the world will be enslaved" I would have been skeptical. Saying that you were right all along because, while you said the latter, you really meant the former, sounds like retconning.
If we get real, robust automation, we're not going to see wealth inequality head that way. Or, at least, it's not going to matter as much. When anyone can get automation to do all the things they care about, what's the incentive to work like a dog for your whole life?
> When anyone can get automation to do all the things they care about ...
Why would it necessarily be "anyone"? If wealth and capitol are concentrated, and wealthy own automated factories, then what will provide income for the rest? Maybe, as Gibson projects, population will crash (the "Jackpot"). If everyone has enough automation, on the other hand, then we get a Vinge-like future.
What makes you think that everyone will have access to automation? Once a substantial part of society does have it the incentive to provide it to more people will wither away because no one who already has power will gain any by doing so.
wait. is this an example of a good theory or a crazy one?