A few weeks ago Forbes released its World’s Billionaire List. Most commentators have noted the increase in Chinese, Indian, and Russian presence on the list. This is not surprising. The three countries are some of the most economically robust countries in the world.
It is no wonder then that the global ruling class is reflecting these nations.
What does this mean for the global ruling class? As James Petras notes in his article “Meet the Global Ruling Class,” this surge in billionaires has come with increasing polarization of the world’s wealth. “The total wealth of this global ruling class,” he writes, “grew 35 per cent year to year topping $3.5 trillion, while income levels for the lower 55 per cent of the world’s 6-billion-strong population declined or stagnated. Put another way, one hundred millionth of the world’s population (1/100,000,000) owns more than over 3 billion people.” I’ll repeat that in case you didn’t get it: One hundred millionth of the world’s population own more than 3 billion people. So much for the rising tide lifting all boats.
Petras also makes some important observations about
But perhaps most interesting is how
In both Latin America and Russia, the billionaires grabbed lucrative state assets under the aegis of orthodox neo-liberal regimes (Salinas-Zedillo regimes in Mexico, Collor-Cardoso in Brazil, Yeltsin in Russia) and consolidated and expanded under the rule of supposedly ‘reformist’ regimes (Putin in Russia, Lula in Brazil and Fox in Mexico). In the rest of Latin America (
Chile, Colombiaand ) the making of the billionaires resulted from the bloody military coups and regimes, which destroyed the socio-political movements and started the privatization process. This process was then even more energetically promoted by the subsequent electoral regimes of the right and ‘center-left’. Argentina
What is repeatedly demonstrated in both
Russiaand Latin Americais that the key factor leading to the quantum leap in wealth from millionaires to billionaires was the vast privatization and subsequent de-nationalization of lucrative public enterprises.
It is no wonder Pierre-Joseph Proudhon said that “property is theft.”