|
Plutonomy
Plutonomy (; a portmanteau of ''plutocracy'' and ''economy'') is the science of production and distribution of wealth. Origins Plutonomy entered the language as late as the 1850s in the work of John Malcolm Forbes Ludlow. John Ruskin is quoted as having referred to plutonomy as a "base or bastard science". Citigroup analysts have also used the word plutonomy to describe economies "where economic growth is powered by and largely consumed by the wealthy few." In three reports for super-rich Citigroup clients published in 2005 and 2006, a team of Citigroup analysts elaborated on their thesis that the share of the very rich in national income of plutonomies had become so large that what is going on in these economies and in their relation with other economies cannot be properly understood any more with reference to the average consumer: "The rich are so rich that their behavior – be it negative savings, or just very low consumption of oil as a % of their income – overwhelms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citigroup
Citigroup Inc. or Citi ( stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware. Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the United States. It is considered a systemically important bank by the Financial Stability Board and is commonly cited as being too big to fail. It is one of the nine global investment banks in the Bulge Bracket. Citigroup is ranked 33rd on the ''Fortune'' 500 as of 2021. Citigroup has approximately 200 million customer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plutocracy
A plutocracy () or plutarchy is a society that is ruled or controlled by people of great wealth or income. The first known use of the term in English dates from 1631. Unlike most political systems, plutocracy is not rooted in any established political philosophy. Usage The term ''plutocracy'' is generally used as a pejorative to describe or warn against an undesirable condition. Throughout history, political thinkers and philosophers have condemned plutocrats for ignoring their social responsibilities, using their power to serve their own purposes and thereby increasing poverty and nurturing class conflict and corrupting societies with greed and hedonism. Examples Historic examples of plutocracies include the Roman Empire, some city-states in Ancient Greece, the civilization of Carthage, the Italian merchant city states of Venice, Florence, Genoa, the Dutch Republic and the pre-World War II Empire of Japan (the '' zaibatsu''). According to Noam Chomsky and Jimmy Carter, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ultra High-net-worth Individual
Ultra-high-net-worth individuals (UHNWI) are defined as having a net worth of at least US$30 million in constant 2018 dollars. It is the wealth segment above very-high-net-worth individuals (greater than $5 million) and high-net-worth-individuals (greater than $1 million). Although they constitute only 0.003% of the world's population (less than 1 in 33,000), they hold 13% of the world's total wealth. By 2017, there were 226,450 individuals designated as UHNWI, representing an increase of 3.5%, with their combined total wealth increasing to $27 trillion. Definitions and ranking Ultra-high-net-worth individuals are defined in the report as having a net worth of at least US$30 million in investible assets net of liabilities (after deducting residential and passion investments such as art, planes, yachts and personal real estate). At last count, there were 211,275 UHNW individuals in the world, with a total combined net worth of US$29.7 trillion. Billionaires are a special catego ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portmanteau
A portmanteau word, or portmanteau (, ) is a blend of wordsGarner's Modern American Usage , p. 644. in which parts of multiple words are combined into a new word, as in ''smog'', coined by blending ''smoke'' and ''fog'', or ''motel'', from ''motor'' and ''hotel''. In , a portmanteau is a single morph that is analyzed as representing two (or more) underlying s. When portmanteaus shorten es ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain curren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Malcolm Forbes Ludlow
John Malcolm Forbes Ludlow (8 March 1821 – 17 October 1911) was an Anglo-Indian barrister. He led the Christian socialist movement and founded its newspaper of the same name. Biography He was born in Nimach, British India, where his father worked for the East India Company. He was educated at Merchant Taylors' School, and called to the bar in 1843. Ludlow was influenced by French socialism as he was educated in Paris. In 1850, he founded and became editor of ''The Christian Socialist'' newspaper. He was also a co-founder of the Working Men's College. Most of his work focused on mission work to the poor in London. He promoted mutual cooperation via friendly societies. He was secretary to the royal commission on friendly societies from 1870 to 1874, and served as England's chief registrar of friendly societies from 1875 to 1891. He was one of the first members and subsequently president of the Labour Co-Partnership Association. In 1867 Ludlow co-wrote ''The Progress of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Ruskin
John Ruskin (8 February 1819 20 January 1900) was an English writer, philosopher, art critic and polymath of the Victorian era. He wrote on subjects as varied as geology, architecture, myth, ornithology, literature, education, botany and political economy. Ruskin's writing styles and literary forms were equally varied. He wrote essays and treatises, poetry and lectures, travel guides and manuals, letters and even a fairy tale. He also made detailed sketches and paintings of rocks, plants, birds, landscapes, architectural structures and ornamentation. The elaborate style that characterised his earliest writing on art gave way in time to plainer language designed to communicate his ideas more effectively. In all of his writing, he emphasised the connections between nature, art and society. Ruskin was hugely influential in the latter half of the 19th century and up to the First World War. After a period of relative decline, his reputation has steadily improved since the 1960 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Piketty
Thomas Piketty (; born 7 May 1971) is a French economist who is Professor of Economics at the School for Advanced Studies in the Social Sciences, Associate Chair at the Paris School of Economics and Centennial Professor of Economics in the International Inequalities Institute at the London School of Economics. Piketty's work focuses on public economics, in particular income and wealth inequality. He is the author of the best-selling book ''Capital in the Twenty-First Century'' (2013), which emphasises the themes of his work on wealth concentrations and distribution over the past 250 years. The book argues that the rate of capital return in developed countries is persistently greater than the rate of economic growth, and that this will cause wealth inequality to increase in the future. Piketty proposes improving the education systems and considers diffusion of knowledge, diffusion of skills, diffusion of idea of productivity as the main mechanism that will lead to lower i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital In The Twenty-First Century
''Capital in the Twenty-First Century'' (french: Le Capital au XXIe siècle) is a book written by French economist Thomas Piketty. It focuses on wealth and income inequality in Europe and the United States since the 18th century. It was initially published in French (as ''Le Capital au XXIe siècle'') in August 2013; an English translation by Arthur Goldhammer followed in April 2014. The book's central thesis is that when the rate of return on capital (''r'') is greater than the rate of economic growth (''g'') over the long term, the result is concentration of wealth, and this unequal distribution of wealth causes social and economic instability. Piketty proposes a global system of progressive wealth taxes to help reduce inequality and avoid the vast majority of wealth coming under the control of a tiny minority. At the end of 2014, Piketty released a paper where he stated that he does not consider the relationship between the rate of return on capital and the rate of economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of America Merrill Lynch
BofA Securities, Inc., previously Bank of America Merrill Lynch (BAML), is an American multinational investment banking division under the auspices of Bank of America. It is not to be confused with Merrill, the stock brokerage and trading platform subsidiary of Bank of America. It provides services in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, research, and liquidity and payments management. It was formed through the combination of the corporate and investment banking activities of Bank of America and Merrill Lynch & Co. following the acquisition of the latter by the former in January 2009. History Bank of America completed the acquisition of Merrill Lynch & Co on January 1, 2009. Bank of America began rebranding all of its corporate and investment banking activities under the ''Bank of America Merrill Lynch'' name in September 2009. In April 2011, Bank of America Merrill Lynch integrated its corporate and investment banki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rémy Cointreau
Rémy Cointreau is a French, family-owned business group whose origins date back to 1724. The group has an international portfolio of spirits (cognac, liqueurs and spirits): Rémy Martin and Louis XIII cognacs, Cointreau liqueur, METAXA Greek spirit, Mount Gay rum, St-Rémy brandy, The Botanist gin, Bruichladdich single malts, Port Charlotte, Octomore, Westland American whiskey and Domaine des Hautes Glaces French whisky. Brands and history Rémy Cointreau brands include: * Rémy Martin cognac * Louis XIII cognac * Mount Gay Rum (1989 acquisition) * Cointreau liqueur * METAXA Greek spirit * Bruichladdich / Octomore / Port Charlotte Scotch whisky (2012 acquisitions) St-RémyFrench brandy The Botanistgin (2012 acquisition) French single malt whisky WestlandAmerican single malt whiskey The Rémy Cointreau Group is a result of a 1990 merger between E. Rémy Martin & Cie SA and Cointreau & Cie SA, respectively. In 1999, Rémy Cointreau joined Edrington and Fortune Brands in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Inequality
There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of wealth people own). Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality, the Gini coefficient being a widely used one. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations. Income inequality between nati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
_per_capita_in_2020.png "Click for more on -> Economy")
