by Tim Di Muzio
debt free, 202, 208, 212
debt households, 196
debt instruments, 37, 74, 77–8, 80, 87, 196
declining unionization, 194
derivatives, 38–9, 74, 83, 85, 87
Detroit, 101
Diamond, Jared, 104, 201
differential accumulation, 14, 19, 49, 63–4, 142, 161, 190, 193–4, 200ff, 212–13, 216; commodified differential power, 50
differential capitalization, 8, 50, 64–5, 136, 142, 190, 206, 215–16
differential consumption, 15, 16, 40, 141, 143, 154, 159
differential earnings, 195
differential power, 9, 66, 73, 74, 151, 166
differential returns, 146
differential wealth, 9
Diggers, 126, 127, 167–8, 173
disciplinary neoliberalism, 2, 84, 194
distribution of property, 172, 175
distribution of wealth, 14
Distribution of Wealth, The, 178, 188
dominant capital, 6, 51, 63–6, 163, 194
dominant owners, 4, 6ff, 16–17, 48, 50, 65, 68–9, 74ff, 81, 88, 96, 100, 140ff, 153–4, 160–6, 184, 189, 193–4, 199, 200ff, 214
dominant ownership, 7; transnationalization of, 85
dominant ritual, 14; see also capitalization
domination, 35, 93, 118, 120, 130, 134
double movement, 193
drug abuse, 11
drug runners, 101
drug trafficking, 101–2
Dutch East India Company, 81, 82
economic growth, 24, 52, 104, 106
economic liberals, 96–7
Economist, The, 75, 78
Egan, Sean, 90
Egypt, 19, 198
elite social forces, 5, 203
employment, 23
England, 15, 78, 86, 106–7, 111, 116ff, 129ff, 167–8
English Civil War, 167
Enron, 94
entrepreneurialism, 44
Equities, 36
etymology, 23
Europe, 20, 24, 42, 44, 81–2, 111ff, 117, 132, 135, 149, 150, 198
European colonialism, 8
exchange of money, 200
exchange value, 25, 171
exclusive private property, 8
exploitation, 2
expropriation, 111, 121, 125, 130, 133, 144
Exxon Mobil, 64, 89
Facebook, 66, 69, 70, 71, 195
Federal Reserve, 94, 196, 207, 210
finance, 10, 26, 35–6, 50, 57, 73–4, 81, 90, 95–8, 107, 114, 120, 132, 137, 153, 155, 200, 202
financial assets, 27, 30, 31–2, 35–7, 45, 65, 75, 82–3, 153
financial crime, 198
financial crisis, 197, 204
financial market, 74–5
Financial Times Global 500, 59, 71
financial wealth, 26, 28, 30, 31, 46, 152
financiers, 118, 155, 202
Finland, 94
Fitch, 88
Forbes, 22, 43–4, 152ff, 179
foreign currency, 38–9
foreign exchange market, 74, 85–7
fortified built environments, 16
fossil fuels, 15–16, 103, 112, 135–6, 139–42, 184–5, 190, 205, 213
France, 20, 41, 116, 121–2, 131–2, 150
Frank, Knight, 28–9, 34
fraud, 67, 89, 127, 131, 138, 181, 198, 204, 208
free market industrialization, 193
free trade, 122, 133
Gates, Bill, 55, 64
George, Susan, 6
Gilded Age, 16, 143ff, 150–1, 159
Gill, Stephen, 2, 6; see also displinary neoliberalism and new constitutionalism
Glass-Steagall, 198
global disparity, 15
global financial crisis, 18, 27, 31, 67, 80, 90, 97, 102, 158
global hierarchy, 23
global income earners, 26
global investors, 14, 196–7
global market, 72, 100
Global North, 79, 87, 192
global political economy, 1, 4, 7–8, 22, 92, 161
global population, 10, 13, 22–3, 27, 32–3, 45, 153
Global South, 192
globalization, 153
globalizing elites, 6
Glorious Revolution, 108, 124, 129
Goldman Sachs, 76, 78
government bonds, 37, 65–6, 75, 101
government debt, 75, 80, 82, 88, 205, 212
Government Pension Investment Fund of Japan, 91
Great Britain, 24
Great Depression, 193, 197, 204
Greece, 19, 78
Greenspan, Alan, 196
Gross Domestic Product, 63, 85, 136, 141, 151–2, 163, 205
gross national product, 26
Group of 20, 203
Group of Eight, 203
Hamilton, Clive, 162
Harmes, Adam, 92, 199
Hawkes Ocean Technologies, 159
hedge funds, 38, 91–2, 153, 155
Henwood, Doug, 75
hierarchy, 3
high net worth individuals, 6, 13–14, 27ff, 51, 65, 83–7, 143ff, 152, 156
Hirst, Damien, 27
Hobbes, Thomas, 166
How to Spend it, 155
human security, 9, 215
illegitimate power, 190
immaterial equipment, 180
imperialism, 175
imprisonment, 11
income, 3–5, 9–14, 17ff, 37–9, 46ff, 65–8, 73–8, 83, 88–93, 97–8, 106, 137, 142ff, 174ff, 195–99, 211ff
income securities, 37
income tax, 24
India, 81–2, 114, 133, 151, 159, 160
indignity, 2
industrial enlightenment, 185
industrial serviceability, 58
inequality, 2, 7, 11–14, 17–18, 26, 48, 112, 127, 145, 147, 151–4, 167–8, 174–5, 188, 199, 202–5, 216–17; accelerating, 163, 198
institutional investors, 69, 74, 91–3
insurance, 28, 91, 184, 211
intangible assets, 180
International Labor Organization, 197
International Monetary Fund, 78–9, 98–9
Investopedia, 26
Jefferson, Thomas, 49
Jevons, Willam Stanley, 176
Jobs, Steve, 187, 188
Josephson, Matthew, 179
JPMorgan Chase & Co., 66–7
Kempf, Hervé, 9, 16
Kirkaldy, Adam C., 25
Knight Frank’s The Wealth Report, 28–30
knowledge democracy, 211
legal sanctification, 8
Levellers, 167
levels of wealth, 27
liberal political economy, 127–8
liberalization, 87, 152, 194
livelihood, 9–10, 16, 18, 45, 48, 58, 141, 183–4, 189, 193, 216
Locke, John, 17, 165, 168; theory of property, 172; Two Treatises of Government, 168
Lockheed Martin, 66, 71, 72
London, 42, 80, 98, 132, 147
Los Angeles, 42
Luxury Investment Index, 28
mainstream economics, 17, 57, 172, 179, 195; see also liberal political economy and Neoclassical
Malibu, California, 27
Malthus, Thomas Robert 108–10; An Essay on the Principle of Population, 108
Mankiw, Greg, 55
marginal utility, 176; see also Neoclassical
market capitalization, 6, 59–60, 63, 66–71, 82, 89, 140, 141; see also capital as power
market dependent economy, 138
market prices, 56, 93
market share, 183
market value, 26, 59, 63, 139, 197
marketplace, 81
Marx, Karl, 15, 48, 55, 103, 126, 127; alienation of the state by sale, 132; Communist Manifesto, 128; means of production, 6; labor theory of value, 56, 66; socially necessary abstract labor time, 56; surplus value, 56
Marxist, 6–7, 14
mass media, 5
McKinsey Global Institute, 75, 82, 153
Menger, Carl, 176
Mercantile Thought, 14
mercantilism, 113
merchants of death, 72
mergers, 195, 204
Merrill Lynch, 27
Meucci, Antonio, 186
Middle East, 44
Mid-Tier Millionaires, 27, 32
Mill, John Stuart, 24; Principles of Political Economy, 24
Millennium Development Goals, 10
Millionaire Next Door, 31–2
Mills, C. Wright, 4
mode of power, 7, 14–15, 19, 50, 52, 61, 66, 68, 78, 85, 87, 111, 120, 124, 141, 168, 189, 204, 214; see also Nitzan, Jonathan, and Bichler, Shimshon
mode of production, 8, 25, 50, 52, 56, 61; see also Marx, Karl
Mokyr, Joel, 185
monarchy, 107
monetary system, 12
monetization, 70, 111
money creation, 131, 140–1
money market, 74, 87
money supply, 11, 15, 94–7, 103, 136ff, 193, 196, 204–5, 208
money values, 58–61
monopoly, 81, 140, 181, 210
Moody’s Investors Service, 88
national accounts, 112, 162
national debt, 76, 198; ownership of the, 76
Neoclassical, 14, 17, 51–2, 54–5, 60, 176; mathematized scientific objectivity, 51
neo-Keynesians, 205
net worth, 6, 13–14, 26–36, 39–45, 51, 65, 83, 85, 87, 138, 143, 145, 148, 152, 156
neutral science, 200
new constitutionalism, 2
New Gilded Age, 151
New York, 42, 98, 142, 147, 150, 155, 199
New York Stock Exchange, 57, 140
New York Times, 155
Nitzan, Jonathan, 6, 50; see also capital as power
Norman Conquest, 108, 166
North America, 42, 135, 198
obesity, 11
Occupy Movement, 3, 13, 18, 31, 45, 192–3, 198, 199
Occupy Wall Street, 198–9
Oceania, 42
offshore financial centers, 98
offshore secrecy, 74
Organization for Economic Cooperation and Development, 10, 78–80, 98
ownership of income, 23
Panopticon, 174
Paris, 42, 121
pathological accumulation, 9
pecuniary, 2, 6
Pentagon, 203
perfect competition, 178–9
permanent war, 8
petroleum industry, 15
Petty, William, 15, 116, 120; Treatise of Taxes and Contributions, 117
Pickett, Kate, 11
plutonomy, 142ff, 154
plutonomy basket, 145
Polanyi, Karl, 53, 62, 193, 217
police brutality, 3
political corruption, 147, 198
political parties, 162, 204
Positive Money, 208
possessive individualism, 172
poverty, 21, 46, 48, 52–3, 89, 99, 127, 135, 160, 162, 219
power, 1–16, 19, 21, 35–6, 48ff, 119ff, 165–219; logic of, 13; symbolic accumulation of, 10; to create money, 11
power elite, 4–5
Power Elite, The, 4; see also C. Wright Mills
precarity, 2
price discovery, 81
price mechanism, 74, 115
price system, 66, 74, 111, 120, 129, 133–4, 137, 192
prices, 14
Prime International Residential Index, 28
primitive accumulation, 129; see also Marx, Karl
private bankers, 99, 155
private equity, 38–9, 74
Private insurance, 211
privatization, 78–80, 194, 204
production, 8
production of commodities, 55
property relations, 15, 128–9, 161, 173
property rights, 144–5, 181
prosumers, 70
public banking system, 209
Quesnay, François, 121
Quigley, Carroll, 202
Rand, Ayn, 11, 144
RBC Wealth Management, 27
Real Estate Investment Trusts, 83
regulatory agencies, 74
resistance, 19, 21, 49, 62, 141, 167, 192
Robber Barons, 179
Robinson, William I., 6
Rockefeller, John D., 15, 60
Romney, Mitt, 7
Rousseau, Jean-Jacques, 17, 172
ruling class, 6
Russia, 151
sabotage, 6, 184
Sam’s Club, 187
San Francisco, 42
scarcity of money, 11
Shilliam, Robbie, 53
Shorrocks, Anthony, 29
Sklair, Leslie, 6
slave labor, 49
slave trading empire, 24
Smil, Vaclav, 139
Smith, Adam, 10, 13, 15, 24, 54, 103, 112, 114, 121, 123, 134, 176, 217; An Inquiry into the Nature and Causes of the Wealth of Nations, 123
social hierarchy, 22, 185, 201
social justice, 3, 9, 20
social justice movement, 9
social labor, 15
social mobility, 11
social problems, 11
social relations of power, 8
social reproduction, 4, 62, 65, 72, 74, 104, 111, 121, 124, 139, 154, 189
solar farmers, 139
Solow, Robert, 187
Soros, George, 38, 55, 86
sovereign debts, 76
Sovereign Wealth Fund Institute, 92
Soviet Union, 195
Spain, 19, 143
stagnant wages, 194
Standard and Poor’s, 63, 88
Stiglitz, Joseph, 5
stock market, 44, 57, 63, 74, 76, 81–2, 101, 112, 140
Stockton, 101
structural adjustment programs, 99
subprime mortgage market, 197
supremacy, 141
Switzerland, Davos, 6
symbolic power, 16, 204, 219
tax havens, 67, 74, 98
Tax Justice Network, 99
technological detail, 180
technological stock, 180
Tepper, David, 38
transational acquisitions, 194
Transatlantic Slave Trade, 111
transnational business, 195
transnational capitalist class, 6
transnational mergers, 194
Twain, Mark, 146
UBS the World Ultra Wealth Report, 30; Wealth-X, 30, 41–3, 152
Ultra-High Net Worth, 28, 30
Ultra High Net Worth Individuals, 30, 42
United Arab Emirates, 158
United Nations, 99
United Nations Office on Drugs and Crime, 102
United States, 4–5, 7, 15–16, 36, 38, 41, 44, 64, 68, 75–6, 82, 84, 90–4, 99, 101, 140, 143, 147ff, 179, 187, 196ff; Congressional testimony, 90; Declaration of Independence, 49; Republican, 7; Slave Codes, 36
urbanization, 111
van der Pijl, Kees, 6
Veblen, Thorstein, 36, 50, 57–8, 179; absentee owners, 36; The Theory of the Leisure Class, 147
Vietnam War, 203
virtual world, 154, 155, 200
Volcker, Paul, 99
Vonnegut, Kurt, 49
Wall Street, 19, 142, 155, 196, 198
Wal-Mart, 89, 187
Walras, Léon, 176
Walton, Sam, 187, 188
war on terror, 71–2, 85
Warner, Charles Dudley, 146
wealth, 13, 22, 24, 26–35, 38, 40–3, 92, 103–4, 123, 142, 147, 152–3, 165; Marx’s definition of, 25; Mill’s definition of, 25
wealth generation, 16
wealth inequality, 27
Wealth of Nations, 24
Wilkinson, Richard G., 11; The Spirit Level, 11
William the Conqueror, 106
Wood, Ellen Meiksins 167
Wollongong, University of, 36
World Bank, 46, 152
World Economic Forum, 6
World Federation of Exchanges, 197
/>
World War II, 4, 193
world wars, 193
World Wealth Report, 13, 27–8, 34, 142, 153
Young, Arthur, 110