The rich: Exactly what does the terminology mean?

July 2024 Forums General discussion The rich: Exactly what does the terminology mean?

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  • #83238
    james19
    Participant

    Found this on the BBC last month….

     

     

    The rich: Exactly what does the terminology mean?

     

    http://www.bbc.co.uk/news/magazine-15822595

    #105074
    rodshaw
    Participant

    Unsurprisingly, no mention of the capitalist class, or of owning and controlling the means of production and distribution.

    #105075
    ALB
    Keymaster

    Surprisingly the person who came nearest to this was a representative of the bankers who complained:

    Quote:
    Ruth Lea, economic adviser to the Arbuthnot Banking Group, says the phrase "the top 1%" should always take wealth into account."When it gets into the press, it's about earnings rather than wealth. It is not what I believe to be the concept of rich."Many people would assume the top 1% are all bankers but it also includes landowners and long-standing family businesses, she says."In a society like ours, which is still class-ridden, there's an amazing acceptance of extremely wealthy people who have inherited the wealth. They don't come in for the criticism that the likes of Bob Diamond (chief executive of Barclays Bank) comes in for.

    She's right. Inequality of wealth ownership is more fundamental than inequality of income.Actually, I thought it was a useful article.

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