plutonomy
(economics) economies in which consumption by the very rich is what drives most growth: bulgari watches, maybach limousines, gulfstream v business jets, vacations in the maldives, dolce & gabbana suits, private security services, money laundering, and income tax evasion.
initially coined by -n-lysts at citigroup in 2005 to describe the growth of the usonian economy during that period despite horrible economic fundamentals. later used by naomi klein in her essential work, -the shock doctrine-.
the us., uk, and canada are the key plutonomies – economies powered by the wealthy. continental europe (excluding italy) and j-pan are in the egalitarian bloc.
– equity risk premium embedded in “global imbalances” are unwarranted.
in plutonomies the rich absorb a disproportionate chunk of the economy and have a m-ssive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
{citigroup oct 16, 2005 plutonomy report part 1}
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