The Axis of the Oligarchs

It has become evident over the last few years that the wealthiest individuals in Europe and America, who we’re used to thinking of as anti-state libertarians, have in fact abandoned free markets in favour of state-supported monopolies; they wish to be oligarchs

On the Russian model of what is known as “state capitalism,” businesses that are strategically essential to the state receive various forms of state protection, including the absorption of economic risk. The billionaire owners of those businesses move their enormous profits off-shore and very little financial benefit accrues to the Russian people, so deep inequalities are endemic.

From Byline Times, 27 November 2018

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