By Paul Taylor
ISBN-10: 1849660018
ISBN-13: 9781849660013
ISBN-10: 1849660360
ISBN-13: 9781849660365
ISBN-10: 1849661006
ISBN-13: 9781849661003
ISBN-10: 1849663556
ISBN-13: 9781849663557
This booklet considers the social and fiscal harm wrought by means of neo-liberalism, either in Britain and past. Paul Taylor analyzes the results of the expanding inequalities of source of revenue and wealth in recent times, concluding wide selection of difficulties for the center sections of society will be traced to the looks of a category of the 'uber-rich', the instance they set and the calls for they make. He takes the view that what has occurred is the other of the a lot vaunted 'trickle-down effect'; there's really a 'trickle-up impression' not just within the distribution of wealth but in addition within the possession of estate and entry to schooling, drugs and the legislations. He is going directly to examine the government's failure to deal successfully with those difficulties, placing them within the context of the necessity to care for the specter of terrorism and the results of globalization. The booklet is very suitable to the present drawback within the international economy, particularly with reference to its results within the united kingdom and united states, however it locations that problem within the context of wider developments.
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Extra info for The Careless State: Wealth and Welfare in Britain Today
Sample text
It was reported that the buying of pension funds by the big investment banks was a rapidly growing business. One company in this business was Pension Corporation (The Observer, 18 November 2007). In late February 2008 a subsidiary of the banker Goldman Sachs bought the pension fund of Rank which was in financial difficulties (Goldman, of Goldman Sachs, had played a role in the downfall of LTCM in the 1990s; see Chapter 5). Despite the problems of contribution holidays of the 1990s, it was judged that the fund had a surplus of £20 million which was paid back to Rank ‘as a kind of sweetener’ for the sale to help with its financial difficulties.
38 THE CARELESS STATE • There was an underlying moral consideration. In the age of homely capitalism, when mortgages came from building societies, and the bank manager was a pillar of the local community, it would have been unthinkable that the person who agreed a debt could sell it on for profit. It was arguably morally unacceptable to sell on a mortgage agreed in good faith with a known and trusted building society to an unknown, possibly disreputable institution. Borrowers should have the right to know the person or company to whom they owed money.
Accordingly in Britain the role of trade unions was to obtain higher wages for the workers, not to get too close to management or become involved in any of its functions. Such attitudes were frequently found in British trade unions up to Mrs Thatcher’s time. 25 • That in modern early twenty-first-century states there was a failure of key elements in the units of the social system, especially the family as reflected in one parent families, or of the community, so that there were no systems for mutual self-help.
The Careless State: Wealth and Welfare in Britain Today by Paul Taylor
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