Where are We Going?

An advert for the RNLI caught my attention because it indicated that the majority of their income comes from bequests in wills. The pitch was that, after you provide for your loved ones, you should leave money to the RNLI. I have no problem with this, having generations of lifeboatmen in my ancestry, but it tied in with criticism I had seen recently on X of “boomers” for hoarding wealth.

It appears to me simply true that those of my generation were able to acquire wealth, often largely invested in residential property, simply in the normal course of our working lives. It also is true that succeeding generations do not appear so easily to do this.

It is not that wealth is no longer created. It is that my generation benefited from a social democratic consensus in which wealth was much more equally spread around society. I lived through and witnessed in real time the destruction of the social democratic system that produced that outcome - the advent of neoliberalism and its mechanisms of deregulation and globalisation.

This framing is misleading, however. The establishment narrative is that extreme wealth concentration and inequality is the natural order of things and that deregulation is the removal of artificial constraints. But actually the opposite is the truth. The entire economic structure is unnatural. The very concepts of capital itself, of company structures, of banking systems, of taxation are each a carefully manufactured construct.

Extreme concentration of wealth is produced by design, not by accident. Hedge funds,