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Before the recession, it was relatively easy to ignore this concentration of wealth among an elite few. The real community life of the 21st-century plutocracy occurs on the international conference circuit. This geeky enthusiasm for innovation and ideas is evident at more-intimate gatherings of the global elite as well. This widening gap between the rich and non-rich has been evident for years. A little more than a decade ago, for instance, I spoke to Mikhail Khodorkovsky, at that moment the richest man in Russia. This is not a group that plays hooky: Rather than merely donate to worthy charities or endow existing institutions though they of course do this as well , they are using their wealth to test new ways to solve big problems. For all its global reach, Pimco is still based in the United States. Shaw, as recently as , and he emphasized his use of the qualifier over the last several months. Internet company. Hence the presence last year of three Nobel laureates, including Daniel Kahneman, a pioneer in behavioral economics. The result of these divergent trends is a jaw-dropping surge in U.
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Mock Louis XIV chairs—made, with a wink, from high-end plastic—are much in evidence. Individual nations have offered their own contributions to income inequality—financial deregulation and upper-bracket tax cuts in the United States; insider privatization in Russia; rent-seeking in regulated industries in India and Mexico.
Expanded global access to labor skilled and unskilled alike , customers, and capital has lowered traditional barriers to entry and increased the value of an ahead-of-the-curve insight or innovation. We are smarter than they are. Thomas Friedman is right that in many ways the world has become flatter; but in others it has grown spikier.