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Homoploutia or why the traditional division between capitalists and labourers is less relevant today
By Branko Milanović - European Trade Union Institute, October 4, 2022
Web Editor's Note:: in spite of the confusing title, the speaker is anti-capitalist, and is trying to show how complicated class formation is under current objective conditions.
The talk, based on Branko Milanović’s recent book "Capitalism, Alone: The Future of the System That Rules the World", will discuss and analyze systemic inequalities in liberal capitalist societies with the special emphasis on the phenomenon of homoploutia, that is, of high incomes from both labor and capital received by the same persons. Homoploutia is one of the key defining characteristics of modern capitalism, distinguishing it from its classical version. It is a desirable development because it reduces class-based distinctions, but it also encourages the formation of an elite that is more stable (thanks to its diversification of assets, including skills) and able to transfer these advantages across generations.
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