Overview

The robber barons of the tech revolution — Gates, Bezos, Zuckerberg, Musk and others — have led the way to wealth inequality nearly as extreme as at the turn of the nineteenth century, with damaging implications for democracy. How has this happened and what can we do about it? The decoupling of capitalism from democracy, which gathered pace in the 1990s, has fostered an economic system powered by greed alone, able to prosper in brutal dictatorships, unchecked even by the financial crisis of 2007/8. Rampant inequality, fuelled by radically increased money supply, has been the result. This inequality has incited social unrest and contributed to the undermining of faith in the institutions of the democratic state. The citizens of Western democracies have been left to the mercy of unfettered capitalism, becoming data subjects, endlessly surveilled, marshalled and polarised. Today’s extreme capitalism, promoted by Milton Friedman and others, is exemplified by its modern monopolists — Bill Gates, Jeff Bezos, Mark Zuckerberg and Elon Musk, whose fortunes have been built on often immoral, if not illegal actions, and whose headline-grabbing antics appear to be motivated more by ego than any genuine desire to do good for humanity. The authors draw a line from the robber barons of the 1990s tech revolution to Putin’s invasion of Ukraine, citing the marginalisation of democratic principles which has enabled the rise of authoritarian populists such as Vladimir Putin, Xi Jinping, Jair Bolsonaro and, of course, Donald Trump and Boris Johnson. An unanticipated fightback in Ukraine, with support from the EU and the West, has the potential to reclaim the lost spirit of freedom inherent in liberal democracy, but will it be enough?

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9781802471373

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Praise for The End of Money: 'A page-turner rich in data and steeped with evidence and insights that flow from a deep understanding of the history of financial markets . . . a must-read before you buy your next - or first - non-fungible token, Chinese banking stock or US government bond' Professor Adrian Saville, Gordon Institute of Business Science 'A fascinating and enjoyable read . . . interspersed with illuminating anecdotes from our recent financial history . . . makes it clear that excessive debt and extreme money creation have eroded faith in the global financial system, perhaps best symbolised by the rise of cryptocurrencies' Michael Jordaan, business Leader and venture capitalist

Author Information

Christiaan Straeuli is a professional writer, researcher and editor. He specialises in financial and economic research, particularly in the areas of monetary economics, corporate malfeasance and the Chinese banking system. He has an MA in English literature and writes regularly on the industry. He lives in Johannesburg, the main city in the world's most unequal society, but with a global perspective. His first book, The End of Money, co-written with David Buckham and Robyn Wilkinson, was published in 2021. David Buckham is the founder and CEO of Monocle, a global management consulting firm specialising in banking and insurance. He has diverse experience within banking and financial markets, having guided regulatory implementation in banks around the world for two decades. During the period leading up to the 2007-08 global financial crisis and while it was occurring, he worked in Iceland, Denmark, Luxembourg, Singapore, Hong Kong, Malaysia, South Africa and the UK. He has an MA in English literature and writes regularly on the industry. David lives in Johannesburg, South Africa, the most unequal society in the world, though with a global perspective. His first book, The End of Money, co-written with Robyn Wilkinson and Christiaan Straeuli, was published in 2021. Robyn Wilkinson is a professional writer, editor and analyst within the finance industry, with particular expertise in the areas of cryptocurrency, fintech and the history of the global financial system. She has an MA in English literature and writes regularly on the financial industry. She lives in Johannesburg, the main city of the most unequal society in the world, South Africa, but her perspective on inequality is global. Her first book, The End of Money, co-written with David Buckham and Christiaan Straueli, was published in 2021.

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