The Rise of the New Global Elite
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The Rise of the New Global Elite
F . S C O T T F IT Z G ER A L D W A S R IG H T W H EN H E DEC L A R ED T H E R IC H DIF F ER EN T F R O M Y O U A N D ME. BU T T O DA Y ’ S S U P ER -R IC H A R E A L S O DIF F ER EN T F R O M Y ES T ER DA Y ’ S : MO R E H A R DW O R K IN G A N D MER IT O C R A T IC , BU T L ES S C O N N EC T ED T O T H E N A T IO N S T H A T G R A N T ED T H EM O P P O R T U N IT Y —A N D T H E C O U N T R Y MEN T H EY A R E L EA V IN G EV ER F U R T H ER BEH IN D.
By Chrystia Freeland
IMAGE CREDIT: STEPHEN WEBSTER/WONDERFUL MACHINE IF YOU HAPPENED to be watching NBC on the first Sunday morning in August last summer, you would have seen something curious. There, on the set of Meet the Press, the host, David Gregory, was interviewing a guest who made a forceful case that the U.S. economy had become “very distorted.” In the wake of the recession, this guest explained, high-income individuals, large banks, and major corporations had experienced a “significant recovery”; the rest of the economy, by contrast—including small businesses and “a very significant amount of the labor force”—was stuck and still struggling. What we were seeing, he argued, was not a single economy at all, but rather “fundamentally two separate types of economy,” increasingly distinct and divergent. This diagnosis, though alarming, was hardly unique: drawing attention to the divide between the www.theatlantic.com/magazine/print/2011/01/the-rise-of-the-new-global-elite/8343/ 1/14
wealthy and everyone else has long been standard fare on the left. (The idea of “two Americas” was a central theme of John Edwards’s 2004 and 2008 presidential runs.) What made the argument striking in this instance was that it was being offered by none other than the former five-term Federal Reserve Chairman Alan Greenspan: iconic libertarian, preeminent defender of the free market, and (at least until
The Rise of the New Global Elite
F . S C O T T F IT Z G ER A L D W A S R IG H T W H EN H E DEC L A R ED T H E R IC H DIF F ER EN T F R O M Y O U A N D ME. BU T T O DA Y ’ S S U P ER -R IC H A R E A L S O DIF F ER EN T F R O M Y ES T ER DA Y ’ S : MO R E H A R DW O R K IN G A N D MER IT O C R A T IC , BU T L ES S C O N N EC T ED T O T H E N A T IO N S T H A T G R A N T ED T H EM O P P O R T U N IT Y —A N D T H E C O U N T R Y MEN T H EY A R E L EA V IN G EV ER F U R T H ER BEH IN D.
By Chrystia Freeland
IMAGE CREDIT: STEPHEN WEBSTER/WONDERFUL MACHINE IF YOU HAPPENED to be watching NBC on the first Sunday morning in August last summer, you would have seen something curious. There, on the set of Meet the Press, the host, David Gregory, was interviewing a guest who made a forceful case that the U.S. economy had become “very distorted.” In the wake of the recession, this guest explained, high-income individuals, large banks, and major corporations had experienced a “significant recovery”; the rest of the economy, by contrast—including small businesses and “a very significant amount of the labor force”—was stuck and still struggling. What we were seeing, he argued, was not a single economy at all, but rather “fundamentally two separate types of economy,” increasingly distinct and divergent. This diagnosis, though alarming, was hardly unique: drawing attention to the divide between the www.theatlantic.com/magazine/print/2011/01/the-rise-of-the-new-global-elite/8343/ 1/14
wealthy and everyone else has long been standard fare on the left. (The idea of “two Americas” was a central theme of John Edwards’s 2004 and 2008 presidential runs.) What made the argument striking in this instance was that it was being offered by none other than the former five-term Federal Reserve Chairman Alan Greenspan: iconic libertarian, preeminent defender of the free market, and (at least until