Opinion: How should society effectively control the increasing power of the top 1%? – John Gelmini

English: St John's Innovation Centre in April ...

English: St John’s Innovation Centre in April 2011. (Photo credit: Wikipedia)

I am not sure you can curb their power directly as Dr Alf asks unless you insist on much larger majorities for passing new laws and take steps to reduce the gap between those in the top 1% and those at the bottom.

To do that you need a much faster growing economy based on exports and enterprise, a massively reduced public sector with a pervasive smell of napalm not just “in the morning” but every morning for at least a year.

We (in the UK) need VCs that are less risk averse, as is the case in America, where at MIT, Stanford and Berkeley the extent of funding of new start-ups and “spin-outs” is quintuple what it is in this country in places like the St John’s Innovation Center and the Hauser Foundation in Cambridge and via Oxford University.

That 5 fold difference is not in absolute numbers but 5 times the UK equivalent in proportion to the numbers of spin-outs and embryonic start-ups so absolute numbers are much higher.

Probably, we need something like US style Chapter 11, rather than our black and white bankruptcy laws to encourage more risk taking.

A better State education system, modeled on Singaporean lines, with language skills training in useful languages would enable more people to work abroad and action to reduce our population by selling off surplus people in a new Assisted Migration program would bring our remaining population into line with our financial and physical resources and make people much better off.

Currently the UK has 35 million too many people and far too many useless and unproductive people who represent an economic loss to the country and to all taxpayers except for the 1% who pay next to no tax and can always avoid it.

This drives up the costs of services and widens the income gap.

The cost of delivering services to taxpayers has to reduce from us being 17th in the world in terms of value per taxpayer pound to us being 1st or in the upper 10%.

John Gelmini

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2 responses

  1. Pingback: Opinion: Churchill’s Bomb: How the United States Overtook Britain in the First Nuclear Arms Race | Foreign Affairs- John Gelmini « Dr Alf's Blog

  2. Pingback: Opinion: Stefano Scarpetta reviews new approaches to closing the world’s growing income gaps ex Project Syndicate- John Gelmini « Dr Alf's Blog

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