Unequal: How extreme inequality is damaging democracy, and what we can do about it

(Paperback)

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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.

Todays 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 Putins 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

Reviews

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 Bio

David Buckham is the founder and CEO of Monocle, a global management consulting firm specialising in banking and insurance. Robyn Wilkinson is a professional writer, editor and analyst within the finance industry, with particular expertise in the history of global finance. Christiaan Straeuli is a professional writer, researcher and editor. He specialises in financial and economic research, particularly in the areas of monetary economics and corporate malfeasance. All the authors live in Johannesburg, South Africa.

David Buckham, Robyn Wilkinson and Christiaan Straeuli are the co-authors of The End of Money, published in 2021.