This book analyses the processes through which the modern forms of large fortunes are amassed. Despite the recent spate of governmental and non-governmental interest in inequality (be it wealth or income), the most privileged and fortunate have not generated much interest in mainstream economics. As the issue of wealth accumulation is multifaceted, the proposed book will not merely be an exercise in business history but deals with the issue from multiple perspectives, accordingly employing alternative research methods. Broadly, the trends and dynamics in high-tier wealth accumulation are coupled to the economic, political and social mechanisms that have been in play for at least half a century or more in some parts of the world. This approach leads to potential policy implications since much of the debate on wealth distribution centres on the extent to which wealth has been 'justly' attained. Further, how wealth is distributed in the capitalist system can have an impact upon economic growth.This book offers an alternative perspective on why we have witnessed the growth of a new social class of ultra rich. This book will be of interest to academics and researchers in international economic bodies.
Stamatios Tsigos is an industry consultant working in Melbourne, Australia. Prior appointments have included various teaching and industry positions. Academic appointments have included tutor in finance at Western Sydney University, Lecturer at Deakin College and Deakin University and as a research and teaching assistant at Monash University. He has worked at various companies in the financial services industry in the areas of wealth management and consulting. Stamatios's research interests include risk preferences, wealth inequality, and public finance. He has a Ph.D. from Western Sydney University and an Honours degree from Monash University.
Kevin Daly is Professor of Economics, Finance and Property at the University of Western Sydney, Australia. Prior appointments included Senior Tutor in Economics at the University of Adelaide, Lecturer in Business Studies at the University of Brighton (UK) and Economics and Finance Tutor at Sussex University. Before joining academia Kevin worked at various positions in Merchant Banking in the City of London. Kevin's research revolves around applied finance and open economy macroeconomics; researching the effects of financial volatility on real economic activity.
1. Introduction.- 2. Current state of understanding: What does economics say about the economic elite?.- 3. Wealth's vista. Trends in Wealth and the Rise of the Billionaire.- 4. The Rise of the Dual Economy - Wealth and Inequality.- 5. Sources of Great Fortunes in the World.- 6. Conclusion.