Mafia-style elites govern us all. But are they making a mistake?

For centuries, the ways in which many societies governed themselves were indistinguishable from mafia-type governance structures. Along came democracy, the rule of law and meritocracy. But how much has really changed? Have we just changed one set of feudal barons for another, albeit with a slightly thicker veneer of civilisation? As philosopher Michael Sandel says, meritocracy is a scam.Prominent economist Jeffrey Sachs recently asserted that America is ruled by and for a small elite - and always has been, apart from an aberrant period from the mid 1930s to the mid 1960s. Surely that’s also true of the UK (with only a much shorter ‘golden period’) and many other countries? Is Sachs right? If so, what does that suggest for what happens next?‘Winner takes all’ may be how the world has always been organised. But the sustainability of that model depends critically on the winners leaving enough on the table to keep the masses quiet. Are today’s elites making the classic mistake? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjpeconomics.substack.com Become a member at https://plus.acast.com/s/the-other-hand-with-jim.power-and-chris.johns. Hosted on Acast. See acast.com/privacy for more information.

Om Podcasten

Economics and finance demystified.A recent listener's comment:"I first heard about ChatGPT on your podcast and immediately started using it. I’m 73 and wrote my first program at 16. Having witnessed all developments in computing down the years I think this is the greatest since www. Your pod is informative in many different areas, politics, economics, society changes, housing crisis etc but at times goes beyond that. This episode tying up all this but also the implications of AI with a knowledgeable guest. ENTHRALLING! Keep it coming."cjpeconomics.substack.com Become a member at https://plus.acast.com/s/the-other-hand-with-jim.power-and-chris.johns. Hosted on Acast. See acast.com/privacy for more information.