The Rebirth of the One-Thousandth Society

The Rebirth of the One-Thousandth Society by Austrian economists Matthias Schnetzer and Markus Marterbauer

The richest thousandth (0.1%) increased their share in the total wealth very intensely since the 1980s. Their share – 22% – is as much as the bottom 90%. This is an extent of wealth inequality that the US has not seen since the 1930s. While the millionaires increased their wealth enormously, the mass of the population is exposed to the continuing economic crisis.

The dream time for millionaires experienced a Renaissance at the beginning of the 21st century and was not limited to the year 1910. The disinformation campaigns of owners of capital against a sensible taxation of mammoth assets had the wide support of the media.

Work incomes should be relieved and counter-financed by taxes on mammoth wealth. Introduction of an inheritance- and gift tax is unconditionally necessary for more equal opportunities. A massive reduction of working hours would help in combating unemployment.

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