Money and Power 1

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Money and Power 1

• Dave Fysh

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Money and Power
What we are going to consider this term

• Riches and Poverty
• Choice
• Exploitation
• Economy and Politics
• Economy and Values

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Lecture 1 Topics of Discussion
Money and Power Lecture 1 Distribution of income

• Distribution of Income and Wealth

Who are the wealthy?
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Money and Power Lecture 1 Distribution of income
Height of cigarette represents the income of
the poorest in the West, C1970 (Pen J)
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Money and Power Lecture 1 Distribution of income
Height of building represents the income of the
professional/managerial rich in the West, C1970
(Pen J)
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Money and Power Lecture 1 Distribution of income
Height of Mount Everest represents the income of
the super-rich in the West, C1970 (Pen J)
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Money and Power Lecture 1 Distribution of income
UK Distribution of Income 2001
Source Goodman, A. Shephard, A..(2002)
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Money and Power Lecture 1 Distribution of income
Height of cigarette represents the income of the
poorest in the West, C2003 (Fysh D)
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Money and Power Lecture 1 Distribution of income
Height of satellite represents the income of
the richest in the West, C2003 (Fysh D)
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Money and Power Lecture 1 Distribution of income
Lorenz Curve. UK 2003 Source Brewer et al in
Goodman, A. Oldfield, Z., (2004)
Gini Coefficient. Ratio shaded area triangle ABO
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Money and Power Lecture 1 Distribution of income
Functional Distribution of Income UK 2005.

Source Economic Trends. Aug 2004
Table 2.3.
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Money and Power Lecture 1 Distribution of income
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Money and Power Lecture 1 Distribution of income
Sam Robson Walton
Chair, WalMart Inc.
Worth 13.7bn (Forbes 2007)
Walton family worth over 100 bn
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Money and Power Lecture 1 Distribution of income
The Richest Person in the UK
Gerald Cavendish Grosvenor
Duke of Westminster
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Money and Power Lecture 1 Distribution of income
Money and Power Lecture 1 Distribution of income
Chelsea FC and Russian oil corporation owner
Roman Abramovich worth 18.2b