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The reason you think the elite doesn't care about this country? They don't

This excellent post at Macrobusiness -- an Australian finance blog -- puts it all together:

Bow to Davos Man, your homeless overlord
Economist Adam Smith wrote famously in 1776 that:

A merchant, it has been said very properly, is not necessarily a citizen of any particular country.

Over 200 years later, the head of Gillette, Al Zeien, espoused a similar view.

A global company views the world as a single country. We know that Argentina and France are different, but we treat them the same.

These quotes both highlight the global capitalist drive to accumulate profit in any market. But there is a difference between the two. Smith focuses on an economy in which capital flows between nations. Zeien alludes to an internationalism of capitalism into a singular global system that has occurred since the 1970s.

It is this very shift in capitalist accumulation that has created a new, transnational capitalist class. The formation of this class has evolved from the opening up of national economies and global integration since the Thatcher and Reagan era. Capital has become more mobile. This means that class formation is less and less tied to a particular nation-state or territory.

The transnational capitalist class is a global ruling class. It is a ruling class because it controls the levers of an emergent transnational apparatus and global decision-making. It is a new hegemonic bloc of various economic and political actors from both the global North and South, which has come out of the new conditions of global capitalism.

Well put and concise.

This form of globalisation unifies the world into a single production system. But this also means that the new global capitalism opens up a large rift between the global rich and the global poor, not just on a national scale. Therefore, the 21st century is going to see conflicts and disputes for control between the new transnational ruling group and the expanding ranks of the poor and the marginalised.

In developing countries such as Turkey, there has been the downward mobility – or proletarianisation – of older middle classes and professional strata. Peasants and artisans, and the working class itself, has become flexible and informal.

A growing global working class has emerged that runs the factories, offices and farms of the global economy. It is a stratified and heterogeneous class, to be sure, but an expanding one. It is this new proletariat created in Latin America since the 1980s that is largely responsible for the “left turn” in the region.

And although the first world working class does not realise it, being dependent on first world surplus profit, these are our allies in creating a better, fairer, sustainable world.

It is not clear in the new epoch how the contradictions of global capitalism will be played out, in particular those of overaccumulation and worldwide social polarisation. An expanding transnational proletariat is the alter ego of the transnational capitalist class. Struggle between the two will shape the dynamics of emerging global society.

So there you have it. That's basically the big picture, isn't it?

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