Michael Roberts replies to the Financial Times' "Activist Manifesto"
Recent empirical work on the US class division of incomes has been done by Professor Simon Mohun. Mohun analysed US income tax returns and divided taxpayers into those who could live totally off income from capital (rent, interest and dividends) – the true capitalists, and those who had to work to make a living (wages). He compared the picture in 1918 with now and found that only 3.8% of taxpayers could be considered capitalists, while 88% were workers in the Marxist definition. In 2011, only 2% were capitalists and near 84% were workers. The ‘managerial’ class, ie workers who also had some income from capital (a middle class ?) had grown a little from 8% to 14%, but still not decisive. Capitalist incomes were 11 times higher on average than workers in 1918, but now they were 22 times larger. The old slogan of the 1% and the 99% is almost accurate."
From communism to activism?
Recent empirical work on the US class division of incomes has been done by Professor Simon Mohun. Mohun analysed US income tax returns and divided taxpayers into those who could live totally off income from capital (rent, interest and dividends) – the true capitalists, and those who had to work to make a living (wages). He compared the picture in 1918 with now and found that only 3.8% of taxpayers could be considered capitalists, while 88% were workers in the Marxist definition. In 2011, only 2% were capitalists and near 84% were workers. The ‘managerial’ class, ie workers who also had some income from capital (a middle class ?) had grown a little from 8% to 14%, but still not decisive. Capitalist incomes were 11 times higher on average than workers in 1918, but now they were 22 times larger. The old slogan of the 1% and the 99% is almost accurate."
From communism to activism?
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