“Meanwhile, the neo-liberal phase of globalisation has evolved into ‘rentier capitalism’, in which more and more income is going to those possessing physical, financial, or so-called intellectual property.
Rental income has been boosted by increased firm concentration in many economic sectors – epitomised by the rise of ‘superstar firms’ – and by government action, most notably the strengthening of intellectual property rights protection and the growth of the subsidy state, as governments have chosen to compete by throwing subsidies at large corporations and rich individuals. In so doing, they have regressively depleted public budgets.
One term to describe this conventional fiscal policy is pluto-populism, whereby tax cuts and subsidies are concentrated on so-called entrepreneurs and ‘wealth creators’ while state benefits and public services are cut for low-income groups, ostensibly to reduce the budget deficits that result from the fiscal generosity to the rentiers.”
The author sets out the context for this concept in full here. And explores it in this talk at the 2018 Warwick Economic Summit that took place in early February.