Fuerdai: Paris Hilton with Chinese characteristics


China's hereditary oligarchy is in its second generation, and the fuerdai -- rich kids born to rich kids -- are a national symbol for corruption and excess, splashing social media with evidence of their debauchery. Read the rest

Piketty's inherited-wealth dystopia: private capital millionaires multiply

Thomas Piketty's much-discussed economics bestseller Capital in the Twenty First Century prophesies a future where inherited wealth dominates the world, because the rate of return on capital outstrips the rate of growth in the economy, meaning the money your ancestors earned will always outstrip what you could earn. A new Boston Consulting Group report confirms Piketty's hypothesis, concluding that the share of wealth due to capital increased by 14% last year Read the rest

Matt Taibbi's The Divide: incandescent indictment of the American justice-gap

Matt Taibbi's The Divide: American Injustice in the Age of the Wealth Gap is a scorching, brilliant, incandescent indictment of the widening gap in how American justice treats the rich and the poor. Taibbi's spectacular financial reporting for Rolling Stone set him out as the best running commentator on the financial crisis and its crimes, and The Divide -- beautifully illustrated by Molly Crabapple -- shows that at full length, he's even better. Cory Doctorow reviews The Divide.