Plutonomy Ignoring Middle Class Pain Is Big Mistake: BAML

Plutonomy — economics that exclusively benefit the very wealthiest in a society — is a problem that could destroy the developed world from within. The problem is, the plutonomists are not paying attention, a Bank of America Merrill Lynch report says. BAML: “Middle and lower-middle income families have not benefited from global growth in the past two decades” There is a deeper message in Brexit, one about globalization, a June 26 BAML report notes. The report, titled “The Tide is Turning – Populism and Panic,” observes that in developed markets, such as those in the UK and US, the middle class…