Heightened competition redistributed income upward despite energizing growth

Evidence

This heightened competition (in labour markets as well as amongst entrepreneurs) has, of course, proved destructive and ruinous to some, yet it has undeniably generated a burst of energy that many, even on the left, compare favourably with the stifling orthodoxy and bureaucracy of state control and monopolistic corporate power. It has also permitted substantial redistributions of income to be achieved, which have advantaged, for the most part, the already privileged. — David Harvey, The Condition of Postmodernity, 1046

Categorization

• XREF: The upward-redistribution point is a concrete economic datum for comparing Harvey’s economics against a rival periodization account. — connects to: California’s postindustrial growth concentrated gains among entrepreneurs and asset owners — Alex Callinicos, Against Postmodernism: A Marxist…, 473; Competitive equilibrium can exacerbate inequality even while total surplus grows. — Nicolas Baumard, A mutualistic approach to morality: The…, 371; Market competition erodes profits but increases rents. — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 468 (+2 more)

Broader Connections

• Competitive equilibrium can exacerbate inequality even while total surplus grows. #corroborates (0.92) — Nicolas Baumard, A mutualistic approach to morality, 371