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Working with the Nine Percent: The “meritocracy” of financialized capitalism
Author(s) -
Eisold Kenneth
Publication year - 2020
Publication title -
international journal of applied psychoanalytic studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.314
H-Index - 15
eISSN - 1556-9187
pISSN - 1742-3341
DOI - 10.1002/aps.1642
Subject(s) - meritocracy , oligarchy , capitalism , work (physics) , economics , compensation (psychology) , sociology , political economy , market economy , political science , law , social psychology , psychology , democracy , politics , mechanical engineering , engineering
A new class, often referred to as a “meritocracy,” has arisen to manage the businesses, financial institutions, government agencies and think tanks that protect and enlarge the sway of the “one percent” that constitute the oligarchy, those at the top of our society enjoying a disproportionate share of our wealth. Working with those “nine percent,” whose wealth accumulates from compensation rather than investment, allows us to see the volatility and insecurity that characterize their work lives, as the reward of wealth substitutes for stability and satisfaction from work they once more traditionally enjoyed. This paper gives examples from their work experience, going on to explore some of the consequences for the organizations in which they work as well as for society as a whole.