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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Deknighting Fred Godwin does nothing for the poor

Category : Business

This gesture politics won’t combat the increasing inequality in society

Stephen Hester declines his bonus. Fred Goodwin is deknighted. Fine. But this is gesture economics. David Cameron remains convinced about the morality of free markets, and their natural ability to make everyone rich. This sharing out is ostensibly carried out by a kindly invisible hand, identified long ago by the Scottish economist Adam Smith, and in recent decades referred to as “trickledown”.

New Labour did believe that the trickle had to be helped, but they were so busy actively redistributing, which in itself belied the trickledown theory, that they persuaded themselves that close scrutiny of the source of the largesse was not necessary or desirable. But figures in both Britain and the US show that huge increases in wealth at the top of society have not, in fact, led to any increase in affluence at the bottom. High salaries got much, much higher. Low wages, even average wages, stagnated. Underlying unemployment rose.

The neo-liberal concern is always that, left to its own devices, let alone deliberately channelled by “the state”, a trickle can become a flood. But really, the growth in inequality in neo-liberal economies confirms the

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