A very obvious but strangely taboo case of rent-seeking is the straightforward but skilfully managed transfer of wealth from indebted UK households to a politically influential financial sector. Profit and spending is returning in the UK but this is confined to privileged parts of the economy and society. It is dressed up as a recovery but is ultimately based on severe financial distress in wide sections of the population.
In this interview, Goldsmiths economist Dr Johnna Montgomerie explains how the UK's so-called economic recovery is built on a massive transfer of wealth from ever-more indebted households to a bloated financial sector.
This interview article appeared in Unforgiving Servant Magazine #1 on 14 February 2014.