The widening wealth gap between the poor and rich in the UK and other parts of the West is the result of an outdated economic system in which the affluent classes exploit the economy to their own advantage, an academic from London says.
“The existing system only serves the interests of a narrow elite and now when they have got their hands on the mechanics of power they use it to their advantage,” Rodney Shakespeare said in an interview with Press TV on Sunday.
The expert said there is a “nasty phenomenon” underlying the politics in UK, Europe and in the US where the masses do not enjoy the benefits of economic growth.
“When productive capacity has massively increased and is capable of producing sufficient for everybody, [but] what happens is rather the opposite,” he said.
“The capacity is underused and not developed and what capacity exists goes to the hands of rich and wealthy and rich get richer and poor get poorer, he…