First Feed http://www.feedkiller.com/feed-41543 Custom merged RSS feed by feedkiller.com As inequality grows, so does the political influence of the rich <p><div class="ec-content-image ec-thumbnail content-image-full"><a href="https://www.economist.com/sites/default/files/images/print-edition/20180721_FND000_1.jpg" class="ec-enlarge"></a><img src="https://www.economist.com/sites/default/files/images/print-edition/20180721_FND000_1.jpg" alt="" title="" width="1280" height="720" width="1280" style="height: auto" /></div></p><p>SQUEEZING the top 1% ought to be the most natural thing in the world for politicians seeking to please the masses. Yet, with few exceptions, today’s populist insurgents are more concerned with immigration and sovereignty than with the top rate of income tax. This disconnect may be more than an oddity. It may be a sign of the corrupting influence of inequality on democracy.</p><p>You might reasonably suppose that the more democratic a country’s institutions, the less inequality it should support. Rising inequality means that resources are concentrated in the hands of a few; they should be ever more easily outvoted by the majority who are left with a shrinking share of national income.</p><p></p><p>Indeed, some social scientists think that historical expansions of the franchise came as governments sought credible ways to assure voters that resources would be distributed more equitably. Daron Acemoglu and James Robinson argue that in the 19th century governments across the West faced the threat of...<a href="https://www.economist.com/news/finance-and-economics/21746256-concentrated-wealth-leads-concentrated-power-inequality-grows-so-does?fsrc=rss">Continue reading</a> https://www.economist.com/news/finance-and-economics/21746256-concentrated-wealth-leads-concentrated-power-inequality-grows-so-does?fsrc=rss David Solomon will be the new CEO of Goldman Sachs <p><div class="ec-content-image ec-thumbnail content-image-full"><a href="https://www.economist.com/sites/default/files/images/print-edition/20180721_FNP005_1.jpg" class="ec-enlarge"></a><img src="https://www.economist.com/sites/default/files/images/print-edition/20180721_FNP005_1.jpg" alt="" title="" width="1280" height="720" width="1280" style="height: auto" /><span class="caption">Songs of Solomon</span></div></p><p>LAME-DUCK periods can last for only so long. It was clear beforehand that a Goldman Sachs earnings call this week would be packed with questions about succession. When would the chief executive, Lloyd Blankfein, step down? (He had said in March he was leaving, but gave no date.) What would his departure mean for the firm’s other over-achievers? Several had already decamped, including Harvey Schwartz, the bank’s co-president and co-chief operating officer. Left as heir-apparent was the man he had shared both jobs with, David Solomon, but with no hint of when his elevation would take place.</p><p>On July 17th Goldman ended the speculation by confirming the choice of Mr Solomon as CEO and saying that he would take over in October, earlier than predicted. Quarterly results presented that day by Martin Chavez, the chief financial officer, who is thought to be in his own succession battle to replace Mr Solomon, beat forecasts. Still, the share price sagged....<a href="https://www.economist.com/news/finance-and-economics/21746280-he-replacing-lloyd-blankfein-stepping-down-after-steering-bank-through?fsrc=rss">Continue reading</a> https://www.economist.com/news/finance-and-economics/21746280-he-replacing-lloyd-blankfein-stepping-down-after-steering-bank-through?fsrc=rss Income-share agreements are a novel way to pay tuition fees <p><div class="ec-content-image ec-thumbnail content-image-full"><a href="https://www.economist.com/sites/default/files/images/print-edition/20180721_FNP007_1.jpg" class="ec-enlarge"></a><img src="https://www.economist.com/sites/default/files/images/print-edition/20180721_FNP007_1.jpg" alt="" title="" width="1280" height="720" width="1280" style="height: auto" /></div></p><p>TO PAY for his professional flight degree at Purdue University in Indiana, Andrew Hoyler had two choices. He could rely on loans and scholarships. Or he could cover some of the cost with an “income-share agreement” (ISA), a contract with Purdue to pay it a percentage of his earnings for a fixed period after graduation.</p><p>Salaries for new pilots are low. Mr Hoyler made $1,900 per month in his first year of work. Without the ISA, monthly loan payments would have been more than $1,300. Instead, for the next eight-and-a-half years he will pay 7.83% of his income. He thinks that, as his pay accelerates, he will end up paying $300-400 more each month than with a loan. But low early payments, and the certainty that they would stay low if his earnings did, made an ISA the better option, he says. “I’ve been able to pay what I could afford.”</p><p><div class="ec-content-image ec-thumbnail content-image-full"><a...<a href="https://www.economist.com/news/finance-and-economics/21746279-they-shift-risk-students-investors-and-nudge-universities-think-about?fsrc=rss">Continue reading</a> https://www.economist.com/news/finance-and-economics/21746279-they-shift-risk-students-investors-and-nudge-universities-think-about?fsrc=rss What Venezuelan savers can teach everyone else <p><div class="ec-content-image ec-thumbnail content-image-full"><a href="https://www.economist.com/sites/default/files/images/print-edition/20180721_FND002_1.jpg" class="ec-enlarge"></a><img src="https://www.economist.com/sites/default/files/images/print-edition/20180721_FND002_1.jpg" alt="" title="" width="1280" height="720" width="1280" style="height: auto" /></div></p><p>ASK the chief investment officer of a fund-management firm how to spread your investments and you will be told to put so much in stocks, so much in bonds and something in hedge funds or private equity. Chances are that white-elephant buildings, eggs and long-life milk will not feature. But in Venezuela, where the inflation rate is in the tens of thousands, things that people elsewhere would shun for fear they will lose value have become stores of real wealth.</p><p>That is why you can see scaffolding and other signs of a building boom dotted around Caracas, the capital of a country that has endured an economic collapse. Businesses need to park their earnings where they will not be wiped out by inflation. A smaller-scale response to galloping prices is the emerging “egg economy”. Eggs hold their value better than cash, for a while at least. They make for a convenient currency, too. It is easier to carry around a half-dozen eggs than a trunkful of banknotes. And many tradespeople would be happier to...<a href="https://www.economist.com/news/finance-and-economics/21746278-lessons-preserving-value-savings-hyperinflation-what-venezuelan?fsrc=rss">Continue reading</a> https://www.economist.com/news/finance-and-economics/21746278-lessons-preserving-value-savings-hyperinflation-what-venezuelan?fsrc=rss Football talent scouts become more rational <p><div class="ec-content-image ec-thumbnail content-image-full"><a href="https://www.economist.com/sites/default/files/images/2018/07/articles/main/20180721_fnp501.jpg" class="ec-enlarge"></a><img src="https://www.economist.com/sites/default/files/images/2018/07/articles/main/20180721_fnp501.jpg" alt="" title="" width="1280" height="720" width="1280" style="height: auto" /><span class="caption">Making a Kylian</span></div></p><p>CHEERS erupted from Calais to Cannes when Kylian Mbappé, a 19-year-old striker, thumped in France’s fourth goal in the World Cup final on July 15th. Among the smuggest onlookers were the accountants at Paris Saint-Germain, Mr Mbappé’s club. He was already a prized asset before the tournament, having broken the record for goals scored by a teenager in the Champions League, Europe’s premier-club competition. CIES Football Observatory, a research organisation, reckoned then that his club could charge €190m ($223m) for him. But an electrifying World Cup, with four goals, has surely increased his value.</p><p>That, at least, is how the transfer market usually responds to international tournaments. According to 21st Club, a consultancy, each time a player found the net in the World Cup and European Championship tournaments in 2004-16, his price went up by, on average, 13%. After the 2014 World Cup James Rodríguez, whose six goals for Colombia made...<a href="https://www.economist.com/news/finance-and-economics/21746277-world-cup-no-longer-distorts-transfer-market-egregiously-it-used?fsrc=rss">Continue reading</a> https://www.economist.com/news/finance-and-economics/21746277-world-cup-no-longer-distorts-transfer-market-egregiously-it-used?fsrc=rss WWDC18 Video Transcripts Now Available Take advantage of transcripts to quickly discover and share information presented in WWDC18 videos. You can search by keyword, see all instances where the keyword is mentioned in the video, go straight to the time it was mentioned, and even share a link to that specific time.See this year’s WWDC videos https://developer.apple.com/news/?id=07092018a Introducing App Store Connect For app developers and their teams, iTunes Connect is now called App Store Connect. 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