Luxury Capitalism

As investment outlets outside the financial casinos get harder and harder to find, and as almost all new wealth continues to pile up in the coffers of the hilariously/Orwellianly self-proclaimed “job creators,” the reality is that corporate capitalism is getting increasingly dependent on selling increasingly ornate luxury goods to the elite and the merely comfortable.

Consider the latest news that the size of new houses being built has returned to its pre-crash trend of steady, record-breaking increases. Why is that? Is it some feature, as many “consumer culture” analysts would surely have it, of national character, of collective greed and psychosis? “Americans love bigness!”

Not so much. “To get an answer, just take a look at WHO is buying new homes,” says the NAHB itself. Here’s the click-to-expand graph:

ficohousing

Hence, another always stratified and divisive core capitalist product has generally gotten much more stratified and divisive.