The rentierization of the United Kingdom economy

Abstract

There is a growing groundswell of opinion in commentary on the political economy of the Global North that the neoliberal era has seen the forceful (re)emergence of rentier capitalism. This article analyses the case of the UK. Identifying and delineating the predominant forms of contemporary rentierism operating in the UK, and using a range of datasets pertaining to the shape of the national economy, it shows that rentierism in its various guises is today a significant, even dominant, dynamic, in contrast to during the period preceding the neoliberal turn. The article further seeks to account for the ascendancy of the rentier in the UK under neoliberalism, highlighting key developments in the realms of monetary and fiscal policy and policies relating to asset ownership and property rights.