Elitist control of global economy

Unrepresentative control of international monetary system
Elitist control of economic development

Nature

Elitist control of the global economy refers to the disproportionate influence exerted by a small, wealthy, and powerful group over international financial systems, trade, and policy-making. This concentration of economic power can undermine democratic processes, exacerbate income inequality, and limit opportunities for broader societal participation. Critics argue that such control enables elites to shape regulations, markets, and institutions to their advantage, often at the expense of the public good. As a result, elitist dominance in the global economy is widely regarded as a significant problem for social justice, economic stability, and equitable development worldwide.

Background

The issue of elitist control of the global economy gained prominence in the 1970s, as scholars and activists observed increasing concentration of financial power among multinational corporations and influential individuals. Landmark events such as the 2008 financial crisis further highlighted the disproportionate influence of economic elites on global markets and policy-making. Subsequent research and investigative journalism have deepened awareness of transnational networks shaping economic outcomes, prompting international debate on transparency and equitable governance.

Incidence

In 1999, 447 billionaires had wealth greater than the income of one half of humanity. 100 multinational corporations control one-fifth of all foreign-owned assets in the world. Due to the trend in mergers and acquisitions, this concentration of wealth and power is increasing.

Claim

The major decisions about the global economy are made by a very small number of people of major industrialized countries. Other countries accept this control of their existence, and see as alternatives working within the system or giving up on having any impact on the economy.

TNC's – with their new world-system allegiance – are putting their weight behind centralized international bureaucracies such as the World Bank, International Monetary Fund (IMF), and World Trade Organization (WTO). It is the open policy of the TNC community, and it is being implemented by politicians of both parties beholden to TNC big money. The New World Government will be neither liberal nor conservative – it will be corporate. All the centralized bureaucracies mentioned above are staffed by TNC-approved bureaucrats, not elected officials.

Economic development must remain under man's determination and must not be left to the judgment of a few men or groups possessing too much economic power or of the political community alone or of certain more powerful nations. It is necessary, on the contrary, that at every level the largest possible number of people and, when it is a question of international relations, all nations have an active share in directing that development. There is need as well of the coordination and fitting and harmonious combination of the spontaneous efforts of individuals and of free groups with the undertakings of public authorities. (Second Vatican Council. Gaudium et Spes, 1965).

What is wrong with the WTO is that it is totally representative of the interests of corporations and money and the richest one-tenth of 1% of people on the planet. In that sense it is contrary to life, the principles of life and everything we need to get a world that works both for people and planet.

Counter-claim

The idea that elitist control of the global economy is a major problem is vastly overstated. In reality, economic systems are shaped by complex market forces, government policies, and technological innovation—not by a shadowy elite. Focusing on this supposed issue distracts from real challenges like poverty, education, and climate change. Obsessing over elitist control is unproductive and diverts attention from practical solutions that can genuinely improve lives worldwide.