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What draws the world to London is opportunity. But it is also a magnet for people looking for a safe place for their money. Having made it in countries like Russia and China with a cowed press, rampant corruption and no rule of law, oligarchs and crony capitalists reach the conclusion that they like nothing as much as democratic systems with real legal systems and a vigorous press. Having trashed the West they trust the West with their money.
Autocratic hypercapitalism without Western checks and balances produces new elites whose dream is an American or British lifestyle and education for their children, and whose other goal is to buy into the rule of law by acquiring real estate, driving up prices in prime markets to the point where the middle classes of those countries, with incomes stagnant or falling (and taxed), are pushed aside.
-- Roger Cohen, "Lovely, Lamentable London" in The New York Times
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What draws the world to London is opportunity. But it is also a magnet for people looking for a safe place for their money. Having made it in countries like Russia and China with a cowed press, rampant corruption and no rule of law, oligarchs and crony capitalists reach the conclusion that they like nothing as much as democratic systems with real legal systems and a vigorous press. Having trashed the West they trust the West with their money.
Autocratic hypercapitalism without Western checks and balances produces new elites whose dream is an American or British lifestyle and education for their children, and whose other goal is to buy into the rule of law by acquiring real estate, driving up prices in prime markets to the point where the middle classes of those countries, with incomes stagnant or falling (and taxed), are pushed aside.
-- Roger Cohen, "Lovely, Lamentable London" in The New York Times
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