![]() ![]() By the author’s reckoning, the United States is one of the leading nations in the “high inequality” camp, though it was not always so. It logically follows that when such conditions prevail, then wealth will accumulate in a few hands faster than it can be broadly distributed. ![]() At heart, though, his argument turns on well-founded economic principles, notably r > g, meaning that the “rate of return on capital significantly exceeds the growth rate of the economy,” in Piketty’s gloss. A French academic serves up a long, rigorous critique, dense with historical data, of American-style predatory capitalism-and offers remedies that Karl Marx might applaud.Įconomist Piketty considers capital, in the monetary sense, from the vantage of what he considers the capital of the world, namely Paris at times, his discussions of how capital works, and especially public capital, befit Locke-ian France and not Hobbesian America, a source of some controversy in the wide discussion surrounding his book. ![]()
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