Tag Archives: corporate welfare

More Effective Remedies for Inequality than Piketty’s

[A new book by Thomas Piketty, Capital in the Twenty-First Century, is drawing a lot of comment – here and here.  My own comment on it is now posted on Real World Economics Review blog.]

I have read only reviews of Thomas Piketty’s Capital in the Twenty-First Century, but clearly it is valuable for documenting the nature and history of inequality over the past century or three, and for highlighting the excessive political power that flows from super-wealth.  Yet he frames it in terms of capital and capitalism and, for all the quality of his diagnosis, his main prescription evidently is just to tax the wealthy, through income and inheritance taxes.

The trouble is, capital and capitalism are very ill-defined.  To speak of capitalism is to invite an un-constructive shouting match.  Capitalism has caused great harm to people and the world!  Yes but capitalism is what has made us rich!

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