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Capital and Ideology by Thomas Picketty

Thomas Piketty’s Capital and Ideology is a monumental achievement. Its scope is vast, its size is daunting, its scholarship and vision both quite breath-taking on every one of its 1000-plus pages. Ostensibly, it claims to be an analysis of the origins, politics and economics of inequality, but it goes considerably deeper and further than its brief. This work is nothing less than a snapshot of global economic history and politics taken at the time of writing. Though the historical element might be seen in different forms via the lenses of centuries and assumed perspectives, the book’s analysis of current political issues was always going to be subject to faster change. I doubt whether Thomas Piketty himself would have predicted that, just a few months after his work’s publication, the global economic and political landscape would be redrawn by a new, microscopic virus. But that is exactly what has happened. And, given the effects on wealth and asset distribution the author attributes to the capital-destroying wars that dictated the history of the twentieth century, one wonders what a post-Covid analysis of the mechanisms that create and maintain inequality might look like. One suspects that the political prescriptions in the book’s last chapter may just, out of sheer necessity, have been rendered more likely.

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Capital in the Twenty-First Century charted the origins and extent of inequality in human societies. Capital and Ideology follows on by examining current and historical circumstances and mechanisms that determine its extent and influence its propagation. The book charts comparisons of inequality across countries, continents, cultures and eras. In doing so, its author uses much more than statistical comparisons. Historical and cultural perspectives are offered. Economic analyses are suggested. Crucially, societal structures are analysed, especially those of triumvirate societies, where the ownership of religious, scientific and military power provide the justification and the means of establishing and maintaining skewed ownership of assets. Though the book covers much ground, many different civilizations, locations and eras, the overall analytical focus is never lost brexit millionaire reviews.

A criticism of such an achievement may seem petty, but the book could have profitably dealt with one of its weaknesses much earlier. A constantly aired opinion of Thomas Piketty’s work is that, like all socialists, he wants everyone to be the same, to compress all to the same lowest common denominator. This, the criticism continues, would stifle creativity and drive in any society that tried to implement his recommended policies or even tried to address the obvious and growing inequality caused by market capitalism. Readers of Capital and Ideology, however, will have to wait until the book’s last chapter before reading this passage.

“A just society is one that allows all of its members access to the widest possible range of fundamental goods. Fundamental goods include education, health, the right to vote, and more generally to participate as fully as possible in the various forms of social, cultural, economic, civic, and political life. A just society organizes socioeconomic relations, property rights, and the distribution of income and wealth in such a way as to allow its least advantaged members to enjoy the highest possible life conditions. A just society in no way requires absolute uniformity or equality. To the extent that income and wealth inequalities are the result of different aspirations and distinct life choices or permit improvement of the standard of living and expansion of the opportunities available to the disadvantaged, they may be considered just. But this must be demonstrated, not assumed, and this argument cannot be invoked to justify any degree of inequality whatsoever, as it too often is.”

Let’s juxtapose this quote from page 967 of Thomas Piketty’s book with the following: “Above all, we will listen to the people who have felt left behind by the last few decades of economic growth and want to have control of their future. (We) will give the public services the resources they need, supporting our hospitals, our schools and our police. We will help people and families throughout their lives… “┬áThis latter passage is quoted verbatim from the webpage of the British Conservative Party, from the manifesto upon which they fought their successful campaign for the 2019 election, an election where an unprecedented number of voters from disadvantaged communities (largely as a result of previous Conservative governments’ priorities) opted to vote for the party in the hope they would honour a promise to “level up” the country. There seems to be electoral kudos in levelling, despite the opinion of right-wing politicians who extol the need for libertarian individualism married to economically deregulated separatism. Thomas Piketty analyses such tendencies and offers a paradigm to explain these shifting political alliances.

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