When the rate of return on capital exceeds the rate growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based. There are nevertheless ways democracy can regain control over capitalism and ensure that the general interest takes precedence over private interests, while preserving economic openness and avoiding protectionist and nationalist reactions. The policy recommendations I propose later in the book tend in this direction... - Thomas Piketty, Capital in the 21st Century Want to know more? You are going to have to read the book! -Lys
Posted on: Tue, 17 Jun 2014 23:58:12 +0000
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