Sunday, March 1, 2020

The World's Most Famous Economist Sets Out the Case for Socialism

Thomas Piketty, author of Capital in the 21st Century, has a new book coming out; Capital and Ideology. This work is largely a sequel to his last entry, but with a different twist; his earlier novel was focused more on the logic of the economic mode of capitalism that Karl Marx's Das Kapital focused on.

The newer entry is a sociological analysis of how the capitalists maintain power over the lower and middle classes. It is essentially a social study of the wealthy and their influence on the economy, and by extension, the world as a whole.

Why is this relevant? For one, Piketty has one of the economically-soundest arguments for socialism in the 21st Century; he has been commonly referred to as the "21st Century Marx". Therefore, his books are typically highly commended and criticized by those on the opposing ends of the economic ideological spectrum. His book overall is highly critical of exorbitant personal wealth (who does that sound like), but he uses historical data to back his claims, which is accurate and yet dated all at once.

 In a world where redistributive populism looks to take from the uber-wealthy and give to the less fortunate, a study focusing on the critical aspects of the wealthy and their power could certainly spark a debate in any country currently in the midst of an election year. Bernie Sanders. anyone?

https://www.economist.com/books-and-arts/2020/02/29/the-worlds-most-famous-economist-sets-out-the-case-for-socialism


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