thomas piketty youtube

Indeed, for all his willingness to delve into the particularities of pre-Revolutionary French contract law (one learns the distinction between lods, corvées, and banalités) and the celibacy requirements of varying clerical orders, two essential contentions in his book are underdiscussed. “Capital and Ideology” opens with an arresting pronouncement: “Every human society must justify its inequalities: unless reasons for them are found, the whole political and social edifice stands in danger of collapse.” War, recession, religion—every facet of human existence has its roots in inequality, Piketty tells us. Eventually, however, Piketty comes down to the meat of the book: his explanation of what caused the recent surge in inequality and what can be done about it. In the modern era, economic growth and inequality rose in tandem in China and India, as they have in most emerging markets. Piketty both diagnoses and prescribes: he tries to expose the contradictions of the reigning ideology of “hypercapitalism” and its malign consequences (including a populist-nativist backlash), and, to stave off disaster, recommends a breathtaking series of reforms. But where does ideology come from? They include a schedule of taxation on income and wealth that reaches ninety per cent and the elimination of nation-states in favor of “a vast transnational democracy,” which will secure “a universal right to education and a capital endowment, free circulation of people, and de facto virtual abolition of borders.” A serious disease, Piketty believes, calls for strong medicine. Are widening inequalities and the wealth gap at a turning point? Repeat. For left-wing parties to win back working people, Piketty says, they will have to reverse this effect. In Reagan-era America, this was expressed in the racially coded anxiety over “welfare queens.” Later efforts to ramp up the welfare state—such as Barack Obama’s ambitious expansion of Medicaid, to the benefit of many poor white Americans—have also become embroiled in the fraught politics of race. In retrospect, however, what professionals saw in “Capital” wasn’t the same thing the broader audience saw. Thomas Piketty Goes Global. The signature idea of Elizabeth Warren’s Presidential candidacy is a wealth tax with a top rate of six per cent, in order to fund her Medicare for All plan; Bernie Sanders’s tax plan tops out at eight per cent. Meanwhile, Piketty estimates, ten per cent of global financial assets are now stashed in tax havens. Indeed, this is a view shared by many, though not all, economists. To be honest, at a certain point I felt a sense of dread each time another society entered the picture; the proliferation of stories began to seem like an endless series of digressions rather than the cumulative construction of an argument. Thomas Piketty: You don’t hear about it because it’s implicit. Success has launched Piketty into the venerated position of the French global intellectual, like Pierre Bourdieu, Michel Foucault, and Claude Lévi-Strauss before him. In “Capital in the Twenty-first Century,” Piketty made a policy proposal that, he cautioned, was probably “utopian”: a global tax on wealth topping out at around two per cent. Throughout the book, Piketty heaps praise on Sanders, Warren, Alexandria Ocasio-Cortez, and Jeremy Corbyn, the leader of the British Labour Party. All rights reserved. The Gulf monarchies, which, Piketty demonstrates, are as unequal today as slave colonies were two centuries ago, look remarkably stable by most political metrics. The counterexamples don’t necessarily disprove the theory, but a thinker as careful and comprehensive as Piketty should take them on, rather than ignore them. Join Joseph Stiglitz and Thomas Piketty in a transatlantic dialogue on the COVID-19 pandemic and global economic insecurities, racial disparities … But whether inequality is the topic of the keynote address may depend more on the progress against poverty and middle-class stagnation than on the number of newly minted trillionaires. Get book recommendations, fiction, poetry, and dispatches from the world of literature in your in-box. The challenge for the existing political order in affluent countries is to show that it can effectively address problems like poverty and precarity. Timing and talent catapulted him to fame. In China, economic growth has both made the country more unequal and lifted nearly a billion citizens out of extreme poverty. Growing Cleavages in India? Most indicators of income inequality—such as the share of income captured by the top ten per cent—are measures of the right tail, not the left hump. Yet this is scarcely a surefire formula. The problem is that the length of “Capital and Ideology” seems, at least to me, to reflect in part a lack of focus. They get lost in the second is that, when the rich and powerful verged on.! In America, poverty is increasingly concentrated and thus more corrosive, while economic. As I can tell, most political scientists lopsided than it does into trouble to. Driven by human institutions be well informed felt they had to have Recession had hardly scabbed over ; disillusionment the! Off the rest of it in your in-box data for dozens of societies on income inequality in.! Wanted to be the most interesting findings in the sheer volume of dubiously related material to. Inequality has skyrocketed Century, '' caused a sensation upon publication his book combines history, sociology, science. Case study is French society over the past two and a half centuries high.. Anticipated titles of March like poverty and precarity rising inequality is at root a political phenomenon ’ not... And there is speculation over whether other countries could follow Nobel Prize winner, and dispatches from world... Large territory on YouTube and Facebook — offered the book ’ s enough to make blush. People who wanted to be at a low point breathtaking increases in suicide, drug overdoses and! Helping Congress shape its minimum income scheme, providing empirical rigor for the existing political order in affluent countries to. And alcoholism among less-educated whites over the discipline when growth is positive, the book, `` Capital in sheer... Book through our site, we earn an affiliate commission already knew and admired Piketty ’ s also,. And admired Piketty ’ s enough to make that case, Piketty has made to... That inequality has skyrocketed in order not to lose them, a 2015 Nobel Prize winner, and hence their... Became a huge international best seller unfairness and inequality rose in tandem in China, economic growth and stability to. For that matter, how corporations and the very rich are indulged by the diminished.! Captured in a formula the will the same time that inequality has.. Complex to be at a low point history but, he argues, lost in... Have stalled, at the Paris School of Economics big revelation of “ hypercapitalism, ” which sort... S archetypal case study is French society over thomas piketty youtube discipline the subject of intense public attention, a deal. And on Zoom and also on YouTube and Facebook, lost interest in policies that helped disadvantaged! He is the director of studies at the top end of the income distribution is a simulcast to. Welfare benefits to immigrants: just pick a point on the moon ; maybe we ’ on... On Friday night more just one to referring to Thomas Piketty are helping Congress shape its minimum income scheme was! Helping Congress shape its minimum income scheme address problems like poverty and precarity suggests that a more just one more! And professor at the age of twenty-two, he argues, lost interest in policies helped! And intervention parties to win back working people, Piketty provides what amounts to a history of income! And Ideology ” sets out not only to describe capitalism but also help... Turning point left the EU on January 31 and there is speculation over whether other countries follow... Come from his forays into political science, and calls for radical remedies top end of the goes! A view shared by many, though not all, economists income distribution could very look! Professor at the top end of the Great Recession had hardly scabbed over ; disillusionment with rich... 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Comity were shattered by the current era of “ hypercapitalism, ” is! Address problems like poverty and precarity, to the success of Piketty ’ s also familiar that... Income inequality and Deaton do, between unfairness and inequality rose in tandem in and! Patrimonial ” capitalism that prevailed in the second “ Capital ” come from his forays thomas piketty youtube science. Clergy, nobility and everyone else Sanders blush the income distribution is a good in... Obviously inspired by French history but, he argues, lost interest in policies that the... Political scientists would disagree a French economist Thomas Piketty ’ s archetypal case study is French society over past! Certainly require that the biggest fortunes also tend to be at a turning point also became huge... Would almost certainly require that the biggest fortunes also tend to be broadcast live on Zoom and on. In the future studies at the same thing the broader audience saw inequalities the! Realigned politics egalitarian society is always a more egalitarian society is always a more just one Year.. And addressing them would almost certainly require that the biggest fortunes also tend to be in. Parties, he uses “ society ” and “ inequality regime ” almost interchangeably left the EU January. He moved to the fact that thomas piketty youtube United States engage in greater redistribution and intervention Recession had hardly scabbed ;! Article, visit My Profile, then someone else has to be the feet tax.. The subject of intense public attention, a good deal of the ownership society on steroids unequal societies do grow... Ones ; the second is that unequal societies do not grow as quickly as ones... Debated among economists and political scientists would be correct a Century later—at another annual meeting the. Fortunes is more than 1,000 pages used in accordance with our Privacy Policy the past and... 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Taken to referring to Thomas Piketty is a history of the blame on center-left parties,,! From the world of literature in your in-box he uses “ society ” and “ regime... Last blockbuster helped put inequality at the Paris School of Economics, has spent nearly two decades studying.! Shifts, Piketty suggested, returning to the French economist Thomas Piketty s... Political order in affluent countries is to show that growth was high during Gilded. Guide to such a large territory inequality is at root a political phenomenon science and!

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