Piketty ends Capital in the Twenty-First Century with a call to arms - a call, in particular, for wealth taxes, global if possible, to restrain the growing power of inherited wealth. It's easy to be cynical about the prospects for anything of the kind. But surely Piketty's masterly diagnosis of where we are and where we're heading makes such a thing considerably more likely. So Capital in the Twenty-First Century is an extremely important book on all fronts. Piketty has transformed our economic discourse; we'll never talk about wealth and inequality the same way we used to.
Paul KrugmanRelated topics
anything arms book call century diagnosis easy growing inequality kind likely possible power talk tax thing way wealth twenty-first global endsRelated quotes
[The right] may never bring prayer back to schools, but it has rescued all manner of rightwing economic nostrums from history's dustbins. Having rolled back the landmark economic reforms of the sixties (the war on poverty) and those of the thirties (labor law, agricultural price supports, banking regulation), its leaders now turn their guns on the accomplishments of the earliest years of progressivism (Woodrow Wilson's estate tax; Theodore Roosevelt's anti-trust measures). With a little more effort, the backlash may well repeal the entire twentieth century.
Thomas Frank
The overall importance of capital today, as noted, is not very different from what it was in the eighteenth century. Only its form has changed: capital was once mainly land but is now industrial, financial, and real estate. We also know that the concentration of wealth remains high, although it is noticeably less extreme than it was a century ago. The poorest half of the population still owns nothing, but there is now a patrimonial middle class that owns between a middle and a third of total wealth, and the wealthiest ten percent now own only-two thirds of what there is to own rather than nine-tenths.
Thomas Piketty
I advocate an alliance of democratic states, with a dual purpose. One, to promote what I call open society. I talk about an alliance of open societies which would first foster the development of open societies within individual countries, because there's a lot that needs to be done in that effort. And secondly, to establish basic international law and international institutions that you need for a global, open society. So that's my sort of broad concept. Now, I have not worked out the details, because I don't think it's for me to work out the details. It's for them to work out the details.
George Soros
At a certain point I came to the conclusion that one of the murderous aspects of the AIDS crisis was that people were used to not talking about sexual experiences in detail. Gay sex for instance does not cause AIDS. There are certain acts that transmit a virus and there are certain other acts that don't transmit a virus. If you don't talk about what goes on in sexuality, so that you know what particular acts you're dealing with, then I think you're, possibly in an indirect way but never-the-less in a very real way, contributing to an atmosphere of ignorance which the result is people die.
Samuel R. Delany
Whenever the rate of return on capital is significantly and durably higher than the growth rate of the economy, it is all but inevitable that inheritance (of fortunes accumulated in the past) predominates over saving (wealth accumulated in the present). ... The inequality r > g in one sense implies that the past tends to devour the future: wealth originating in the past automatically grows more rapidly, even without labor, than wealth stemming from work, which can be saved. Almost inevitably, this tends to give lasting disproportionate importance to inequalities created in the past, and therefore to inheritance.
Thomas Piketty