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Capital and Ideology-Thomas Piketty

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The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.

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I had deep respect for Piketty after having read his Capital in the 21st Century book. That book shall remain on my bookshelf. His newest book however went straight into the trash after I barely finished it in disgust. I won't bother leaving a lengthy review, but I will say as much: instead of letting the tired ideas of Socialism just die in some library corner, Piketty has decided to resurrect them. I took particular offense of the idea of companies run by the workers. Take a factory of sorts. The owners took all the risk to build the factory. They risked their capital, bought all the machinery, hired all the staff, found all the buyers and so on. So you mean to tell me that somehow the workers are entitled to partial ownership just because they assemble the widgets the factory makes? No.I was going to burn the book, but that felt too much like Soviet times, so instead did what any good wasteful Capitalist would do, I threw it in the trash.
This is an excellent book about the history and evolution of economic inequality. Numerous human societies try to justify economic inequality. In many ways, the Cold War also created an ideological freeze, which discouraged new thinking about ways of transcending capitalism. The anticommunist euphoria that followed the fall of the Berlin Wall similarly discouraged fresh thinking right up to the Great Recession of 2008. The bottom 50% of the income distribution has seen no significant income growth since the early 1980s. Once overthrown, a new government may be possibly more oppressive than those that were overthrown. The collapse of Soviet Communism increased the concentration of income and wealth in the first two decades of the 21st Century. The author of the book believes in participatory socialism. He believes that there needs to be a wealth tax ensuring permanent circulation of property and wealth. He feels that part of the wealth must be returned to the community at that generation's passing, so that people will get a fresh start in life.

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