Book Review: Capital and Ideology by Thomas Piketty, Arthur Goldhammer (Translator)
This is radical common sense well worth implementing worldwide—and the sooner the better. Although the succinct summary at the conclusion provides the essential gist of the author’s recommendations, this book is well worth the long hard slog to get through its entire length. Piketty in his characteristic thoroughness provides ample supporting historical background, as well as insightful social and economic analysis, resulting in a well founded road map to neutralizing the extreme economic inequality and global social inequity that is currently rampant worldwide. No country is spared criticism and corrective suggestions, including the author’s native France. If after reviewing the long litany of economic and social injustices chronicled in this book, I think any persons who aren’t inspired to want to set things right have their own humanity muted inside themselves.
Piketty points to the impending collapse of both (economic) liberal and nationalist ideologies, and asserts the solution is in participatory and internationalist socialism based on social federalist political structures. Instead of allowing multinational corporations to shield their income from progressive taxes in a nationalist race to the bottom, the author recommends a new cooperative organization of the world economy—from now on, the scale will be transnational. Piketty asserts that change comes when the short term logic of events intersects with the long term evolution of ideas. Capitalism and private property can be superseded, and a just society can be established on the basis of participatory socialism and social federalism. As a first step, Piketty suggests that a regime of temporary (vs. permanent) ownership be established.
It appears to me that we were already entering late capitalism—after the advent of COVID-19 we’re now entering terminal capitalism, and we should hasten its replacement with something more equitable and sustainable. The democratic socialism, progressive taxation, universal income, and constant wealth re-circulation that Piketty recommends appear to provide the best way to achieve these goals—and we should vote for those who advance them.
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