In this article, I attempt to briefly clarify a number of issues regarding what I have tried to achieve in my book Capital and Ideology. I also comment on the many limitations behind such a project,whose main objective is to stimulate further research on the global history of inequality regimes, at the intersection of economic, social and political history. Lastly, I address some of the many stimulating points raised in the reviews, particularly regarding the nature of participatory socialism and its (...) incompleteness. (shrink)

The first book length study of property-owning democracy, Republic of Equals argues that a society in which capital is universally accessible to all citizens is uniquely placed to meet the demands of justice. Arguing from a basis in liberal-republican principles, this expanded conception of the economic structure of society contextualizes the market to make its transactions fair. The author shows that a property-owning democracy structures economic incentives such that the domination of one agent by another in the market is structurally (...) impossible. The result is a renovated form of capitalism in which the free market is no longer a threat to social democratic values, but is potentially convergent with them. It is argued that a property-owning democracy has advantages that give it priority over rival forms of social organization such as welfare state capitalism and market socialist institutions. The book also addresses the currently high levels of inequality in the societies of the developed West to suggest a range of policies that target the "New Inequality" of our times. For this reason, the work engages not only with political philosophers such as John Rawls, Philip Pettit and John Tomasi, but also with the work of economists and historians such as Anthony B. Atkinson, François Bourguignon, Jacob S. Hacker, Lane Kenworthy, and Thomas Piketty. (shrink)

The first book-length study of property-owning democracy, Republic of Equals, argues that a society in which capital is universally accessible to all citizens is uniquely placed to meet the demands of justice. Arguing from a basis in liberal-republican principles, this expanded conception of the economic structure of society contextualizes the market to make its transactions fair. It shows that a property-owning democracy structures economic incentives such that the domination of one agent by another in the market is structurally impossible. The (...) result is a renovated form of capitalism in which the free market is no longer a threat to social democratic values but is potentially convergent with them. It is argued that a property-owning democracy has advantages that give it priority over rival forms of social organization such as welfare-state capitalism and market socialist institutions. The book also addresses the currently high levels of inequality in the societies of the developed West to suggest a range of policies that target the “New Inequality” of the twenty-first century. For this reason, the work engages not only with political philosophers such as John Rawls, Philip Pettit, and John Tomasi but also with the work of economists and historians such as Anthony B. Atkinson, François Bourguignon, Jacob S. Hacker, Lane Kenworthy, and Thomas Piketty. (shrink)

The rich have two defining capabilities: independence from and command over others. These make being wealthy very pleasant indeed, but they are also toxic to democracy. First, I analyse the mechanisms by which the presence of very wealthy individuals undermines the two pillars of liberal democracy, equality of citizenship and legitimate social choice. Second, I make a radical proposal. If we value the preservation of democracy we must limit the amount of wealth any individual can have and still be a (...) citizen of our polity. (shrink)

Thomas Piketty'sCapital in the Twenty-First Centuryis a tour de force—a compelling and accessible read that presents an eloquent and convincing warning about the future of capitalism. Capitalism, Piketty argues, suffers from an inherent tendency to generate an explosive spiral of increasing inequality of wealth and income. This inegalitarian dynamic of capitalism is not due to textbook failures of capitalist markets (for example, natural monopolies) or failures of economic institutions (such as the failure to regulate these monopolies), but (...) to the way capitalism fundamentally works. Unless the spiral is controlled by far more progressive taxation than is now the norm, the political fallout could undermine the viability of the successful “social state” (p. 471) in the advanced economies, putting the democratic state itself at risk. (shrink)

Thomas Piketty's Capital in the Twenty-First Century is best known for its documentation of increasing social inequality, but it also has a notable normative aspect. Although Piketty is far less clear on the normative level than on the empirical, his view of justice can be summarised as meritocratic luck egalitarianism. This leads him to condemn as unjust the fact that inheritance is once again becoming more important than education for determining social position. In this paper, I discuss (...) whether Piketty's normative conception can justify this condemnation. My main thesis will be that Piketty ends up in a dilemma that he cannot resolve with the normative resources he has at his disposal. The horns of this dilemma are defined by whether or not we accept what Susan Hurley calls ‘the regression requirement’, and in both cases the normative distinction between inheritance and education as ways to achieve social positions disappears. Toward the end, I shall suggest an alternative justification for the moral superiority of education over inheritance, which makes use of one of Piketty's key empirical arguments. (shrink)

Thomas Piketty’s Capital and Ideology has been written with the intention to offer lessons from the historical trajectory of economic redistribution in societies the world over. Thereby, the book suggests learning from the political-economic history of ‘social-democratic’ policies and societal arrangements. While the data presented speak to the plausibility of looking at social democracy, as understood by Piketty, as an archive for learning about the effects of redistribution mechanisms, I argue that the book, or future interventions might (...) profit from integrating alternative archives. On the one hand, its current line of argumentation tends to underestimate the significance of power relations in the international political economy that continued after formal decolonization, and thus form the flip side of social democracy’s success in Europe and North America. On the other hand, the role of the polity might be imagined in a different and more empowering way, not just-as in Piketty-as an elite-liberal democratic governance institution; for instance, it would be interesting to explore the archive of the French solidaristes movement more deeply than Piketty does, as well as much more recent interventions in economic anthropology that deal with ‘economic citizenship’ in the Global South. (shrink)

The continuing ramifications of the financial crisis of 2007–2008 have forced social scientists to raise fundamental questions about the relationship between capitalism, democracy and inequality. In particular, Thomas Piketty’s Capital and Wolfgang Streeck’s Buying Time focus on, respectively, the economic and the political contradictions of capitalistic societies. Piketty argues that capitalism naturally tends towards the exacerbation of rent-based wealth inequality, whereas Streeck suggests that capitalism and democracy are ultimately incompatible. A striking feature of these two contributions is (...) that their authors are social democrats, not Marxists or radical anti-capitalist thinkers. In this review article, I illustrate how the combination of social democratic convictions and the acknowledgment that capitalism cannot be tamed generates interesting tensions between the diagnosis offered by the two monographs and the solutions that are proposed. I end the piece by raising two remarks on the implications that this tension might have for normative political theory. On the one hand, it is time for theory to do more work on political action and agency. On the other, liberal egalitarian theorists might have to acknowledge that they are in the same predicament as Piketty and Streeck: social democracy is their ideal, yet it is perhaps unattainable. If this is the case, liberal egalitarians might be committed to adopt a more confrontational attitude towards capitalism: they might have to become reluctant radicals. (shrink)

La obra de Thomas Piketty supone una contribución significativa para el pensamiento crítico. Sus tesis han renovado el alcance de la reflexión económica tradicional y canalizado su atención al estudio de la desigualdad, un asunto fundamental en el capitalismo contemporáneo cuya reflexión se impone, asimismo, a la filosofía social. En un intento por dar cuenta de la profundidad de su planteamiento, en las siguientes líneas abordamos las tesis principales de su aproximación, centrándonos particularmente en la dinámica r>g que (...) presenta en El Capital en el siglo XXI. A continuación, examinamos las soluciones principales que propone para una mejor distribución de la riqueza y el aumento de la justicia fiscal, así como ciertos aspectos problemáticos de su enfoque. Se concluye señalando posibles aportaciones del pensamiento pikettyano a la reflexión teórica en vinculación con las teorías de Streeck y Harvey. (shrink)

Le présent article revient sur le dernier ouvrage de Thomas Piketty, Capital et idéologie (2019). Nous commençons par inscrire l’ouvrage dans l’argument développé par l’auteur dans ses précédents ouvrages, avant d’en souligner un certain nombre de limites. Nous questionnons d’abord la manière dont Piketty pense le capitalisme, avant d’en venir à sa théorie de l’idéologie. Enfin, nous tenterons de définir les contours et limites du projet de dépassement du capitalisme de Piketty, c’est-à-dire sa vision d’une société (...) juste, d’un « socialisme participatif », développée au dernier chapitre de l’ouvrage. (shrink)

Thomas Piketty’s Capital in the Twenty-First Century makes hardly any reference to the ethics of inequality. Surprisingly, this is an omission shared by most of his critics. In this paper I investigate the literature on which he and his reviewers might have drawn and speculate on the reasons why they did not. I outline the four ‘views of society’ and the related issues in moral philosophy that were presented by Michael Schneider in his book on the distribution of (...) wealth. I then summarise the criticisms of Piketty made by those few reviewers who did show some interest in ethical questions and examine the slightly earlier and quite different case against reducing inequality made by one of these critics, N. Gregory Mankiw. I consider the economic, political and social costs of inequality identified in a book-length study of Piketty’s work by Steven Pressman, and conclude by reflecting on the reasons for the widespread neglect of moral philosophy by mainstream economists. (shrink)

Thomas Piketty’s book, Capital in the Twenty-First Century, provides a monumental database for the history of capitalism. But the author’s interpretation of these data is based on an inconsistent theoretical framework that constantly oscillates between two definitions of capital: either capital as accumulated drawing rights on the value created; or capital as a factor of production in the neoclassical tradition. Capital as a social relation is forgotten and the history of capitalism appears as an accounting mechanism.

ABSTRACTThe continued rise of socio-economic inequality over the past decades with its connected political outcomes such as the Brexit vote in the UK, and the election of Donald Trump are currently a matter of intense debate both in academia and in journalism. One significant sign of the heightened interest was the surprise popularity of Thomas Piketty’s Capital in the twenty-first Century. The book reached the top of the bestseller lists and was described as a ‘media sensation’, with (...) class='Hi'>Piketty himself as a ‘rock star economist’. This paper, drawing from a major international and cross-disciplinary study, investigates the print media treatment in four European countries of economic policy proposals presented in Capital. Applying social semiotic and critical discourse analysis, we specifically focus on articles which are in disagreement with these proposals and identify five categories of counterarguments used against Piketty: authorisation, moralisation, rationalisation, portrayal of victimhood and inevitab... (shrink)

(Purpose) The purpose of the study is to present Thomas Piketty’s demand view on the issue of growing income and wealth inequalities in highly industrialized countries. It should be indicated here that in his research, Piketty not only explains the mechanism of growing inequalities, but also defines the tools to tackle inequalities (a combination of theoretical and pragmatic views). (Methodology) The aim of the study is achieved through the literature review method as well as the descriptive methods, (...) complemented by comparative analysis. (Results) Piketty’s considerations clearly show that the problem of income and wealth inequalities will not disappear spontaneously, so market automatism will not only not eliminate their causes, but also will not create conditions for a fair distribution of production outcomes between capital and labor. Therefore, reducing the level of inequality requires a return to the concept of the welfare state. (Contribution to the discipline) The conducted analysis may become part of a larger research project showing the relationship between the level of economic development and its impact on the scale of income and wealth inequalities. (shrink)

Thomas Piketty’s Capital in the Twenty-First Century is not only a work of economic history and theory but also a political and normative argument and a critique of ideology. It is invaluable for its magisterial documentation of increasing inequality in capitalism, and unprecedented US economic inequality in particular. I situate it within philosophical conceptions of justice. I also identify it as a non-determinist critique of the political economy of capitalism and a substantive and methodological challenge to mainstream economics. (...) I discuss not only what Piketty does not do, as some Marxists do, but what Piketty does do and summarize some of his central claims. I then discuss some problems in his work, some of which have not been addressed in the literature. In particular Piketty’s concept of labor income masks forms of capital, and given his arguments, gender and all women’s reproductive practices should have been addressed more fully. (shrink)

Thomas Piketty’s Capital in the Twenty-First Century is not only a work of economic history and theory but also a political and normative argument and a critique of ideology. It is invaluable for its magisterial documentation of increasing inequality in capitalism, and unprecedented US economic inequality in particular. I situate it within philosophical conceptions of justice. I also identify it as a non-determinist critique of the political economy of capitalism and a substantive and methodological challenge to mainstream economics. (...) I discuss not only what Piketty does not do, as some Marxists do, but what Piketty does do and summarize some of his central claims. I then discuss some problems in his work, some of which have not been addressed in the literature. In particular Piketty’s concept of labor income masks forms of capital, and given his arguments, gender and all women’s reproductive practices should have been addressed more fully. (shrink)

This article analyzes Thomas Piketty's latest book, Capital and Ideology (2020). We begin by placing the work in the context of the thesis developed by the author in his previous works, before pointing out a number of limitations. We first question Piketty's way of thinking about capitalism, before discussing his theory of ideology. Finally, we will try to define the scope and limits of Piketty's vision of overcoming capitalism, that is, his vision of a just society, (...) a "participatory socialism", as it is presented in the last chapter of the book. (shrink)

In this review, I say a few words about the analysis portion of Piketty’s book, but I will focus mostly on its solution portion. In the first section, I go over Piketty’s main argument and make two critical points: there is a lack of consideration for, first, human capital and, second, absolute levels of income and capital per capita. The second section of this essay focuses on the solution portion of the book. I also go over Piketty’s (...) argument and make five more substantial points: I wonder what Piketty means by social justice; I emphasize that raising taxes is desirable; I ask why it is capital that should be taxed, and how feasible a global tax on capital would be; and finally, I claim that the book could provide more guidance in terms of the policies that could be put in place right now. If the global taxation of capital is not politically feasible in the short to medium term, what should be done in the meantime? (shrink)

In his most recent books, Piketty offers a global history of inequality in its economic, social, political, and intellectual dimensions, arguing that history is moved by the struggle of ideologies. To take part in this battle of ideas, he conceives a new ideal model of society, ‘participative socialism’, as an egalitarian alternative to the dominant neoproprietarian ideology and to the dangerous resurgence of nationalism and populism. This paper provides a new interpretation of Piketty’s view of history and of (...) his participatory socialism in light of Paul Ricoeur’s study of the dialectics of ideology and utopia. First, I present Ricoeur’s singular analysis of ideology and utopia, which he sees as two inseparable facets of social imagination. Then I show how Ricoeur’s concepts can be fruitfully applied to Piketty’s conception of history and to his conception of a new form of socialism for the 21st century, drawing lessons from history and forming a ‘good’ or ‘realist’ utopia. Finally, I demonstrate that this interpretation of Piketty’s socialism can help to better understand some of the criticisms he has received. (shrink)

The main purpose of this second article devoted to T. Piketty’s Capital in the Twenty-First Century (the first was published in the previous issue of Actuel Marx) is to introduce our alternative reading of history. The tendencies manifest during the last decades of the 20th century and the early 21st century are not, it is argued, the replication of the tendencies which prevailed prior to World War I. The starting-point for our analysis is the beginning of the 20th century, (...) a moment characterized by the dynamics of a “managerial capitalism” built around the “tripolar” class pattern of capitalists, managers, and popular classes. The main quantitative manifestation of these trends was the steady rise in the share accounted for by wages (compared to capital income) in the income of upper classes (notably the top 1 percent). In place of Piketty’s impact of shocks, we focus on the chain of successive configurations of class domination and alliances, in a succession of “social orders” marking the historical advance of managerial capitalism : the first financial hegemony, in the years leading up to the Great Depression ; the postwar social-democratic compromise ; and its successor, neoliberalism, involving a new alliance to the right, between the managerial and popular classes. (shrink)

This the first part of a study (in two parts) devoted to Piketty’s theses on the history of capitalism. A summary of Pikety’s analysis is first presented, concerning the dynamics of total wealth (measured as a ratio to national income) and its components, and the tendency of wealth and income inequalities within major capitalist countries. The amplitude of the fall of total wealth in the United-Kingdom and France during World War I is questioned. Piketty explains the profile of (...) these variables concerning wealth and wealth inequalities in reference to historical mechanisms in which the rate of growth of output, the rate of savings, and the return on wealth are considered. The relevance of these mechanisms is basically questioned. We interpret the third component of wealth, other domestic capital, as a form of the capital of enterprises and substitute an alternative, more performing, model to account for the profile of this variable. (shrink)

Thomas Piketty’s evidence on wealth distribution trends in Capital in the Twenty- First Century shows that – contra his own interpretation – there has been little rise in wealth inequality in Europe and America since the 1970s. This article relates that finding to the other principal trends in Piketty’s analysis: the capital/national income ratio trend, the capital-labor split of total incomes and the income inequality trend. Given that wealth inequality is not rising markedly, what can we deduce (...) about the putative causes that might be operating upstream? Only the capital-labor split looks like a plausible explanation of the wealth inequality trend. (shrink)

In Capital in the Twenty-First Century, Thomas Piketty argues that markets, absent political intervention, tend toward economic divergence and that this has deleterious consequences for democratic ideals of equal voice and meritocracy. His goal is to foster a public conversation about what a society dominated by wealth—which we already beginning to experience as the twenty-first century begins—would look like if we wish to maintain an egalitarian ethos. His work will contribute to and further motivate several discussions in feminist (...) bioethics, namely, on the funding and organization of care labor, reproductive rights, global health, and commodification. (shrink)

In Capital in the Twenty-First Century, Thomas Piketty argues that markets, absent political intervention, tend toward economic divergence and that this has deleterious consequences for democratic ideals of equal voice and meritocracy. His goal is to foster a public conversation about what a society dominated by wealth—which we already beginning to experience as the twenty-first century begins—would look like if we wish to maintain an egalitarian ethos. His work will contribute to and further motivate several discussions in feminist (...) bioethics, namely, on the funding and organization of care labor, reproductive rights, global health, and commodification. (shrink)

If solutions to the problem of inequality are to be as radical as reality now demands, what is instead required is a reimagining of what would be involved comprehensively to tame capitalism through democratic means. This will involve much further development of the kind of plurality of institutional and policy proposals sketched by Meade, and will involve both the private and public – individual and collective – forms of capital predistribution that Meade advocated. Piketty, like Meade, sees the need (...) for both redistribution and predistribution, and both see that the institutional means necessary to create a more equal society will involve pursuing a plurality of parallel paths. It is closely in keeping with the spirit of Piketty’s Capital that the political and intellectual agenda ahead will be one that economics on its own cannot hope to encompass. It’s a vital agenda, with high stakes, and presents challenges to both academic researchers and political activists. On the success of this endeavour depends nothing less than the prospects for legitimate continuation of our economic system. (shrink)

The popularity of Thomas Piketty’s research on wealth inequality has drawn attention to a curious question: why was widening wealth inequality largely neglected by mainstream economists in recent decades? To explore and explain that neglect, I draw on the writing of the early neoclassical economist John Bates Clark, who introduced the notion of the marginal productivity of income distribution at the end of the nineteenth century. I then turn to Piketty’s Capital in order to analyze the salience (...) of marginal productivity theories of income today. I suggest that most of the criticism and praise for Piketty’s research is focused on data that are accessible and measurable, obscuring attention to questions over whether current methods for measuring economic capital are defensible or not. My overarching aim is to explore how “absent” data in economics as a whole help to reinforce blind spots within mainstream economic theory. (shrink)

Thomas Piketty’s Capital and Ideology constitutes a landmark achievement in furthering our understanding of the history of inequality, and presents valuable proposals for constructing a future economic system that would allow us to transcend and move beyond contemporary forms of capitalism. This article discusses Piketty’s conceptions of ideology, property, and ‘inequality regimes’, and analyses his approach to social justice and its relation to the work of John Rawls. I examine how Piketty’s proposals for ‘participatory socialism’ would (...) function not only to redistribute income and wealth, but also to disperse economic power within society, and I discuss the complementary roles of redistribution and predistribution in his proposals, and Piketty’s place in a tradition of egalitarian political economy associated with James Meade and Anthony Atkinson. Having elaborated on Piketty’s account of the relationship between economic policy and ideational change, and his important idea of the ‘desacralization’ of private property, I develop ‘seven theses’ on his proposals for participatory socialism, examining areas in which his approach could be enhanced or extended, so as to create a viable twenty-first century version of democratic socialism. (shrink)

Thomas Piketty has offered, and many have desperately snatched at,The General Theory of Employment, Interest and Moneyof our epoch. Piketty’s affinity with John Maynard Keynes and his groundbreaking 1936 landmark is largely unreflexive. But the ties that bind him to Keynes are powerful, and manifest themselves at many levels inCapital in the Twenty-First Century. The epistemology, the political stance, the methodological commitments, and the politics resonate in imperfect but remarkable harmony. This is no accident, because the world (...) in which Piketty’s book appeared is saturated with the specifically capitalist form of anxiety that Keynes sought to diagnose, and fix, the last time it made the richest economies in the world tremble. (shrink)

ABSTRACTA clear sign of the heightened interest in economic inequality was the surprise popularity of Thomas Piketty’s Capital in the twenty-first century. The book reached the top of the bestseller lists and was described as a ‘media sensation’ and Piketty himself as a ‘rockstar economist’. Piketty’s key thesis stated that the return on investment will be higher than economic growth, meaning that inequality is destined to worsen and that the post-war Keynesian period of progress, in terms (...) of a flattening of inequality, was in fact a small break from the norm. What he termed patrimonial capitalism would see continual increases in rates of socio-economic inequality unless drastic action is taken. In this article, Piketty’s book is treated as a paramount example of the mediation of economic inequality. The book received a generally positive response, however some writers acted defensively against the book’s main thesis, that is the secular trend of growing inequality. Exploring the press in the UK,... (shrink)

When making decisions, humans can observe many kinds of information about others' activities, but their effects on performance are not well understood. We investigated social learning strategies using a simple problem-solving task in which participants search a complex space, and each can view and imitate others' solutions. Results showed that participants combined multiple sources of information to guide learning, including payoffs of peers' solutions, popularity of solution elements among peers, similarity of peers' solutions to their own, and relative payoffs from (...) individual exploration. Furthermore, performance was positively associated with imitation rates at both the individual and group levels. When peers' payoffs were hidden, popularity and similarity biases reversed, participants searched more broadly and randomly, and both quality and equity of exploration suffered. We conclude that when peers' solutions can be effectively compared, imitation does not simply permit scrounging, but it can also facilitate propagation of good solutions for further cumulative exploration. (shrink)