Preview

The Inequality In Thomas Pikety's Capital In The Twenty-First Century

Good Essays
Open Document
Open Document
774 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Inequality In Thomas Pikety's Capital In The Twenty-First Century
Thomas Piketty’s recent book, Capital in the Twenty-First Century, charts the distribution of wealth over time, within and across countries. His contribution to our understanding of wealth and wealth inequality has rekindled a debate about societal and global inequality and the role of international institutions not seen since the early days of the United Nations. In light of the 2008 global recession, recovery, and national efforts addressing the economic organization of society, Piketty’s research is especially timely.
The widening gap between wealthy elites and the broader public that Piketty identifies, as well as the ability of elites to shield their wealth from taxation, raise economic, moral, and political questions that must be
…show more content…
Any solution addressing the increasing concentrations of wealth will necessarily have to traverse mires of human values and morality on stilts of laws and political …show more content…
To accomplish this review, I will bring together disparate literatures on the economics of tax havens, the legal history of international taxation, and the research on the politics underlying treaty and customary laws. Even after laying aside this philosophical question of justice, the problem Piketty identifies poses a challenge to disciplines beyond economics, a reality Piketty himself notes when tracing his book’s

You May Also Find These Documents Helpful

  • Powerful Essays

    In analyzing the actions of oligarchs across many nations with robust property defense laws and enforcement, a trend between source of wealth and methods of wealth defense becomes clear. Oligarchs whose primary sources of wealth are investments, real estate holdings, and corporate ownership rely on significant defensive institutions to secure these holdings. When the state both has the capacity and provides this property defense via legal protection and publicly funded law enforcement oligarchs will disarm themselves, resorting to financial rather than violently coercive means of influencing the political process. The key notion here is the exchange of government assurance of protection of wealth for…

    • 1467 Words
    • 6 Pages
    Powerful Essays
  • Better Essays

    Modern economics have widened the gap between rich and poor in society. This gap can be illustrated by the fact that the three wealthiest individuals in the world have assets that exceed those of the poorest ten percent of the world’s population.…

    • 1388 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    Andrew Carnegie talks about how the upper class have a responsibility to reduce excess wealth by being charitable to highlight the issues of wealth inequality. He suggests that society can use the wealth from the upper class more responsibly than the state. In the article, he talks about his dislike of people using money irresponsibly on material things. He suggests when the upper class distribute their wealth, they should do it in a way the promote responsible spending. He talks about how there are two types of wealthy people.…

    • 263 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Stewart Ewen Chosen People

    • 2043 Words
    • 6 Pages

    SMITH, ANTHONY L. "The Super-Rich: The Unjust World of Global Capitalism."ASEAN Economic Bulletin, 18.2 (2001): 237-239.…

    • 2043 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    Third, Piketty stresses that the richest 1 percent enjoyed similar distance from the rest of us throughout most of capitalism's history. The only period in which the capital-income ratio becomes more equal and the dominance of inherited wealth diminishes in the rich countries as a whole is that between the beginning of the First World War in 1914 and the mid-1970s…

    • 61 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    In the essay “Inequality Has Been Going on Forever... but That Doesn’t Mean It’s Inevitable”, David Leonhardt argues that despite the persistent trend of income inequality in the U.S. and throughout history, it is not impossible to change that inequality. He writes that the professor, Thomas Piketty points out the process in which inequality rises and the near inevitability of it. Leonhardt tells of his conversations with Piketty and Piketty’s idea on the possible way to solve inequality, which is to put a global wealth tax that is specifically for income inequality. Leonhardt finds this solution politically improbable and instead advises that the government changes the taxation of the wealthy, healthcare, how we manage the Department of Transportation,…

    • 827 Words
    • 4 Pages
    Good Essays
  • Good Essays

    With nearly 99% of America’s wealth going to the top 1% (or estimated to be by 2016), how can there be even the slightest argument for a peaceful nation where all are intermingled in a way that creates equality? The proven statistic of America’s wealth distribution is not equal to any other developed country of the same stature. There’s even more proof and evidence for the “So clear it shouldn’t have to be proven“ wealth inequality in America. Using a scale called the Gini coefficient to calculate wealth inequality the results were (not exactly) surprising, “[The Gini coefficient is] a measure of inequality in which 0 is perfect equality and 100 perfect inequality. It found that the U.S. had the greatest wealth inequality, with a score of 80.56” (Sherman). A nation with a significant divide such as wealth inequality - and thus the lack of the wealth going to the majority- cannot possibly be perfect, just, or…

    • 778 Words
    • 4 Pages
    Good Essays
  • Good Essays

    the natural factor of privileged people and the undeniable fact that the distribution of wealth is…

    • 1047 Words
    • 1 Page
    Good Essays
  • Good Essays

    Dr Parenti Wealth

    • 816 Words
    • 4 Pages

    In this essay I intend to explain what Dr. Parenti’s position on wealth versus want in the United States, how those two ideas work with each other and against each other to undermine the three fundamental principles of democracy. Wealth as defined by Dr. Parenti can be found in the opening pages of chapter four when he goes into detail about the class system that exists in the United States. The United States has been touted as a nation of middle class citizens, Dr. Parenti argues that this hasn’t been the case in many decades and will only get worse as time goes one. Rather than have an upper, middle and lower class system, we have an owning class, employee class and finally the serfs or laborers.…

    • 816 Words
    • 4 Pages
    Good Essays
  • Better Essays

    A good friend of mine recently recommended me to watch a documentary called “The One Percent.” I do not usually watch documentaries unless I am gaining some type of knowledge out of the information presented. Unsure of what it was about and what I was going to get out of it, I turned on NetFlix and proceeded to watch the film. I soon came to realize I was enamored by this film, “The One Percent,” and it remains one of my favorite documentaries of all time. The documentary deals with the disparity between the wealthy elite and the citizenry and how they are both so far removed from one another. “As of 2010, the top 1% of households (the upper class) owned 35.4% of all privately held wealth.” (Domhoff, 2010, The Wealth Distribution, para. 1). The producer and interviewer presents this film through many wealthy American businessmen, critics, economists and even his own family to explain this major social gap that exists on our home front. When looking at the differences side-by-side, it is hard to grasp that we all live in the same place, the United States of America.…

    • 1793 Words
    • 8 Pages
    Better Essays
  • Good Essays

    In the United States, the top ten percent of all households own seventy-six percent of all the wealth in the country (1). Income inequality is frequently highlighted, but why is wealth inequality rarely brought to our attention? The political system has failed to deal with the problem, and the gap will only continue to grow in the future. How can we call this the land of opportunity when the bottom forty percent will most likely stay the bottom forty percent for their entire lives (1)? That is why I offer a modest proposal to overthrow the current system and establish a Utopian society built from the rubble. This Utopia, which I shall refer to as the United Socialist States of America (USSA), is going to be built around the premise of economic equity through the equal distribution of resources and knowledge. This would create a society without greed because money is the ultimate…

    • 1249 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    Meritocracy Myth Essay

    • 123 Words
    • 1 Page

    On the other hand, to get a true grasp of the unearned leverage given through inherited wealth, you must include inheritances between living individuals as well. These advantages include but are not limited to, upper hands ranging from having their college education paid for, to be given a down payment on their first home. This causes the wealthy to believe they are self-made and that they have climbed the socio-economic ladder on their own without the help of anyone. The ideology of meritocracy’s influence on economic inequality shows that this is not the case. The meritocracy myth also drives those with more wealth to presume those who are not in their economic class are under the stereotype of being lazy and unworthy individuals.…

    • 123 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    Defending the 1 percent

    • 470 Words
    • 2 Pages

    Mankiw accepts that the income share of the top one percent exhibits a U-shape pattern: falling from the 1950s to the 1970s, and rising from the 1970’s to the present. According to Atkinson, Piketty & Saez, changes in the top income shares during the twentieth century are related to politics and changes in macroeconomic and financial environments, and most important related to the taxation structure. Their results are based on their tax data collected and processed for twenty two countries. Mankiw argues the growth of top one percent income shares and “the earning differentials between skilled and unskilled follow a similar U-shaped pattern” The evidence Mankiw presents rests on the work done by Claudia Goldin and Lawrence Kats (2008) book, The Race Between Education and Technology. In their book they conclude that technological change continually increases the demand for skilled labor, therefore, “inequality is not about politics and rent-seeking but rather about supply and demand”. It would be interesting to know the statistics about skilled and unskilled…

    • 470 Words
    • 2 Pages
    Good Essays
  • Good Essays

    The exponentially growing gap that separates the affluent from the rest of society in America has become a truly daunting statistic. According to data collected by the IRS, the World Top Economics Database asserted that in 2010, the top .01%, which calculates into one in 10,000 people, held a 4.6% share of that year’s income. The average income of $24 million per individual in the top .01% is $23,970,000 more than the average income of the bottom 90%, which is $30,000. In the subsequent parts of this paper I aim to analyze the grounds of extreme income inequality as well as the severity of the consequences that it has on the economy and the American people.…

    • 508 Words
    • 2 Pages
    Good Essays
  • Good Essays

    America is supposed to be all about equality, but if you take a serious look around, you will see that there is human rights issue going on all over America; this is just one of them. Things need to be reevaluated and adjusted as things change and growth happens, America do not seem to roll with the changes very well and are stuck in a moralistic, religious, patriarchal system. In recent years, the major concerns of economic development is the study of poverty, the income distribution and growth in the less developed countries or from all over the world have been doing researches and studies on how to induce a growth in those under developed countries.…

    • 747 Words
    • 3 Pages
    Good Essays