The result, as Thomas Piketty described so clearly, is
rising indebtedness and concentration of wealth.
Piketty and Tooze didn't set out to explain how
humanity climbed onto the doomsday treadmill.
Piketty's chart goes up only to 2010,
but other research has confirmed the same trend projects to the present.
Piketty and Tooze are right about structural features of inequality
and how the makers of catastrophe became its beneficiaries.
Unless we can reverse the
inequality trends of the past 35 years, Piketty says, the ensuing social chaos will
eventually destroy democracy.
This no-arbitrage condition implies that, in equilibrium,
all capital yields the same risk-adjusted return, which Piketty estimates historically at 4-5% per year.
Economist Thomas Piketty, in his recent book Capital in the Twenty-First Century,
has assembled extensive data that shows how unchecked capitalism historically tends to increase inequality and undermine democratic practices.
In a March 2019 paper, you(along with Thomas Piketty and Amory Gethin)
noted that“voters seem to be less driven by straightforward economic interests than by sectarian interests and cultural priorities”.
These attacks are taking place when India has again become as unequal as it was under the British,
or what the French economist Piketty called it: from British Raj to Billionaire Raj;
As French economist Thomas Piketty shows beyond doubt in his“Capital in the Twenty-First Century,”
we are heading back to levels of inequality not seen since the Gilded Age of the late 19th century.