Piketty's central theme is not that inequality of the ownership of wealth is going to skyrocket. The central theme is that the 1% already owns a lot of the capital stock, and the capital stock is going to get gigantic relative to the rest of the economy. Whatever the weakness this meg-tome and mega-best seller, there is no denying - the rich are getting richer, the poor, poorer. (And Piketty is not a Marxist.)
Billy Frank Jr, fishing rights fighter; Piketty and critics; Demystifying abortion; Lessons from old school labor; Deconstructing the fashion industry
Reason makes possible the calculations, science and technological advances of industrial civilization. But reason does not lift us upward to the heavens. It does not bring us into contact with the sacred. It does not permit us to curb our self-destructive urges. Herman Melville, Fyodor Dostoevsky, Emily Dickinson, Marcel Proust, William Faulkner, James Joyce, Samuel Beckett, Lorraine Hansberry and August Wilson mocked the myth of human progress and the folly of hubris.
(1) Workers around the world hold May Day protests and celebrations.
(2) The strength of social democracy in Canada translates to an amazing contrast between the living standards of US workers and their compatriots to the north.
(3) As voters in some major US cities choose left leadership, the rising tide of inequality presents major contradictions.
New scholarship by the French economist is a bona fide phenomenon - and the right is terrified. Thomas Piketty argues that the main driver of inequality - the tendency of returns on capital to exceed the rate of economic growth - threatens to generate extreme inequalities that stir discontent and undermine democratic values. He calls for political action and policy intervention. Video - Joseph Stiglitz and Paul Krugman on the significance of the work, and the stir.
Rights for Mother Earth, not Corporations
These are the first two parts of a four-part interview with Costas Lapavitsas focusing on the Era of Financialization and the transformations at the “molecular” level of capitalism that are driving changes in economic performance and policy in both high-income and developing countries. Lapavitsas is a professor of economics at SOAS, University of London, and the author of Financialised Capitalism: Expansion and Crisis (Maia Ediciones, 2009)
The wealthiest Congress in history, the first in which a majority of members are millionaires, we have a one-sided discussion demanding cuts only in public assistance to the poor, while ignoring public assistance to the rich. And a one-sided discussion leads to a one-sided and myopic policy. We're cutting one kind of subsidized food - food stamps - at a time when Gallup finds that almost one-fifth of American families struggled in 2013 to afford food.
Reader Comments - Ukraine; Russia; Climate Change; Wall Street; Capitalism; Wanted: Populist Movement of the 99%; Angela Davis; Charter Schools; Government Spying, NSA; NCAA Racism; TPP
Announcements - Left Labor Project - Election Strategy Discussion -New York -Apr 3; Need 100 Jewish voices in New York against anti-boycott bill; 2014 Moving Beyond Capitalism Conference; New resource - Politics and ideology in the American Historical Profession
Ending Poverty vs. Paul Ryan's Budget; Military Spending; Immigrant Workers; CIA Detentions, Guantanamo and now Spying on Congress; Beyond Capitalism; GM Recall; Tony Benn; Social Media and Drones...
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