Even among Marx-friendly economists, the labor theory of value has fallen out of favor. But its technical validity is less important than the core message: workers are exploited because the value they create is undemocratically taken by capitalists.
Piketty’s new book, “A Brief History of Equality,” is perhaps his most optimistic work. Piketty proposes a truly radical policy agenda — a universal minimum inheritance, worker control over the boards of corporations and “confiscatory” levels of wealth and income taxation — that he calls “participatory socialism.”
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For years, Thomas Piketty has articulated a cogent critique of 21st-century capitalism. He now appears to be moving beyond just critique to call for a 21st-century socialism.
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Will the social necessity for the state "wither away"?
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To good effect, he argues that a revolution is gained only by practice: “we have to practice socialism…have to go about building it in practice,” a practice that changes the socialists themselves, through the relation of community and solidarity .
After three years in the halls of power, she’s seen the “shit show” up close—and hasn’t given up on her vision for how to change it.
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