A reader of Piketty is obsessed by inequality suggested that, although he conceded that my observations based on the Introduction were not without merit, at least I should read part IV to appreciate the ideas of Piketty for a better society. Unfortunately this doesn’t alter my critique one bit. I ended my critique with Continue reading →
In “Capital and Ideology” (2020), Piketty continues to see inequality as the evil to be fought. While sometimes it’s about extreme or increasing inequality, what degree of inequality is acceptable isn’t clear. The picture emerges that the only acceptable world for Piketty is an equal world, in which everyone participates and lives roughly in the same material circumstances. Continue reading →
It doesn’t matter if capital is concentrated in a few hands, as long as these are the right hands. 
This is my answer to the outcry of Mr Piketty in his monumental study about the growing inequality in the possession of capital. As others have signaled Pikettys’ study misses the central idea of Marx: that capital is a social relation. As long as the character of this relation is not altered, the redistribution of capital over more people or even acquisition of it by the state will not help us one bit. If possible at all.
This fundamental relation is, as is well known, the exploitation of labor to extract profit, and using this profit for accumulating capital. Hence growth and concentration are inevitable in this system. Continue reading →
