Monday, September 09, 2019

Piketty: Capital and Ideology

The French economist Thomas Piketty author of  'Capital in the 21st Century', has returned with a follow-up book of  1,232 pages called 'Capital and Ideology'.
Among the proposals in the book are that employees should have 50% of the seats on company boards; that the voting power of even the largest shareholders should be capped at 10%; much higher taxes on property, rising to 90% for the largest estates; a lump sum capital allocation of €120,000 (just over £107,000) to everyone when they reach 25; and an individualised carbon tax calculated by a personalised card that would track each person’s contribution to global heating.
Piketty made no apologies for the impact his ideas would have on the stock market. He said: “Yes, it will also affect the price of real estate that is crazy in Paris, and it will allow new social groups to become owners and shareholders."
Capital in the 21st Century's call for a global wealth tax to counter inequality has not been heeded.

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