Economy
How 21st century capitalism is failing us
It requires a thoroughgoing democratic transformation
The popularity of Thomas Piketty’s book Capital was perhaps the publishing surprise of the year, but it is paradoxical for three reasons.
Firstly, its 700 academic pages are hardly an inviting bedside read. Secondly, its appeal was primarily to people already worried by rising inequality, even though its main argument is that increasing inequality is built into capitalism and will be hard to overcome.
And, thirdly, for those of us who regard a combination of low inequality and little or no economic growth as a precondition for environmental sustainability, Piketty’s message is doubly unwelcome: it implies that slower economic growth leads to faster rises in inequality.