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In: Forum on constructive capitalism
World Affairs Online
In: Working papers 327
In: Policy research working papers 938
In: Population, health, and nutrition
In: Policy, research, and external affairs working papers 274
In: Population and human resources operations
In: Policy, research, and external affairs working papers 545
In: Population and human resources
In: Living Standards Measurement Study working paper 14
In: Population bulletin 35,1980,5
In: World Bank staff working papers 404
In: The European journal of development research, Volume 27, Issue 2, p. 217-229
ISSN: 1743-9728
In: The European journal of development research: journal of the European Association of Development Research and Training Institutes (EADI), Volume 27, Issue 2
ISSN: 0957-8811
In: Ethics & international affairs, Volume 28, Issue 4, p. 523-538
ISSN: 1747-7093
Thomas Piketty'sCapital in the Twenty-First Centuryis a tour de force—a compelling and accessible read that presents an eloquent and convincing warning about the future of capitalism. Capitalism, Piketty argues, suffers from an inherent tendency to generate an explosive spiral of increasing inequality of wealth and income. This inegalitarian dynamic of capitalism is not due to textbook failures of capitalist markets (for example, natural monopolies) or failures of economic institutions (such as the failure to regulate these monopolies), but to the way capitalism fundamentally works. Unless the spiral is controlled by far more progressive taxation than is now the norm, the political fallout could undermine the viability of the successful "social state" (p. 471) in the advanced economies, putting the democratic state itself at risk.
In: Changyong Rhee, Juzhong Zhuang, and Ravi Kanbur, eds., Inequality in Asia and the Pacific (Manila: Asian Development Bank, 2013)
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