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A review of Thomas Piketty’s “Capital and Ideology”

bostonreview.net

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Re: A review of Thomas Piketty’s “Capital and Ideology”

#81

Post by lone_post »

geodel wrote: post #7

" “the Democratic Party in the United States transitioned over half a century from the workers’ party to the party of the highly educated.” Elites’ distance from working-class interest, he contends, led the Democratic party and its ideological counterparts abroad to accede to a policy program betraying the values of social democracy: regressive taxation, elite domination of higher education systems, and forms of glob…

Not just that, but both Democrats and Republicans are complicit in the abuse of the working class through massive - both expanded legal and willfully ignored illegal - immigration.

The vast majority of new immigrants are low skill low wage workers and these workers drive down working class wages.

Now immigrants are on the whole very hard working and persistent people. They are a self selected population of such people.

That said, the economic reality is clear: for every small business owning immigrant, there are many more competing with existing citizens for low wage jobs and absorbing government benefits.

Both the Democrats (ideological and political interests) and the Republicans (business interests) have ignored this and opened the floodgates of immigration precisely at the same time that the lower and middle classes are deteriorating.

We are all human beings, but the leaders of a nation must prioritize the needs of the citizens of that nation above others, regardless of grand humanitarian interests or self serving business interests.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#82

Post by LargeWu »

pradn wrote: post #73
throw0101a wrote: post #62

Paul Krugman's review: * https://www.nytimes.com/2020/03/08/books/review/capital-and-... Krugman liked Piketty's previous book ( Captail-21C ), but concluded this one needed some more editing: > The bottom line: I really wanted to like “Capital and Ideology,” but have to acknowledge that it’s something of a letdown. There are interesting ideas and analyses scattered through the book, but they get lost in the sheer vo…

I once went to a talk by Nassim Nicholas Taleb after the publication of his "Skin in the Game". He said the way to make a book last is to stuff it full of ideas, stories, and wander around. A focused book doesn't last. Take it as you will.

Well, that is certainly Taleb's approach. His books do contain some good ideas, but they are wildly unfocused and borderline unreadable.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#83

Post by claudiawerner »

NeutralCrane wrote: post #60
claudiawerner wrote: post #8

Although I haven't read Captial and Ideology , Piketty seems to be situated in a weird place, as I gathered by his previous book. He isn't critical of capitalism as such [0] - as economists like Sen, Roemer, Kliman and Veneziani are, but on the other hand he is aware of the transparent ideological forces which shape the way we view the economy and capital. The content of this book, between social, historical and econ…

> Piketty seems to be situated in a weird place, as I gathered by his previous book. He isn't critical of capitalism as such[0] - as economists like Sen, Roemer, Kliman and Veneziani are, but on the other hand he is aware of the transparent ideological forces which shape the way we view the economy and capital. That weird place is simply social democracy. It seems to be unpopular because it is essentially the "centri…

I think that's an overly generous characterization of social democracy - it only dodges the critique from right-libertarians concerning property, taxes and the role of government, and it dodges the critique from left-libertarians on capital, alienation and social domination.

It's much easier (and more historically accurate) to see social democracy, socialism and capitalism on the same axis, and not to think that social democracy transcends all hitherto established political and economic thought by The Right Choice as if by default.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#84

Post by coliveira »

geodel wrote: post #7

" “the Democratic Party in the United States transitioned over half a century from the workers’ party to the party of the highly educated.” Elites’ distance from working-class interest, he contends, led the Democratic party and its ideological counterparts abroad to accede to a policy program betraying the values of social democracy: regressive taxation, elite domination of higher education systems, and forms of glob…

This happened because, while the Republican Party represents the same old interests, the increase in inequality forced a change in the Democratic Party. The bills were being paid by progressive elites, with high salaries and linked to big corporations. Low-wage earners, increasingly losing their jobs to other countries, felt as having lost their influence in the party.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#85

Post by jahaja »

nemo wrote: post #65
jahaja wrote: post #56

Earlier quoted context omitted.

You know that Bertrand Russell was a socialist/communist right?

He was a socialist, but anti-authoritarian, and a strong critic of all forms of Hegelianism including Marxism. He tried (with limited success) to formulate alternate concepts of socialism that weren't authoritarian and had a respect for civil liberties, as he saw that Marxism's various tries at revolution and the Dictatorship of the Proletariat were not only failing to bring socialism, but perverting it into somethin…

Yeah, he promoted some sort of Council communism IIRC.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#86

Post by HappySweeney »

codingslave wrote: post #19
geodel wrote: post #7

" “the Democratic Party in the United States transitioned over half a century from the workers’ party to the party of the highly educated.” Elites’ distance from working-class interest, he contends, led the Democratic party and its ideological counterparts abroad to accede to a policy program betraying the values of social democracy: regressive taxation, elite domination of higher education systems, and forms of glob…

I've always viewed it as paradoxical that the left is both: 1.) For the welfare of the worker, social programs, universal healthcare, "standard of living" 2.) Open borders immigration, free trade, outsourcing, and other ultra capitalist policies.

Open borders are only in favour by a scant few individuals, and is in no way a standard position of the left. This idea is a lie told by right-wing propagandists.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#87

Post by cwperkins »

If anyone enjoys reading about income inequality, I also recommend Joseph Stiglitz' book called "The Price of Inequality". He speaks of inequality more from an American perspective and he's one of the thought leaders I personally like to hear from.

I am a staunch Capitalist and I'd like to see another great era of America ingenuity and invention. I think the path to solve inequality comes from creating wealth and solving big global issues in energy, health and transportation.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#88

Post by jmole »

wycy wrote: post #74
jmole wrote: post #72

Earlier quoted context omitted.

a better percentage to use would be the delta in unemployment rate, e.g. 3M / (# of people who want to work). This would be approximately 3M / 158M [0], or a 1.8% rise in the unemployment rate. In the 2008 recession, we saw a total unemployment rate of almost 10%, so we'd have to lose an additional 7-8M jobs to get to that level. [0] https://www.bls.gov/news.release/empsit.t08.htm

Considering the fed is warning about the possibility of 30% unemployment [0], an additional 7M could come next week. [0] https://www.usnews.com/news/economy/articles/2020-03-23/fed-...

yes - I didn't mention it explicitly in my comment - but this much unemployment, coming this fast, is unprecedented in US history.

Re: A review of Thomas Piketty’s “Capital and Ideology”

#89

Post by specialist »

refurb wrote: post #33
specialist wrote: post #23

Earlier quoted context omitted.

I'd like all belligerants to pick a target Gini Coefficient number. Then we manage to that number. Whoever is in power will push the balance towards their number. I'm just so exhausted by all the rhetoric, kabuki, ideology, dogma, propaganda. Arguing about the placement of the deck chairs as the Titanic sinks.

Gini coefficient is a very blunt measure of inequality. You could have two countries, one with more equality, but a lower standard of living for the middle class and one country with higher inequality, but a much better standard of living for the middle class. The 2nd (with higher inequality) is obviously preferred.

Krugman agrees with you. What's a better measure?

Re: A review of Thomas Piketty’s “Capital and Ideology”

#90

Post by defterGoose »

worik wrote: post #50
defterGoose wrote: post #2

We need only believe in the possibility of a better, different future to act. We need only act to manifest it. Go vote. Go work on things that truly matter. Edit: If you have ideological differences please consider posting a reply rather than just downvoting.

Good advice. But in the face of power imbalances ineffective.

Sadly true. Guess it's war then?
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