Capital in the Twenty-First Century - Thomas Piketty Audiobook
Shared by:Rolfer
Written by
Read by L.J. Ganser
Format: MP3
Bitrate: 64 Kbps
Unabridged
From The Economist:
It is the economics book that took the world by storm. Capital in the Twenty-First Century, written by the French economist Thomas Piketty, was published in French in 2013 and in English in March 2014. The English version quickly became an unlikely bestseller, and it prompted a broad and energetic debate on the book’s subject: the outlook for global inequality. Some reckon it heralds or may itself cause a pronounced shift in the focus of economic policy, toward distributional questions. The Economist hailed Professor Piketty as “the modern Marx” (Karl, that is). But what is his book all about?
Capital draws on more than a decade of research by Piketty and a handful of other economists, detailing historical changes in the concentration of income and wealth. This pile of data allows Piketty to sketch out the evolution of inequality since the beginning of the industrial revolution. In the 18th and 19th centuries western European society was highly unequal. Private wealth dwarfed national income and was concentrated in the hands of the rich families who sat atop a relatively rigid class structure. This system persisted even as industrialisation slowly contributed to rising wages for workers. Only the chaos of the first and second world wars and the Depression disrupted this pattern. High taxes, inflation, bankruptcies and the growth of sprawling welfare states caused wealth to shrink dramatically, and ushered in a period in which both income and wealth were distributed in relatively egalitarian fashion. But the shocks of the early 20th century have faded and wealth is now reasserting itself. On many measures, Piketty reckons, the importance of wealth in modern economies is approaching levels last seen before the first world war.
From this history, Piketty derives a grand theory of capital and inequality. As a general rule wealth grows faster than economic output, he explains, a concept he captures in the expression r > g (where r is the rate of return to wealth and g is the economic growth rate). Other things being equal, faster economic growth will diminish the importance of wealth in a society, whereas slower growth will increase it (and demographic change that slows global growth will make capital more dominant). But there are no natural forces pushing against the steady concentration of wealth. Only a burst of rapid growth (from technological progress or rising population) or government intervention can be counted on to keep economies from returning to the “patrimonial capitalism” that worried Karl Marx. Piketty closes the book by recommending that governments step in now, by adopting a global tax on wealth, to prevent soaring inequality contributing to economic or political instability down the road.
The book has unsurprisingly attracted plenty of criticism. Some wonder whether Piketty is right to think that the future will look like the past. Theory argues that it should become ever harder to earn a good return on wealth the more there is of it. And today’s super-rich (think of Bill Gates, or Mark Zuckerberg) mostly come by their wealth through work, rather than via inheritance. Others argue that Piketty’s policy recommendations are more ideologically than economically driven and could do more harm than good. But many of the sceptics nonetheless have kind words for the book’s contributions, in terms of data and analysis. Whether or not Professor Piketty succeeds in changing policy, he will have influenced the way thousands of readers and plenty of economists think about these issues.
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This post has 12 comments with rating of 5/5
May 30th, 2019
So, the two most catastrophic conflicts in world history, and the Great Depression, had desirable economic outcomes? “The dismal science” indeed.
Capital flight is always the Achilles’ heel of such purported utopian panaceas.
Thanks for the upload, Rolfer.
May 30th, 2019
caesar963 The ironies of life, fate and humbling of Intellectual hubris (as know it alls lol), as when the counterintuitive takes place. The catastrophic event of the Bubonic Plague in Italy and some parts of Asia, indirectly set ‘the ideal conditions’ (forgive my lack for a better phrase) which gave birth to Renaissance and all its magnificent contributions, social mobility of peasants and laborers to no longer be confined to their lowly social cast and allow them to become merchants and even to rise in station to nobility. It also did away with the OLD cruel nobility and power of the Catholic church. People were more into savouring life, slowly etc. The Black Death unleashed these forces in Italian society that made the Renaissance possible to flourish. This is just one of MANY catastrophic events that slowly improved on human advancement in various variegations!
May 30th, 2019
Rolfer thank you very much for this excellent share!
May 30th, 2019
True enough, ed (one correction: it gave re-birth to the Renaissance!). I remember a conversation with a female work colleague who uttered the immortal line “We should never have allowed the peasants to escape the slums” - and this was eight centuries after the social mobility set in train by the black rat & its fleas (or whatever the likeliest vector of transmission really was).
When she dropped that bombshell, I knew I was dealing with a radical social progressive.
It’s a grim calculus to regard say, the death of a child, as ultimately socially beneficial because the funeral generates economic activity! Similarly a fire, tornado, earthquake or bombing, because they would function as a fillip to the construction industry. In addition to the emergency services - bonuses and hazard pay.
Where do I return my human being membership card, cos it’s time?!
May 30th, 2019
caesar963 oh wow that was the language she really used? Smh. Grim calculus indeed! But some of these catastrophes such as let’s say The Renaissance, propagated the continuance of our species, along with igniting the creativity and learning society that enhanced quality of life in health, comfort, etc. In these such cases the people only became cognizant of these positives from such colossals negatives in retrospective analysis and hindsight. Its unspeakably evil and grotesque when 1. Wars or conflicts are DELIBERATELY begun as means to profitable ends (both Govt’s. and Corporations are guilty and repeat offenders) 2. When such conditions are perceived by men of the lowest moral fiber, as rife with opportunities to get rich. Many Corporate Dynasties, and wealthy Titans were made and borne of such scavengeries. I would like to cancel my subscription to the human contract too.
May 31st, 2019
Has no connectable seed, every peer I am currently connected to is at 0%.
May 31st, 2019
Yep, 60 Leechers, no Job Providers, erm, Seeds).
[I kid… I kid…]
August 23rd, 2019
.3% left to go. like the proletariat uniting, i guess i’ll just keep waiting.
November 23rd, 2019
Many thanks for this fantastic contribution.
We’re living terrible moments under neoliberalism & ultraliberalism pressure. Millions and millions of ordinary people, people like us, are slaugthered, year by year, by wealth concentration; billions of poor people is deathin by hungry when, in the same instant, financial capitalists grew up their fortunes.
in these situation, just Marx can save us.
July 8th, 2020
Does anyone have his new book, Capital and Ideology?
October 27th, 2020
@pm_me_your_danger
Yes, I bought it. So far it’s amazing and extremely insightful, although if you’re going to read it be prepared for a difficult read.
October 13th, 2021
Thanks for this upload.
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