Bookpresentation Piketty Capital in the 21st Century
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This presentation included my interpretation of Thomas Piketty's Capital in the 21st Century.
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Bookpresentation Piketty Capital in the 21st Century
- 1. Thomas Piketty Capital in the 21st century
- 2. Faculty of Arts and Social Sciences Main question and claim What do we really know about how wealth and income have evolved since the 18th century and what lessons can be derived for the future? Inequality is not accidental, but feature of capitalism
- 3. Faculty of Arts and Social Sciences Two World Wars • Europe very inegalitarian 1900 • War and policies central role in reducing inequalities • Rose sharply again since 1970s
- 4. Faculty of Arts and Social Sciences Division of society • Lower class: bottom 50% • Middle class: next 40% • Upper class: top 10% (top centile and next 9% • Huge gap in income in every modern society
- 5. Faculty of Arts and Social Sciences Why inequality not same level as during Belle Époque? • Shocks of 1914-1945 • Time • Structural change (middle class) • National tax on capital
- 6. Faculty of Arts and Social Sciences Will globalization lead to greater concentration of capital? • Global inequality = European inequality 1900 • Massive hopes, but also massive inequities • Solution?
- 7. Faculty of Arts and Social Sciences Global tax on capital • Democratic scrutiny • General > private interest • Preserving openness and competition
- 8. Faculty of Arts and Social Sciences The “social state” • Taxes important • Health and education • Replacement incomes • Transparency necessary
- 9. Faculty of Arts and Social Sciences How to regulate global capitalism? • Global tax on capital • International bank transparency • For now utopian • Beneficial to democracy
- 10. Faculty of Arts and Social Sciences Context of publication • Age of seemingly permanent crisis • Inequality very visible • If he is right, democracy threatened • Diagnosis of our current society
- 11. Faculty of Arts and Social Sciences Reception of the book • Germany: 3 books published • “political and theoretical bulldozer” – Laurent Mauduit • “authorative” – The Economist • “one of the watershed books in economic thinking” – Branko Milanovic (World Bank) • Critique: normative, flawed data, basic concepts
- 12. Faculty of Arts and Social Sciences Thank you for your attention! Questions? Do you think such a global tax on capital would be beneficial to democracy and is it überhaupt possible or desirable?