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Capital and Ideology book image
Business & Economics

Capital and Ideology

By Thomas Piketty

book iconHarvard University Press

Description

A New York Times Bestseller
An NPR Best Book of the Year


The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.

Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.

Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.

Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.

Summary by AI

Capital and Ideology by Thomas Piketty

Author's Background:

  • French economist and author
  • Professor at the Paris School of Economics
  • Known for his research on wealth inequality

Main Theme:

  • The relationship between capital and ideology throughout history

Key Points:

  • Capital: Piketty argues that capital, in the form of wealth and property, has always played a dominant role in shaping societies.
  • Ideology: Ideologies, such as liberalism, socialism, and nationalism, are used to justify and legitimize the distribution of capital.
  • Historical Analysis: Piketty examines the evolution of capital and ideology from ancient Greece to the present day.
  • Inequality: Piketty argues that capitalism inherently leads to increasing inequality, as capital tends to accumulate in the hands of a few.
  • Taxation: He proposes progressive taxation and other measures to reduce inequality and promote social mobility.

Reputation:

  • Positive:
    • Highly acclaimed for its rigorous research and comprehensive analysis.
    • Has sparked important debates about inequality and the role of capital in society.
  • Negative:
    • Some critics argue that Piketty's analysis is too deterministic and ignores the role of other factors, such as technology and education.
    • Others question the feasibility of his proposed solutions.

Who Should Read It:

  • Economists and policymakers interested in inequality and wealth distribution
  • Historians and political scientists studying the relationship between capital and ideology
  • Anyone interested in understanding the historical and contemporary dynamics of capitalism

Readers

Muhriddin Abduvokhidov
Noon van der Silk
Yuya Uzu
3

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