Page 69 - EW July 2022

Books

Piketty's latest A BRIEF HISTORY OF EQUALITY sectors that have become
privatised including educa-
oeuvre Thomas Piketty tion, health, transport and

Harvard University Press energy.
Rs.799 Although Piketty
ROFESSOR OF favours much higher
economics at the Pages 244 income-tax rates, policies
PSchool for Ad- that redistribute prop-
vanced Studies in the So- erty rather than income
cial Sciences and associate are at the heart of his
chair at the Paris School shaped by self-interest. Economist Thomas programme. This agenda
of Economics, Thomas The book argued that un- Piketty summarises includes reparations for
Piketty attained global less capitalism is reformed, his previous works descendants of enslaved
fame with his best-selling democracies worldwide to make his research and colonised people and
Capital in the Twenty- will flounder. accessible to a wider encouraging countries in
First Century (2013), The above two books audience the global south to tax the
which highlighted wealth were voluminous in size fortunes of non-residents
and income inequality in and encyclopaedic in is now at least middle who do business there.
Europe and the US since scope. In contrast, the class, whereas before the Cancellation of debts
the 18th century. book under review is a 20th century there was no and a programme he calls
The book argued that pithy 244 pages presented middle class to speak of. “inheritance for all,” in
the rate of capital return in in ten chapters in which The right to vote, formerly which wealth taxes will
developed countries is per- Piketty summarises his restricted even in democ- reduce large fortunes and
sistently greater than the previous works, Capital in racies to male property provide everyone with a fi-
rate of economic growth, the Twenty-First Century owners, was well on its way nancial cushion, is also on
and that this would cause and Capital and Ideol- to becoming universal. his prescription. He also
wealth inequality to ogy to make his research What prompted this wants to transfer a large
increase in the future. Pik- more accessible to a wider progress? Piketty has a measure of control over
etty proposed improving audience not necessarily straightforward answer: corporations from their
education systems arguing economists. the advent of progres- managers and sharehold-
that diffusion of knowl- Much of the current sive taxes on income and ers in favour of employees,
edge, skills, and ideas of discussion on inequality wealth, and rise of the com- and create “a system of
productivity would act as focuses on the period since prehensive welfare state. egalitarian funding for
main mechanisms to lower 1980, when the benefits Taxes reduced inequality political campaigns, the
inequality. of growth began to accrue and paid for the welfare media and think tanks”.
In 2019, his next book more narrowly to the rich state, which provided edu- All this would result in “a
Capital and Ideology also than before. While discuss- cation, healthcare, old-age profound transformation
became a bestseller. It ing this phenomenon, pensions and protection of the world economic
broadened Piketty’s earlier Piketty acknowledges against severe deprivation. system”.
scope by focusing on the that there was an earlier In Capital, Piketty What do Piketty’s
sociology of inequality, optimistic narrative of advocated a “global tax prescriptions look like
experienced in various the world’s astounding on wealth” as a possible when viewed through the
societies in history. The progress toward equality remedy for inequality. In A lens of a partially develop-
book’s central thesis was during the 19th century. Brief History, he develops ing economy like India?
that inequality is not an ac- Life expectancy rose the concept of a progres- His primary field of study
cident but rather a feature from 26 to 72 years and, sive increase in taxes on was France, then Europe,
of capitalism that can be with the spread of com- the wealthy. Piketty calls then USA and rest of the
reversed only through state pulsory state-provided upon the State to increase developed ‘West’. French
intervention. It argued education, literacy rate access to quality health- annual per capita income
that throughout history, grew from 10 to 85 per- care, education, employ- is above US $40,000 while
elites have tried to justify cent. Slavery and colonial- ment through the progres- in the US, it is $60,000.
inequality by claiming it is ism, once endemic, were sive implementation of On the other hand,
natural and that the status substantially abolished. taxation on the wealthiest. India’s per capita income
quo brings stability, but Perhaps half the popula- He also advocates “decom- is about $2,000, i.e, 5
these are biased excuses, tion of the developed world modification” of certain percent of the West. We

68 EDUCATIONWORLD JULY 2022