“I BELIEVE IN CAPITALISM” (June 27, 2015)

Thus the Financial Times today quoting Thomas Piketty, whom they invited for a reportedly modest lunch yesterday. One more time, the new star of economics spoke about capitalism, private property, and markets in superlative terms. All he would like to suggest is that the rich ought to be taxed much more heavily than is the case today so as to drive down the inequality between the rich and poor. Although he admits that his proposal is no less than utopian, his position is clear. Capitalism is fine, but inequality is not. Period. Piketty’s petty bourgeois message is loud and clear, which explains his growing popularity. The lower middle classes of Europe and America are squarely behind his ideas. All they worry about is inequality, which is nigh ridiculous at this day and age. How about climate change, for instance? That is, how about capitalism’s contribution to climate change? This is where the lower middle classes have had a hefty contribution to the planet’s demise on account of their bulk in the rich world, but Piketty is not concerned with such issues. Not at all. Inequality is his one and only banner. Petty bourgeois to boot, he deserves to be the star of economics at the very last stage of its haphazard development. Climate change will usher equality soon enough.