A Taxing Question: Re-reading Piketty
Frank Lee reviews Capital in the 21st Century by Thomas Piketty This book by Thomas Piketty was first published in 2014 and became an instant best seller. It had taken the author some 15 years to research and complete, and deserves a detailed attention and analysis rather than the usual one-off, production-line tracts which are read and instantly forgotten. Piketty describes the end of an old epoch, the rise of the new – the golden age of welfare-capitalism, Le Trente Glorieuses, the Keynes/Beveridge consensus, call it what you will, circa 1945-1975 – and the re-emergence of a second rentier capitalism regime which began the early 1980s. Using apposite literary references to writers of the first gilded age he quotes: It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife.” Jane Austen – Pride and Prejudice An immortal sentence which says a thousand words. Such was the moral zeitgeist in Europe during the 19th century; Piketty then drives home the point by adding …