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Capital, Ideology, and the Liberal Order

Capital, Ideology, and the Liberal Order AbstractThomas Piketty’s Capital and Ideology (2020) offers a powerful critique of ideological justifications for inequality in capitalist societies. Does this mean we should reject capitalist institutions altogether? This paper defends some aspects of capitalism by explaining the epistemic function of market economies and their ability to harness capital to meet the needs of the relatively disadvantaged. We support this classical liberal position with reference to empirical research on historical trends in inequality that challenges some of Piketty’s interpretations of the data. Then we discuss the implications of this position in terms of limits on the efficacy of participatory governance within firms and the capacity of the state to levy systematic taxes on wealth. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Analyse & Kritik de Gruyter

Capital, Ideology, and the Liberal Order

Analyse & Kritik , Volume 43 (2): 23 – Nov 25, 2021

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Publisher
de Gruyter
Copyright
© 2021 Walter de Gruyter GmbH, Berlin/Boston
ISSN
0171-5860
DOI
10.1515/auk-2021-0017
Publisher site
See Article on Publisher Site

Abstract

AbstractThomas Piketty’s Capital and Ideology (2020) offers a powerful critique of ideological justifications for inequality in capitalist societies. Does this mean we should reject capitalist institutions altogether? This paper defends some aspects of capitalism by explaining the epistemic function of market economies and their ability to harness capital to meet the needs of the relatively disadvantaged. We support this classical liberal position with reference to empirical research on historical trends in inequality that challenges some of Piketty’s interpretations of the data. Then we discuss the implications of this position in terms of limits on the efficacy of participatory governance within firms and the capacity of the state to levy systematic taxes on wealth.

Journal

Analyse & Kritikde Gruyter

Published: Nov 25, 2021

Keywords: Piketty; wealth inequality; consumption inequality; measuring inequality; classical liberalism; Austrian economics; knowledge problem; participatory socialism; private-property markets

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