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Piketty, The Wall Street Journal, and Rational Conservatives

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From Thomas Piketty
Thomas Piketty
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Thomas Piketty's book, Capital in the 21st Century, has almost had the effect of a tsunami on economic thinking here in the United States after its translation from French into English washed up on our monoglot shores. In France itself it has been treated as more less just another economics book-- no big deal.

Its impact on the US is due to many factors, not least of which is the fact that our educational system is woefully inadequate by European standards as well as our lower cultural literacy compared to Europe. Piketty's work appears here as a revelation, but to the educated European he is only providing a fuller historical context for what most people already understand.

Marxists, especially, should have been underwhelmed to learn that the capitalist system creates imbalances in wealth with a large pool of poor and exploited workers at one pole and a small group of capitalists hogging the social wealth at the other.

Piketty tells us this system is not sustainable and to prevent the "Marxist Apocalypse" the capitalists have to modify their behavior and moderate the social inequalities their system creates. The thought that capitalism might be replaced is indeed an apocalyptic nightmare for the bourgeoisie but for the working classes it might be more like a Marxist Epiphany come true.

The Wall Street Journal, no friend to the Left, has reviewed Piketty's book ("A Not-So-Radical French Thinker" by Pascal-Emmanuel Gobry, weekend edition May 24-25, 2014). Here we find, implicitly, that not only have some on the Left "lost it" over seeing Piketty as some sort of super progressive, but that many American "conservatives" have, explicitly, also gone completely off the deep end by referring to Piketty as a "soft Marxist."

The conservative movement in the U.S. is, however, overloaded with "thinkers" who are intellectually immature and dishonest, selling their brain power (such as it is) to the Koch brothers, the Murdochs, and their ilk. The WSJ review points out that Piketty is a professional academic economist and his book merits consideration. He is a neo-liberal economist who supports market capitalism and, like many other neo-liberals, he advocates "government redistribution to smooth out some of the market's excesses.".

The WSJ points out that in France you can find "honest-to-goodness actual Marxists [that] are still at large" and Piketty is not one of them. The fact that he has simply described how capitalism is actually functioning and this is enough to send so called conservative intellectuals into a nose dive (one from the American Enterprise Institute is especially mentioned) over "soft Marxism" is evidence enough that many, I think most, conservatives have no regard at all for the facts or even rational discussion but are only mouthpieces for the corporate interests who support them as paid propagandists.

Piketty is worth reading. Marxists have a deeper understanding, I think, about the functioning of the capitalist system so there will be no surprises here, but readers will find a detailed history of wealth distribution and creation over the last three hundred years that will convince anyone with an open mind that this system is exploitative and is leading towards an implosion that could very well destroy it.

Marxists, of course, think the system must be replaced and is ultimately existentially unreformable. Neo-liberals such as Piketty do not agree and he proposes reforms in his book which he thinks will save the sinking ship (such as an international, or at least a European Union, wealth tax).

The WSJ review suggests that the right wing could benefit from reading Piketty. If the inequality he describes is not remedied "it could undermine the social order" and "for all the huffing and puffing about Mr. Piketty's supposedly revolutionary ideas, that conservative insight might be his most lasting contribution to the American debate." Indeed, it well might.


Born Lake Worth, FL 1942. Educated FSU and Graduate Center CUNY. Currently teaching philosophy in NYC. Associate editor of Political Affairs online.

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Discussion of a WSJ review of Piketty's book on ca... by Thomas Riggins on Wednesday, Jun 4, 2014 at 1:11:11 PM
Interesting Article ___ Marx and Keynes theories w... by urb musak on Thursday, Jun 5, 2014 at 5:35:47 PM
Seems to me that income inequality and wealth ineq... by Richmond Shreve on Wednesday, Jun 4, 2014 at 4:41:01 PM
The "nature's bounty" you describe are what econom... by Scott Baker on Thursday, Jun 5, 2014 at 1:08:40 AM
Scott,I'm always delighted when I read your commen... by Richmond Shreve on Thursday, Jun 5, 2014 at 10:02:35 AM
This is exceptional, Scott (even for you!!) and co... by Robert S. Becker on Thursday, Jun 5, 2014 at 12:21:53 PM
At the risk of sounding bourgeois, I agree with... by Patrick Walker on Thursday, Jun 5, 2014 at 6:58:14 AM
The ability of our democracy to correct itself is ... by Richmond Shreve on Thursday, Jun 5, 2014 at 10:09:01 AM
He points out the obvious truth that, left alone, ... by Simon Leigh on Wednesday, Jun 4, 2014 at 7:08:02 PM
Not so obvious I think. Most of my conservative fr... by Richmond Shreve on Thursday, Jun 5, 2014 at 10:21:59 AM
Bravo for that final thought. Yes, because conser... by Robert S. Becker on Thursday, Jun 5, 2014 at 12:37:59 PM
Agree as I read the book --struggling to stay awak... by Shirley Braverman on Thursday, Jun 5, 2014 at 2:14:12 PM
One of their laws is that individuals and their re... by Shirley Braverman on Thursday, Jun 5, 2014 at 2:22:21 PM