Not to mention the massive amount of benefits that are paid to the
working poor because THE MIRACLE OF MODERN CAPITALISM has managed to divine a situation whereby the very few mega-rich at the top make millions/billions whilst the indentured they exploit can scarcely afford to live without government assistance.
Oh yes and don't forget to applaud the Tories for opposing any increase to the already derisory minimum wage, it's anti-business, you see.
Honestly Cavey, you talk about the 'aspirational earners' on £40K or more per year, like all anyone needs to do to earn that sort of wage is to just be an honest and hard worker or something. Do you honestly not understand to how many people that sort of money is utterly and completely beyond their grasp, whatever they do and however they do it, ever?
Yes I earn over that amount, but I wouldn't vote fucking Tory even if it would make me a bit better off, as Curio said here -
viewtopic.php?p=837273#p837273OK, it's Russell Brand, and this isn't an entirely uncritical piece either, but I genuinely believe he believes what he's saying and doing:
http://www.theguardian.com/culture/2014 ... on-despairQuote:
Caring capitalism was a blip, from 1945 to the end of the 70s, he says: a one-off created by the second world war and the founding of the welfare state. “Capitalism is going to continue to increase inequality. And people are preparing now for what follows capitalism. If people are informed and activated, it will be something that’s more liberal and fair; if they’re not, it will be draconian and terrifying. I think people in power are preparing for the latter. That’s why $4.2bn worth of military equipment has been transferred to local police authorities in America over the last 15 years. Why London authorities are buying water cannons and why Thomas Piketty’s book is causing such a stir.”
http://www.theguardian.com/books/2014/a ... bestsellerQuote:
If he is right, the implications for capitalism are utterly negative: we face a low-growth capitalism, combined with high levels of inequality and low levels of social mobility. If you are not born into wealth to start with, life, for even for the best educated, will be like Jane Eyre without Mr Rochester.
Is Piketty the new Karl Marx? Anybody who has read the latter will know he is not. Marx's critique of capitalism was not about distribution but production: for Marx it was not rising inequality but a breakdown in the profit mechanism that drove the system towards its end. Where Marx saw social relationships – between labour and managers, factory owners and the landed aristocracy – Piketty sees only social categories: wealth and income. Marxist economics lives in a world where the inner tendencies of capitalism are belied by its surface experience. Piketty's world is of concrete historical data only. So the charges of soft Marxism are completely misplaced.
Piketty has, more accurately, placed an unexploded bomb within mainstream, classical economics. If the underlying cause of the 2008 bank catastrophe was falling incomes alongside rising financial wealth then, says Piketty, these were no accident: no product of lax regulation or simple greed. The crisis is the product of the system working normally, and we should expect more.
One of the most compelling chapters is Piketty's discussion of the near-universal rise of what he calls the "social state". The relentless growth in the proportion of national income consumed by the state, spent on universal services, pensions and benefits, he argues, is an irreversible feature of modern capitalism. He notes that redistribution has become a question of "rights to" things – healthcare and pensions – rather than simply a problem of taxation rates. His solution is a specific, progressive tax on private wealth: an exceptional tax on capital, possibly combined with the overt use of inflation.
The policy logic for the left is clear. For much of the 20th century, redistribution was handled through taxes on income. In the 21st century, any party that wants to redistribute would have to confiscate wealth, not just income.
You would expect the Wall Street Journal to dissent, but the power of Piketty's work is that it also challenges the narrative of the centre-left under globalisation, which believed upskilling the workforce, combined with mild redistribution, would promote social justice. This, Piketty demonstrates, is mistaken. All that social democracy and liberalism can produce, with their current policies, is the oligarch's yacht co-existing with the food bank for ever.
Piketty's Capital, unlike Marx's Capital, contains solutions possible on the terrain of capitalism itself: the 15% tax on capital, the 80% tax on high incomes, enforced transparency for all bank transactions, overt use of inflation to redistribute wealth downwards. He calls some of them "utopian" and he is right. It is easier to imagine capitalism collapsing than the elite consenting to them.