[Marxism] Capitalism vs. Democracy - NYTimes.com

Louis Proyect lnp3 at panix.com
Fri Jan 31 08:03:01 MST 2014


Conservative readers will find that Piketty’s book disputes the view 
that the free market, liberated from the distorting effects of 
government intervention, “distributes,” as Milton Friedman famously put 
it, “the fruits of economic progress among all people. That’s the secret 
of the enormous improvements in the conditions of the working person 
over the past two centuries.”

Piketty proposes instead that the rise in inequality reflects markets 
working precisely as they should: “This has nothing to do with a market 
imperfection: the more perfect the capital market, the higher” the rate 
of return on capital is in comparison to the rate of growth of the 
economy. The higher this ratio is, the greater inequality is.

full: http://www.nytimes.com/2014/01/29/opinion/capitalism-vs-democracy.html




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