• By The Financial District

World Must Opt For Socialism, Thomas Pikkety Says In New Book

Thomas Pikkety, author of the celebrated 2013 book “Capital in the Twenty‑First Century,” has argued the world must shun neoliberalism and embrace socialism to respond to the evils of wealth and income inequality worldwide.

Photo Insert: The author proposes redistribution through a global tax on wealth.

In his “Time for Socialism: Dispatches from a World on Fire, 2016-2021,” Pikkety, who is only 50, advocated socialism and said so explicitly in an extended introductory essay to the book released on October 26, 2021 by Yale University Press.

He argues that it is high time to support an inclusive and expansive conception of socialism as a counterweight against the hypercapitalism that defines current economic ideology.

Piketty documented his close observations on current events through a regular column in the French newspaper Le Monde and in occasional essays in Liberation, capturing the rise and fall of Trump, the drama of Brexit, Macron’s ascendance to the French presidency, the unfolding of a global pandemic, and much else besides, always through the lens of his fight for a more equitable world. Piketty specializes in economic inequality, taking a historic and statistical approach.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

His work looks at the rate of capital accumulation in relation to economic growth over a 200-year from the 19th century to the present.

His novel use of tax records enabled him to gather data on the very top economic elite, who had previously been understudied, and to ascertain their rate of accumulation of wealth and how this compared to the rest of society and economy.

Government & politics: Politicians, government officials and delegates standing in front of their country flags in a political event in the financial district.

His most recent book, “Capital in the Twenty-First Century,” relies on economic data going back 250 years to show that an ever-rising concentration of wealth is not self-correcting, contrary to the irrational wishes of globalists. To address this problem, he proposes redistribution through a global tax on wealth.

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