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Oligarchy in the Twenty-First Century
Washington Free Beacon, by Matthew Continetti

Original Article

Posted By:MissMolly, 4/25/2014 10:29:54 AM

“To see what is in front of one’s nose,” George Orwell famously wrote, “needs a constant struggle.” In front of my nose as I write this is a copy of last Sunday’s New York Times. I have opened it to the business section. Below the fold is one of many Times articles on Thomas Piketty, the French economist and author of Capital in the Twenty-First Century, which argues that America has entered a second Gilded Age of vast inequality, inherited fortunes, and oligarchic politics, where the shape of public discourse and public policy is determined by a wealthy few. Capital

      


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Reply 1 - Posted by: Heraclitus, 4/25/2014 2:33:11 PM     (No. 9824582)

The extremely wealthy Lefties ("money´s good for me but not for thee")clrearly are making sure that when "equality" arrives, they will always be more equal than everyone else; when fairness arrives, they will be its arbiters.

Oligarchy, indeed. ...giving Russian oligarchs a run for the money... er... the ruble... er

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Reply 2 - Posted by: absalom, 4/25/2014 3:04:11 PM     (No. 9824622)

Piketty´s assessment of today may or may not be accurate but for sure the era of free market capitalism extolled by Smith, Ricardo and Mill hardly exists today. Whatever their warts, the 19th century´s entrepreneurs like Rockefeller, Carnegie and Ford created not only vast personal wealth but also multiple upstream feeder industries (such as parts and tires for autos) as well as downstream industries (refined oil products including fertilizer, plastic, medicine, gasoline, paint, etc). These innovations created tens of millions of jobs and made the American working class the wealthiest in the world. Fast fwd to today where our economic landscape is rampant w/crony capitalism, financial engineering is the norm to scam our incoherent and onerous tax code and K Street calls the tune for our corrupt political hustlers, gaming the system for loopholes and subsidies. As such, that we have wealth inequality, is a surprise only to those who have been living under rocks for the past 100 years.

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