The extravagances and incredible social tensions of Edwardian England, belle epoque France and robber baron America seemed for ever left behind, but Piketty shows how the period between 1910 and 1950, when that inequality was reduced, was aberrant. It took war and depression to arrest the inequality dynamic, along with the need to introduce high taxes on high incomes, especially unearned incomes, to sustain social peace. Now the ineluctable process of blind capital multiplying faster in fewer hands is under way again and on a global scale. The consequences, writes Piketty, are "potentially terrifying".
Rather, we should examine why the rich are getting richer.
Individual work and initiative should be rewarded. Profiting from public resources and privilege should not.
If you believe that natural resources and natural opportunities belong to all, then anyone wishing to use these opportunities should compensate the community for the value received.
That is your wealth tax!
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