Check out this piece in the American Prospect. We should all consider getting our hands on Thomas Piketty’s influential, best-selling, magisterial text, Capital in the 21st Century.
Analyzing 20 countries as far back as the eighteenth century, he uncovers key social and economic patterns that ultimately leads him to advocate for a global taxation of capital.
The main culprit is that returns on capital overwhelmingly tend to exceed the rate of economic growth and this threatens to lead to social unrest and undermine democratic values.
He has obviously created a big stir in economic and political circles even as this 600+-page tome is already getting characterized as one of the most important reads of the century.