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Was Marx right?

Thomas Piketty in Capital shows that the rate of return on capital tends to exceed the rate of growth with the inevitable result that inequality is going to increase, possibly sharply. This tends to confirm Marx’s fears about capitalism. This inequality can be curbed by political means but the political will to do anything about it seems to be lacking, particularly as elites appear to control the levers of political power. I am rather intrigued by the role of the church in all this. Their focus on sexual issues to the exclusion of economic issues has led many to vote for a party that does not act in their economic interest. Others, such as Thomas Frank, have long since noticed this.

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