May 13, 2015


“Economic Growth Is Incapable Of Satisfying Hope For A More Just Social Order:” Thomas Pikkety

“A society that grows at one percent per year, as the most advanced societies have done since the turn of the nineteenth century, is a society that undergoes deep and permanent change. This has important consequences for the structure of social inequalities and the dynamics of the wealth distribution. Growth can create new forms of inequality: for example, fortunes can be amassed very quickly in new sectors of economic activity. At the same time, however, growth makes the inequalities of wealth inherited from the past less apparent, so that inherited wealth becomes less decisive. To be sure, the transformations entailed by a growth rate of 1 percent are far less sweeping that those required by a rate of 3-4 percent, so that the risk of disillusionment is considerable- a refection of the hope invested in a more just social order, especially since the Enlightenment. Economic growth is quite simply incapable of satisfying this democratic and meritocratic hope, which must create specific institutions for the purpose and not rely solely on market forces or technological progress.”

Tomas Pikkety, 2014: Capital In The Twenty-first Century. Translation by Arthur Goldhammer. Belknap Press of Harvard University Press, Cambridge, MA.

pp 96


Filed under: Features,Irreproachable Quotes
Tags: , ,
editor @ 11:26 am

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment