Putin & Reviews of Capital in the 21st Century

[alice malice]

...

the magnum opus of the French economist Thomas Piketty, will be the
most important economics book of the year.... He... makes a powerful case
that we're on the way back to "patrimonial capitalism," in which the
commanding heights of the economy are dominated not just by wealth,
but also by inherited wealth, in which birth matters more than effort
and talent.... Six of the 10 wealthiest Americans are already heirs
rather than self-made entrepreneurs.... America's nascent oligarchy may
not yet be fully formed -- but one of our two main political parties
already seems committed to defending the oligarchy's interests....
Today's G.O.P. favors the interests of the rich over those of ordinary
families.... It's generally understood that George W. Bush did all he
could to cut taxes on the very affluent.... It's less well understood
that the biggest breaks went not to people paid high salaries but to
coupon-clippers and heirs... the great tax-cut push of the Bush years
was mainly about reducing taxes on unearned income....

In 1979 the top 1 percent of households accounted for 17 percent of
business income; by 2007 the same group was getting 43 percent of
business income, and 75 percent of capital gains. Yet this small elite
gets all of the G.O.P.'s love, and most of its policy attention. Why
is this happening? Well, bear in mind that both Koch brothers are
numbered among the 10 wealthiest Americans, and so are four Walmart
heirs. Great wealth buys great political influence.... The people inside
the bubble have a lot of power, which they wield on behalf of their
patrons. And the drift toward oligarchy continues.

http://equitablegrowth.org/blog
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Pynchon-l / http://www.waste.org/mail/?list=pynchon-l