18 October 2019 — Michael Roberts Blog
Back in 2014, French economist Thomas Piketty published a blockbuster book, Capital in the 21st century. Repeating the name of Marx’s Capital, the implication of the title was that it was an updating Marx’s 19th century critique of capitalism for the 21st century. Piketty argued that the inequality of income and wealth in the major capitalist economies had reached extremes not seen since the late 18th century and unless something was done, inequality would continue to rise.
Capitalism will not and cannot prevent climate disaster. A socialist response at governmental and societal level is an historic necessity.