Is it time to stop capitalism and destroy billionaires?

Is it time to stop capitalism and destroy billionaires?

French researcher and economist — Thomas Piketty, whose book about social inequality created heated political disputes, proposed that politicians are capable to prevent social stratification and over wealth.

Thomas Piketty published a recipe on how to quit capitalism in his new 1200-pages book "Capital and Ideology", where he tries to prove that super-wealth and inequality are not natural consequences of the human nature, market competition or capitalism — those are ideological choices.

A comparison between economic growth and return on invested capital makes a foundation for his book. According to the World Inequality Database (WID) (Reference), in most of the developed countries, an income from invested capital is higher, which is consequently boosting billionaires' wealth. Bloomberg confirms this fact. For the past 40 years, an increase of non-taxed profits was secured by 1% of the wealthiest people in the most economically stable countries. As a matter of fact, an income of the working social layer is growing much slower than investors' profits.

The more money is invested, the more wealth is obtained.

Piketty says the capitalism has drawn such approach for decades and now is time to stop it. In his previous book, the economist suggested a new 2% wealth tax. In the most recent publication, his proposal is more radical: temporary wealth and an unconditional basic income for the general public. There he also described the importance of history and its impacton the definition of the norm of justice and social equality. (requires an example from the history to support this ‘history'statement)

Socialism of the new age

The proposed model is called "democratic socialism", which proclaims to eradicate "a holy property" and limit voting ritefor major shareholders by 10%, independently of the number of shares they have. According to the model, half of the Management boards should be assigned to regular employees.

In this vision, billionaires can use you’re their wealth for a limited time, and every citizen shall get a one-time payment. For instance, for France, Piketty proposed that every citizen should get 132 000 euros at the age of 25. The economist assures that in the foundation of his system lies not the limit of wealth, but the limit of power, which wealth provides its owners in the modern world.

Interestingly, there is no much support of these ideas from the general voters; maybe we are just too busy, working hard. The inequality problem is not a new trend, it is supported by Bill Gates, Warren Buffet and liberal billionaires of SiliconValley. Chris Huse from Facebook even proposed an unconditional income program funded by the wealthiest people ofthe USA, emphasizing that success of people like himself is not proportional to their efforts. They got lucky.

Interesting fact, that Elon Musk supports unconditional income and believes that in "Robofacturing and Roboservicing era" there is a big chance of unemployment and subsequent impoverishment among lay population. One of the solutions proposed by experts of the New Economics Foundation is "Investments into social programs" instead of random distribution of money.

Check out our new publication on human and robot cooperation in AI-driven enterprises based on MIT Research; And what is your opinion on inequality, socialism, and wealth?

I heard that capitalism is changing its face ??? and companies trying to make people happier and it even gives them a riseof profits. How they do it?

I mean theoretically, everything looks good — people want more flexibility and remote work, fine. Are we still need to give clear tasks, measure performance, reach of goals, make things happen? Or the world is already so reach that we can have four-days week and relax on what must be done?