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Piketty addresses this specifically in pointing out that wealth had to be reconstructed almost from scratch following WW2. If you buy his thesis, then this weal
by m0th87 12y ago
Piketty addresses this specifically in pointing out that wealth had to be reconstructed almost from scratch following WW2. If you buy his thesis, then this wealth will be inherited by third- and fourth- generation billionaires next, unless another shock at the scale of WW2 happens.
- aidenn0 12y agoI buy into that thesis for Europe, but the continental US was largely shielded from the destruction of WW2.
- m0th87 12y agoTrue! For the US, concentration of wealth was lower than Europe pre-WW2, but is higher today. According to him, that's because the wealthy here only had to contend with the Depression, and avoided most of the shocks of WW2.
- krisdol 12y agoThe ratio of capital-to-labor money was at an unusual low even in the US during that era. It has since been returning to its pre-WW2 levels. Piketty addresses WW2 a lot in his book, for many reasons including that this economic anomaly occurred during this period.