French economist Thomas Piketty warns about inequality amid pandemic

Renowned French economist Thomas Piketty pocketed a small fortune from the publication of a weighty book about the perils of economic inequality and the necessity of wealth taxes.

The money he earned from his 2014 international best-seller, “Capital in the Twenty-First Century,” he says, only reinforced the French economist's discomfort with the concentration of wealth among a privileged few.

Piketty's research has helped define a debate about the consequences of concentrating so much money and property among so few.

His warnings have arrived at a coincidental moment: The coronavirus has suddenly exposed, in real time, the human impact of the seemingly abstract data and charts his research produced.

Now, Piketty is out with a new book, a manifesto for political change called “Capital and Ideology” that was published last month in the United States.

It argues that any nation's degree of inequality derives directly from political decisions - decisions that can be reversed if governments have the will to do so.

With stunning speed, the viral outbreak has inflicted disproportionate suffering on poorer communities.

Even in affluent nations, a majority of households have become suddenly vulnerable as layoffs mount and savings are drained.

All of that is intensifying political pressures as the disease increasingly exposes the scope of inequality from the United States to Italy to West Africa.

A central question for Piketty is whether the crisis will prove to be a catalyst that drives policy changes - from paid sick leave to government-provided health care to a reordering of the tax code - that might narrow the wealth gap. Or not.

"His new book, Capital and Ideology, basically says it doesn't have to be this way. Inequality isn't some natural state of being. It's the result of political choices. And if we want, we can make different political choices. What the coronavirus has really done is bring these political choices to the forefront," Josh Boak of the Associated Press said.

===========================================================

Clients are reminded:

(i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com

(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service

(iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory.