Capital, Ideology, and the Liberal Order

Cowen, Nick and Geloso, Vincent (2021) Capital, Ideology, and the Liberal Order. Analyse & Kritik, 43 (2). ISSN 0171-5860

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Thomas Piketty’s Capital and Ideology (2020) offers a powerful critique of ideological justifications for inequality in capitalist societies. Does this mean we should reject capitalist institutions altogether? This paper defends some aspects by capitalism by explaining the epistemic function of market economies and their ability to harness capital to meet the needs of the relatively disadvantaged. We support this classical liberal position with reference to empirical research on historical trends in inequality that challenges some of Piketty’s interpretations of the data. Then we discuss the implications of this position in terms limits on the efficacy of participatory governance within firms and the capacity of the state to levy systematic taxes on wealth.

Keywords:Piketty, wealth inequality, consumption inequality, measuring inequality, classical liberalism, Austrian economics, knowledge problem, participatory socialism, private-property markets
Subjects:L Social studies > L171 Capitalism
L Social studies > L380 Political Sociology
L Social studies > L222 Democracy
L Social studies > L210 Political Theories
L Social studies > L100 Economics
L Social studies > L223 Plutocracy
L Social studies > L150 Political Economics
L Social studies > L211 Liberalism
Divisions:College of Social Science > School of Social & Political Sciences
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ID Code:47310
Deposited On:23 Nov 2021 16:05

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