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Fri Feb 14, 2020, 12:31 AM

Bernie Sanders may be just what U.S. capitalism needs, says top economist: Don Pittis

(snip)

Piketty himself was labelled a Marxist by opponents when he made a splash with his 2013 book Capital in the Twenty-First Century that some say accurately foreshadowed the populist win by U.S. President Donald Trump.

Piketty's case in that book was that unless capitalism was adjusted in favour of the poor, we should expect a nationalist backlash by those who were losing out and blamed global capitalism for all their problems.

(snip)

"I think, first, that [Democratic presidential candidate Elizabeth] Warren and Sanders are not radicals," said Piketty in response to one interviewer's question. "They are moderate social democrats by European standards."

Looked at in historical terms, said the French economist, even by the standards of the U.S. a country that in another era was the world leader in progressive taxation raising taxes on the rich from their current low levels is hardly radical. History is filled with examples of ideological shifts away from inequality far short of revolutions that made countries' economies stronger.

https://www.cbc.ca/news/business/democrats-sanders-capitalism-1.5460890?__vfz=medium%3Dsharebar

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