Capital in the Twenty First Century Best Audiobook Summary by Thomas Piketty

Capital in the Twenty First Century by Thomas Piketty - Free Audiobook Summary and Review

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from 20 countries, ranging as far back as the 18th century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality.

Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality - the tendency of returns on capital to exceed the rate of economic growth - today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again.

A work of extraordinary ambition, originality, and rigor, Capital in the Twenty-First Century reorients our understanding of economic history and confronts us with sobering lessons for today.

The rich get richer and the poor get poorer.
If the rich earned their money through manufacturing and creating value, that would not be so bad. But todays mega billionaires earn their money from financial engineering. The CEO of Amazon and large stockholder is probably worth more than Amazon ever earned in profits. That is financial engineering. The CEO of Tesla is worth more than Tesla Ever made in profits. The Ponzi stock scheme of super bubble valuations of stocks. Fictitious wealth which will disappear when the bubble bursts. Instead of taxing the super rich as suggested in this book, there were huge tax cuts mostly for the super rich billionaires and corporations under Trump. The super billionaires control the government and the media. They will never be taxed more as suggested by Piketty. They are too powerful and too clever at hiding their wealth and avoiding taxes. I am all for Ayn Rand and Mises and Hayek and capitalism but what we have is corporatism, crony capitalism, not true capitalism. The Fed, a privately owned bank, can create as much money as it wants and give it to whomever it wants without any oversight or revelation of exactly who is getting the money. It funnels money to the billionaires and large corporations. It controls politicians and the media so nobody can stop them. This whole Covid-19 Scam was an excuse for bailing out billionaires and large corporations and funneling trillions of dollars to them. The poor and middle classes will lose through the inflation generated. Creating trillions of dollars out of thin air does not make the country richer. It funnels money to the super rich and most people lose through inflation. What Piketty is suggesting, tax the rich, is just not going to happen. The greatest transfer of money to the billionaires is happening now.

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