The Rich Get Richer

In last month's Socialist Standard we dealt with the French economist Thomas Piketty's book Capital in the Twenty-First Century and its many short-comings, but its publication and the many reviews it has produced in the mass media has thrown up some interesting aspects of modern capitalism. Here for instances is the journalist Philip Collins in his review of the book. 'Between 1977 and 2007 the richest 1 per cent of Americans took an astonishing 60 per cent of the growth in national income. Sixty per cent. The wealth of the richest 85 people in the world is greater than that of the 3.5 billion people who make up the bottom half of the world's population.' (Times, 2 May) Such statistics must give even the staunchest defenders of capitalism cause for concern. RD