Skipped one day. Today Thiruvonam, but managed to finish the chapter on Hypercapitalism. Next is the fourth and the final part of the book. Great discussion on the illusion of meritocracy as an instrument to perpetuate inequality. How higher education has been used effectively to maintain the stratification.
Tomorrow Sept 1. Hoping to finish the book by mid September.
40 days up. Nearing the final part 4.
Today's reading was on hypercapitalism. The surprising twist of lack of data in this era of Big Data when it comes to finding out people's real wealth. The inequality is amplified by the flow of capital across borders. Tax havens and their importance. Great comparisons between nations. Some of the methods that are being used to estimate wealth under these opaque circumstances.
Slow day as far as the book progress is concerned. Got carried away reading the paper on Socotra.
Read the sections on carbon footprint inequality and intellectual property hijacking that could aggravate inequality in the coming years.
Tomorrow will be day 40 of the reading. Hoping to make good progress.
The chapter of hypercapitalism begins with an analysis of the Middle East. From 1980s, the inequality has spiked. More than Gini index or GDP, the inequality index between share of national income paints a clearer picture of the state of the society. The number of times the top decile earns more than the bottom 50 is staggeringly high in many countries including India.
Hoping to work through the book faster during this Onam break.
Finished the chapter on Postcommunist economies with a good discussion on the transformation of Eastern European bloc. Their slow acceptance of shock therapy post soviet collapse which helped them avoid the Russian oligarch trajectory. Poland, Hungary and Slovakia compared to Sweden, Germany etc. The level of inequality. The capitalist exploitation by the West thats used by the social nativist political parties. European union issues faced by labor movement and attitude towards immigration.
Next chapter is on Hypercapitalism.
Chugging along nicely with China's case after Russia. The growing inequality and inegalitarianism. How there is no inheritance tax so now ultra rich in Taiwan prefer Chinese administration. Xi and Global Times continue the decry the failure of Western Democratic model. China glorifies market with zero tolerance for corruption. They point to how Chinese administration respects African leadership in contrast to the West's attitude.
Moved from Russia to the mixed economy case of China. Interesting info about chinese rural vs urban residency cards. How chinese govt owns more than half of firms but almost nothing in housing. USA, UK, Italy are now in negative public income as in govt debt exceeds total value of govt assets. But Piketty points out how the estimation of "value" is faulty since we talk only in the narrow economic sense comparing goods and services which can be ascribed a price. Life in a society is much more than that. 1980s Reganomics is enlightening about the way Modi govt is moving in India from public to private transfer of assets.
