Took a break yesterday.
Finished chapter 11 on socio-democratic countries. From education, the discussion moved onto various experiments with progressive taxation. Piketty points out that no country has arrived on a good combination of inheritance, wealth and property tax which can be sustained. After their imminent banking collapse, even Sweden brought down their wealth tax rates. As we enter into the need for universal tertiary education around the world, the money can only come from progressive taxation. But international free flow of capital and the heavy influence of wealth in politics will make it extremely difficult to implement. Before getting into Part 4 of the book about possible paths ahead, the next chapter analyses communist societies and their impact.
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