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File Size: 11749 KB

Print Length: 176 pages

Publisher: American Diabetes Association; 1 edition (November 8, 2013)

Publication Date: November 8, 2013

Language: English

ASIN: B00H128FWU

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It took me a while, but I finally realized the best way to beat diabetes at its own game was to eat more veggies. While I haven't fully embraced vegetarianism, I have taken to many of the recipes here because they are flavorful, adaptable and well-balanced. Variety is important to keep one's mouth happy, and many of these recipes fit that bill. What is so nice about these recipes is that 1) many require only 4 ingredients which makes them easy to do; 2) they taste good and are easy to prepare; 3) they try to balance out the carbs, proteins and fats we're all trying to balance to keep refueling the ol' engine to keep it running longer. I like the variety of dishes that use mushrooms and beans to provide the protein and these give me options to try when I get into a rut.I've lost weight, have energy and my blood glucose levels are right where they need to be. My blood pressure and cholesterol levels are better than ever. And I don't really think of this as a diet or a phase-- I really can eat these dishes and feel good. I've made a few for family events and they're hits and I have at least one dish I can dig into. While I'm not really a vegetarian since I do eat chicken and fish, I'm finding that I really enjoy eating these vegetarian dishes and trying out some meals I normally wouldn't have tried. With these, I'm healthier and more satisfied.

I was expecting to see more recipes that had a better carbohydrate to protein ratio in this cookbook. I was surprised to see recipes that were as much as 90% Carb to 10% protein - not good. There are a couple of recipes that look really interesting, but most I feel like have seen before in other books.

My doctor won't let me use this book because it has so many carbs in the recipes. This is no book for even me a borderline diabetic. I can't eat pasta, bread, sugar flour etc and this book as all of that in it :(

What a great cookbook! I bought this recently because my husband was told that he is pre-diabetic. We have been vegetarians for about 20 years and we do eat a lot of carbs (unfortunately). This cookbook is wonderful. Every recipe that I have tried so far has been super flavorful and you don't even miss the reduced carbs. All of the ingredients are things you can find in your local supermarket- no specialty high end markets needed. I only wish there was a photo for every recipe! I am so pleased with this book. The recipes are truly yummy.

I've tried many of the recipes in this book and they were all good. It's really helpful to have a book like this when you run out of meal ideas and want something a little different.

I needed a vegetarian book, due to kidney problems complicated by diabetes. This was perfect. I have already made a soup and a stir-fry. Plan to make a pasta this weekend. simple, quick, and tasty. right up my alley these days!

Lots of good, easy-to-follow recipes. I'm new a vegetarian cooking and this has some great dishes. I feel like the recipes are original--not ones I could have found with an easy Google search or two.

I've only made a couple of the recipes so far, but I've browsed through the whole book and I find it very interesting and helpful for someone who is pre-diabetic and trying to stay out of trouble :)

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Free PDF , by Kristina McMorris

Generating the abilities and also experiences of somebody will feature how you have obtained the benefits and qualities of , By Kristina McMorris You might not feel baffled ways to get it. This is the soft file system of book that you could obtain as your choice. In this problem, you should support on your own to be someone better. It can be done by reviewing it gradually but indeed. Conserving the soft file in gizmo and also laptop tool will certainly enable you open it almost everywhere.

, by Kristina McMorris

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Free PDF , by Kristina McMorris

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This book , By Kristina McMorris is anticipated to be among the best vendor publication that will certainly make you feel completely satisfied to acquire as well as read it for completed. As known could usual, every publication will have specific things that will make someone interested a lot. Also it originates from the writer, kind, material, as well as the publisher. Nevertheless, lots of people likewise take the book , By Kristina McMorris based upon the motif as well as title that make them astonished in. and also right here, this , By Kristina McMorris is quite advised for you since it has appealing title and also style to review.

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, by Kristina McMorris

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File Size: 1391 KB

Print Length: 352 pages

Publisher: Sourcebooks Landmark (August 28, 2018)

Publication Date: August 28, 2018

Sold by: Amazon Digital Services LLC

Language: English

ASIN: B079JQDJB5

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I’m a huge fan of Kristina McMorris and this book was such a treat. First you learn of the photo and then the story unfolds into something much deeper. The tragedies of families who were poor and hungry and perhaps ill are sad by themselves. Then add in the choices people make to sell s story and complicated doesn’t touch this book. Ellis and Lily are quite different but yet both are hiding secrets.Loved the journey this book took me on. Learning more about the early 1930’s and loving the newspaper aspect in the tale. Highly recommend!! I had the chance to hear the author speak as well and the research that went into this and all her books was fascinating. Grab this book soon!!

The title and cover photo initially hooked me into reading this book and then I didn't put it down unti! I was finished. It's pretty unusual for a man to be writing feature articles in the society section of a newspaper in the 40's. I found the plot to be engaging and the pacing about right. It's a good read for an afternoon.

This novel is set during the Depression Era of 1931. A sign was in the yard where two small boys were playing that read 'Children For Sell '.This may sound cruel but times were hard in America. Everything was fine until one day the Stock Market crashed, Banks were closing, no money, no food, people out of work, long bread lines waiting for food. Families with children couldn't afford to feed them. Some parents passed their children to farmers to help with the farming. Some parents sold their children thinking it would give their children a better life.This story is about Ellis Reed, a fiction character was a newspaper reported trying to keep his job. He saw the sign and the two boys playing, he took a picture and wrote a story for the newspaper. It was a sad realistic event that blew up in his face. Ellis tries to make his wrong / right again. The story is well written, I couldn't turn the pages fast enough, it was that good. The setting, the characters and the plot was outstanding and so vivid. I recommend this book to all that want to know more about the Great Depression Era.

Once I began reading Sold on a Monday by Kristina McMorris, I could not stop. The story captivated me from the opening page. As Ellis and Lily search for the two children who have been sold and for their mother, I was totally absorbed in the story and hoping for the best outcome. Ellis encounters particularly unsavory characters who endanger his life, but he continues with the search as does Lily. I highly recommend Sold on a Monday.

The moral issues are dealt with in a trite and immature level of analysis. The legal aspects are far fetched. The romance interest angle is shallow and gratuitous. Just a dull read. Not horrible when stuck on a 15 hour flight to India but if you have other options, take them

Was a little slow in the beginning. Honestly, I expected the book to be more about the children. However, that being said, it was a still a very good book. I like this author and have liked everything she has written so far.

The likelihood of the story being true is easy to believe. Although the unintentional outcome that stems from one little dishonest act are a bit unlikely the book illustrates beautifully, the newspaper industry in it's heyday, the results of mistakes made by many types of people and the natural consequences, some good others not we all make

The picture I looked up made my heart sink. I can't imagine trying to keep my children well and fed and healthy and not being able to meet those basic needs daily.. Excellent book makes one think

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PDF Download Capital in the Twenty First Century, by Thomas Piketty

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Capital in the Twenty First Century, by Thomas Piketty

Capital in the Twenty First Century, by Thomas Piketty


Capital in the Twenty First Century, by Thomas Piketty


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Capital in the Twenty First Century, by Thomas Piketty

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“It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year―and maybe of the decade. Piketty, arguably the world’s leading expert on income and wealth inequality, does more than document the growing concentration of income in the hands of a small economic elite. He also makes a powerful case that we’re on the way back to ‘patrimonial capitalism,’ in which the commanding heights of the economy are dominated not just by wealth, but also by inherited wealth, in which birth matters more than effort and talent.”―Paul Krugman, New York Times“A sweeping account of rising inequality… Eventually, Piketty says, we could see the reemergence of a world familiar to nineteenth-century Europeans; he cites the novels of Austen and Balzac. In this ‘patrimonial society,’ a small group of wealthy rentiers lives lavishly on the fruits of its inherited wealth, and the rest struggle to keep up… The proper role of public intellectuals is to question accepted dogmas, conceive of new methods of analysis, and expand the terms of public debate. Capital in the Twenty-first Century does all these things… Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore.”―John Cassidy, New Yorker“An extraordinary sweep of history backed by remarkably detailed data and analysis… Piketty’s economic analysis and historical proofs are breathtaking.”―Robert B. Reich, The Guardian“Piketty’s treatment of inequality is perfectly matched to its moment. Like [Paul] Kennedy a generation ago, Piketty has emerged as a rock star of the policy-intellectual world… But make no mistake, his work richly deserves all the attention it is receiving… Piketty, in collaboration with others, has spent more than a decade mining huge quantities of data spanning centuries and many countries to document, absolutely conclusively, that the share of income and wealth going to those at the very top―the top 1 percent, .1 percent, and .01 percent of the population―has risen sharply over the last generation, marking a return to a pattern that prevailed before World War I… Even if none of Piketty’s theories stands up, the establishment of this fact has transformed political discourse and is a Nobel Prize–worthy contribution. Piketty provides an elegant framework for making sense of a complex reality. His theorizing is bold and simple and hugely important if correct. In every area of thought, progress comes from simple abstract paradigms that guide later thinking, such as Darwin’s idea of evolution, Ricardo’s notion of comparative advantage, or Keynes’s conception of aggregate demand. Whether or not his idea ultimately proves out, Piketty makes a major contribution by putting forth a theory of natural economic evolution under capitalism… Piketty writes in the epic philosophical mode of Keynes, Marx, or Adam Smith… By focusing attention on what has happened to a fortunate few among us, and by opening up for debate issues around the long-run functioning of our market system, Capital in the Twenty-First Century has made a profoundly important contribution.”―Lawrence H. Summers, Democracy“It is easy to overlook the achievement of Thomas Piketty’s new bestseller, Capital in the Twenty-First Century, as a work of economic history. Debates about the book have largely focused on inequality. But on any given page, there is data about the total level of private capital and the percentage of income paid out to labor in England from the 1700s onward, something that would have been impossible for early researchers… Capital reflects decades of work in collecting national income data across centuries, countries, and class, done in partnership with academics across the globe. But beyond its remarkably rich and instructive history, the book’s deep and novel understanding of inequality in the economy has drawn well-deserved attention… [Piketty’s] engagement with the rest of the social sciences also distinguishes him from most economists… The book is filled with brilliant moments… The book is an attempt to ground the debate over inequality in strong empirical data, put the question of distribution back into economics, and open the debate not just to the entirety of the social sciences but to people themselves.”―Mike Konczal, Boston Review“What makes Thomas Piketty’s Capital in the Twenty-First Century such a triumph is that it seems to have been written specifically to demolish the great economic shibboleths of our time… Piketty’s magnum opus.”―Thomas Frank, Salon“[A] 700-page punch in the plutocracy’s pampered gut… It’s been half a century since a book of economic history broke out of its academic silo with such fireworks.”―Giles Whittell, The Times“Thomas Piketty of the Paris School of Economics has done the definitive comparative historical research on income inequality in his Capital in the Twenty-First Century.”―Paul Starr, New York Review of Books“Bracing… Piketty provides a fresh and sweeping analysis of the world’s economic history that puts into question many of our core beliefs about the organization of market economies. His most startling news is that the belief that inequality will eventually stabilize and subside on its own, a long-held tenet of free market capitalism, is wrong. Rather, the economic forces concentrating more and more wealth into the hands of the fortunate few are almost sure to prevail for a very long time.”―Eduardo Porter, New York Times“Thomas Piketty’s Capital in the Twenty-First Century is a monumental book that will influence economic analysis (and perhaps policymaking) in the years to come. In the way it is written and the importance of the questions it asks, it is a book the classic authors of economics could have written if they lived today and had access to the vast empirical material Piketty and his colleagues collected… In a short review, it is impossible to do even partial justice to the wealth of information, data, analysis, and discussion contained in this book of almost 700 pages. Piketty has returned economics to the classical roots where it seeks to understand the ‘laws of motion’ of capitalism. He has re-emphasized the distinction between ‘unearned’ and ‘earned’ income that had been tucked away for so long under misleading terminologies of ‘human capital,’ ‘economic agents,’ and ‘factors of production.’ Labor and capital―those who have to work for a living and those who live from property―people in flesh―are squarely back in economics via this great book.”―Branko Milanovic, American Prospect

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About the Author

Thomas Piketty is Professor at the Paris School of Economics and at the École des Hautes Études en Sciences Sociales (EHESS).

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Product details

Hardcover: 704 pages

Publisher: Belknap Press: An Imprint of Harvard University Press (2014)

Language: English

ISBN-10: 067443000X

ISBN-13: 978-0674430006

Product Dimensions:

6.5 x 1.8 x 9.2 inches

Shipping Weight: 2.6 pounds (View shipping rates and policies)

Average Customer Review:

4.4 out of 5 stars

1,863 customer reviews

Amazon Best Sellers Rank:

#14,501 in Books (See Top 100 in Books)

Well, the latest stats show the top 1%now own as much as the rest of us 99% so maybe he is on to something. Definitely worth 4 stars as the book contains an amazing amount of research and data despite the relatively simplistic r>g conclusion. (Rates of return on capital exceeding the growth rate of the economy leads to unequal distribution of wealth.) Even someone with my background, economics minor and later MBA, hits "mine eyes glaze over" parts which induces skimming hence the loss of a star but for such an undertaking respect must be paid. The key, as noted towards the end, is that "... politics is ubiquitous and that economic and political changes are inextricably intertwined and must be studied together." With that in mind, a review of the "gilded age" and the "progressive era" under Teddy Roosevelt can be enlightening. This was the previous period in U.S. History when the concentration of wealth produced labor unrest and oppressive government regulation. With luck, this time it will result in some fine tuning but I am not holding my breath! Screw over the masses long enough ...

Thomas Piketty's book, "Capital in the Twenty First Century," has been resoundingly endorsed by Nobel Prize winning economist Paul Krugman. Since the reactionaries were freaking out, I couldn't resist reading it and finding out for myself what the hoopla was all about. The reason for the reactionary freak out is explained below.Anyone who has bothered to read this book must admit that the writer is rigorous in his analyses and my impression was the writer eschews prejudgment. Piketty provides exhaustive data throughout in a fascinating historical analysis of capital and the inevitable pitfalls of indecent inequality of wealth ("...the `first globalization of finance and trade (1870-1914) is in many ways similar to the `second globalization' which has been underway since the 1970's." and, "...capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.") There were reasons for the financial shocks and the world wars of the 20th century, and if we're not paying attention...Piketty notes that, "Economists are all too often preoccupied with petty mathematical problems of interest only to themselves." Nevertheless, the essential economic equations and trend analyses are sufficiently addressed and easily understandable by all. He notes that economics should be considered a branch of social science, i.e., "...politics is ubiquitous and...economic and political changes are inextricably intertwined and must be studies together."If nothing else, the reader is warned, "...all citizens should take a serious interest in money, its measurement, the facts surrounding it, and its history. Those who have a lot of it [money] never fail to defend their interests. Refusing to deal with numbers rarely serves the interests of the least well-off."So why are reactionaries freaking out over this book? Piketty concludes that national debt can only be reduced by: repudiation (bad), inflation (horrible), austerity (really horrible), or a progressive tax on capital (reasonable). Further, he recommends that the only reasonable way to address indecent wealth inequality is a progressive global tax on wealth, which in turn requires global transparency of accounts and an end to foreign tax havens; he goes on to say none of these measures will be easy, but does offer practical suggestions. Clearly, the plutocrats would panic over popularization of such a suggestion, and it only takes a word or two from them to spin up their PACs and puppet organizations (I won't name names) into blindly trashing these rational suggestions. Thus the one-star reviews from those who haven't read the book.Other specifics of note:* His rational explanation of what central banks do and why they are necessary is excellent and should be understood by all.* His discussion of past and recent European economic issues, the creation the Euro, and administration by the ECB and European Committee should be of great interest to most Americans.* The fact that income taxes were not invented by Woodrow Wilson and had been used successfully in Europe for many decades before that is probably news to most Americans.* The real reasons why the gold standard had to be abandoned and is no longer feasible should be better understood by many.* His explanation of what "rentiers" are (i.e. those with sufficient wealth to live off dividends, rents, and other financial instruments) is something that should be better understood by all. At some point, wealth takes on a life of it's own whenever r>g and this and what amounts to regressive taxation at the top of the pyramid, are the driving force behind income inequality.* His explanation of the recent phenomenon of "super managers" who demand salaries in the tens of millions (the ones that piss everyone off), and how it was a result of the conservative revolution of the 1980s' is something that should be understood by all.Though it's a tough slog for me, but I highly recommend this book be read be all. I recommend someone write a "Reader's Digest" version that could reference the original, since the average reader may struggle with it.

In his introduction to this book, Piketty states, “When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.” He further states that “Intellectual and political debate about the distribution of wealth has long been based on an abundance of prejudice and a paucity of fact.” He then addresses this paucity with the presentation and analysis of the results the project he led to acquire an enormous volume of historical data about global income and wealth.In the introduction, he briefly reviews the contributions but also the errors of earlier debate without data. These included Malthus’s concern with overpopulation and the need to end all welfare, Ricardo’s principle of scarcity with population and production growing as land becomes increasingly scarce, and Marx’s principle of infinite accumulation with the industrial revolution leading to no limit on the accumulation of capital (which did not consider coming social democracy, technological progress, and how to organize society without private capital). The Kuznets Curve of 1955 introduced data from US tax returns and Kuznets’s own estimates of national income to conclude that inequality increased in the early phase but declined in the later phases of industrialization. Unfortunately, this curve greatly understated the roles of the World Wars and violent economic and political shocks that led to the reduction in inequality between 1914 and 1945 and failed to explain the rising inequality after 1970.Piketty seeks to contribute “to the debate about the best way to organize society…to achieve a just social order….achieved effectively under rule of law…subject to democratic debate.” He states he has “no interest in denouncing inequality or capitalism per se…as long as they are justified.” He worked briefly in the US and found the work of US economists unconvincing. “There had been no significant effort to collect historical data on the dynamics of inequality since Kuznets, yet the profession continued to churn out purely theoretical results without even knowing (the) facts.” He found that “the discipline of economics has yet to get over its childish passion for mathematics and the purely theoretical and often highly ideological speculation.” Subsequently, he returned to France and set out to collect the missing data.He gathered data in two main categories: 1) inequality in distribution of income and 2) inequality in the distribution of wealth and the relation of wealth to income. For income, he built the World Top Incomes Database (WTID), which is based on the joint work of some thirty researchers around the world. This data series begins in each country when an income tax was established (usually 1910-1920 but as early as the 1880s in Japan and Germany). For wealth his sources included estate tax returns (usually dating back to the 1920s, but in a few cases as far back as the French Revolution), the relative contributions of inherited wealth and savings, and measures of the total stock of national wealth. In collecting as complete and consistent a set of historical sources as possible, he had two advantages over previous authors—a longer historical perspective (now including data from the 2000s) and advances in computer technology.Piketty reports two major conclusions from his study. “The first is that one should be wary of any economic determinism in regard to inequalities of wealth and income (that they emerge according to immutable natural laws). The history of the distribution of wealth has always been deeply political and it cannot be reduced to purely economic mechanisms. In particular, the reduction of inequality…between 1910 and 1950 was above all a consequence of war and of policies adopted to cope with the shocks of war.” “The resurgence of inequality after 1980 is due largely to political shifts…especially in regard to taxation and finance. The history of inequality is shaped by the way…actors view what is just…as well as the relative power of those actors.”The second conclusion is “that the dynamics of wealth distribution reveal powerful mechanisms pushing alternately toward convergence (equality) and divergence (inequality)….There is no natural, spontaneous process to prevent destabilizing ineqalitarian forces from prevailing permanently.” “Over a long period of time, the main force in favor of greater equality (convergence) has been the diffusion of knowledge and skills.” Other proposed forces for greater equality, such as advanced technology creating a need for greater skills or class warfare giving way to less divisive generational warfare as the population ages, appear to be largely illusory.“No matter how potent a force the diffusion of knowledge and skills may be, it can nevertheless be thwarted and overwhelmed by powerful forces pushing…toward greater inequality (divergence).” With respect to income, the spectacular increase in inequality from labor income, particularly in the US and UK, largely reflects the recent marked separation of the top managers of large firms from the rest of the population, not because of increased productivity, but because they can set their own remuneration. This separation is amplified by marginal tax rates that actually decrease for the highest incomes. Capital income from large fortunes also contributes to income inequality but may be understated due to hidden off-shore accounts and by producing only the relatively small portion of income needed for expenses while the rest remains within the fortune. (Fig. I.1 shows income inequality in the US from 1910 to 2010.)With respect to wealth, inequality (divergence) is increased when the rate of return on capital significantly exceeds the growth rate of the economy (r > g) as it did until the nineteenth century and is likely to in the twenty-first century. “Under such conditions it is inevitable that inherited wealth will dominate wealth amassed from a lifetime’s labor by a wide margin” and lead to extreme inequality. This increasing inequality of wealth is greatly amplified by structural factors leading to higher rates of increase for the largest fortunes that are no longer related to whatever entrepreneurial activities were at the onset of their origin. (Fig. I.2 shows wealth inequality in Europe from 1870 to 2010.) This analysis also shows a major shift in the main components of wealth from land, slaves (in the US), and colonies (in Europe) to domestic capital and housing.Historically, the rate of return on capital was 4.5-5% from antiquity to 1913, fell to 1.5% by 1950, and is rising again to 4% or more by 2012 and beyond. During the same period, the global rate of growth was close to zero before the industrial revolution, rose to 1.5% by 1913 and to 3.5% in the mid to late twentieth century (due to catch-up after World War II and in the developing world), and is now falling and projected to be 1-1.5% in the twenty-first century. Thus the unusual fall of the return on capital (r) below growth (g) in the mid twentieth century was associated with a temporary reduction in the rate of increasing inequality. (Fig 10.10 shows a comparison of the return on capital [r] to growth [g] from antiquity to 2100.)This review barely scratches the surface of the core contribution of this book, which is the enormous volume of data and analysis it provides. The numerical information is presented in a very well developed series of 97 illustrations and 18 tables. This information is used as support for extensive analysis and discussion of the many aspects of historical, present, and likely future inequality that often contradict positions related to ideology and simplistic models. An excellent 22 page overview of “A Social State for the Twenty-First Century” is provided at the beginning of the fourth and final part of the book. This is followed by “Rethinking the Progressive Income Tax,” “The Question of the Public Debt,” the author’s preference for “A Global Tax on Capital,” and finally, the conclusion.The conclusion reiterates that the principal destabilizing force leading to ever-increasing inequality is a return on capital (r) significantly higher than the rate of growth of income and output (g) for long periods of time. Hence wealth accumulated in the past grows more rapidly than output and wages, and the entrepreneur inevitably tends to become a rentier no longer of use in promoting growth. A progressive annual tax on capital would be the right solution to this problem, although it would require a high level of international cooperation. Piketty objects to the expression “economic science” which implies little to do with the logic of politics or culture in conclusions about inequality. He prefers the expression “political economy” which considers economics as a sub discipline of the social sciences, alongside history, sociology, anthropology, and political science. He insists that economic and political changes are inextricably entwined and must be studied together.This review is supplemented by a relatively random selection of multiple comments and assertions from the book: “The nature of capital has changed: it once was mainly land but has become primarily housing plus industrial and financial assets.”“Capital…is always risk-oriented and entrepreneurial, at least at its inception; yet it always tends to transform itself into rents as it accumulates….”With respect to global inequality, the industrial revolution led to growth of Europe and America’s share of global output to two to three times their share of population. This share is now rapidly decreasing due to higher growth in developing economies in the “catch-up” phase than in mature economies.Europe and America’s share of global production of goods and services rose from about 30-35% in 1700 to 70-80% from 1900 to 1980, fell to 50% by 2010, and may go as low as 20-30% later in the twenty-first century.European and American national inequality rose to record heights in 1910, decreased markedly by the 1940s due to the world wars and Great Depression, then began a rapid return to high levels after the 1970s, particularly in the US.The share of national income for the top 10% in Europe was over 45% in 1910, under 25% in 1970, and about 30% in 2010. In the US it was over 40% in 1910, under 30% in 1970, and nearly 50% in 2010.“Numerous studies mention a significant increase in the share of national income in the rich countries going to profits and capital after 1970, along with the concomitant decrease in the share going to wages and labor.”In the past several decades, the share of national income for the top 0.1% increased from 2 to 10% in the US, from 1.5 to 2.5% in France and Japan, and from 1 to 2% in Sweden.“It is important to note the considerable transfer of US national income—on the order of 15 points—from the poorest 90% to the richest 10% since 1980”— 5 to 7 times greater than the 2 to 3 points in Europe and Japan.“The vast majority (60 to 70%)…of the top 0.1% of the income hierarchy in 2000-2010 consists of top managers. By comparison, athletes, actors, and artists of all kinds make up less than 5% of this group.”“At the very highest levels salaries are set by the executives themselves or by corporate compensation committees whose members usually earn comparable salaries….”“It is when sales and profits increase for external reasons that executive pay rises most rapidly. This is particularly clear in the case of US corporations…pay for luck.”Global inequality of wealth in the early 2010s is comparable to that of Europe in 1900-1919. The top 0.1% own nearly 20%, the top 1% about 50%, the top 10% between 80 and 90%, and the bottom half less than 5%.The share of national wealth ownership in Europe for the top 10% and top 1% was 90% and over 50% in 1910, 60% and 20% in 1970, and about 63% and 24% in 2010. During this time, the share for the 50th to the 90th percentile increased from 5% to 40%, creating a middle class, but the share for the bottom 50% remained at 5%.In the US, shares for the top 10% and top 1% were about 80% and 45% in 1910, 64% and 30% in 1970, and about 70% and 34% in 2010—with a much more rapid increase after 1970 than in Europe, reaching 70% and 34% versus 63% and 24% by 2010 (while the bottom half claim just 2%).Inherited wealth is estimated to account for 60-70% of the largest fortunes worldwide. This figure is lower than the 80-90% reached during the belle Epoque, but trending strongly toward a return to that level.Forbes magazine divides billionaires into three groups—pure heirs, heirs who subsequently grow their wealth, and pure entrepreneurs, with each of these groups representing about a third of the total.Due to increased life expectancy, the average age of heirs at the age of inheritance has increased from thirty in the nineteenth century to fifty in the twenty-first century, although with larger inheritances.Today, transmission of capital by gift is nearly as important as transmission by inheritance. This change counters increased life expectancy and accounts for almost half of the present inheritance flows.“No matter how justified inequalities of wealth may be initially, fortunes can grow and perpetuate themselves beyond all reasonable limits and beyond any possible rational justification in terms of social utility.”Large fortunes experience increasing rates of growth related to size alone independent of their origins—10% from $15-30 billion, about 9% from $1-15 billion, about 8% from$500 million to $1 billion, about 7% from $100-500 million, and about 6% below $100 million for university endowments.From 1990 to 2010, the fortune of Bill Gates, the Microsoft genius, grew from $4 billion to $50 billion, while that of Liliane Bettencourt, a cosmetics heiress who never worked a day in her life, grew at a similar rate from $2 billion to $25 billion.In 2013, sovereign wealth funds were worth $5.3 trillion ($3.2 trillion from petroleum exporting states and 2.1 trillion from nonpetroleum states like China, Hong Kong, and Singapore), similar to the total of $5.4 trillion for Forbes billionaires. Together, these sources account for 3% of global wealth.Large amounts of unreported financial assets are held in tax havens—approximately 10% according to the negative global balance of payments (more money leaves countries than enters them).In the US, parents’ income has become an almost perfect predictor of university access—average income of parents of Harvard students is currently about $450,000.“Broadly speaking, the US and British policies of economic liberalization (after 1980)…neither increased growth nor decreased it.”The US economy was much more innovative in 1950-1970 than in 1990-2010….Productivity growth was nearly twice as high in the former period as in the latter.In most countries taxes have (or will soon) become regressive at the top of the income hierarchy.”The optimal tax rate in the developed countries is probably above 80%.One of the most important reforms (is) to establish a unified retirement scheme based on individual accounts with equal rights for everyone, no matter how complex one’s career path.Debt often becomes a backhanded form of redistribution of wealth from the poor to the rich (who as a general rule ought to be paying taxes rather than lending).Inflation is at best a very imperfect substitute for a progressive tax on capital. It is hard to control, and much of the desired effect disappears once it becomes embedded in expectations.Defining the meaning of inequality and justifying the position of the winners is a matter of vital importance, and one can expect to see all sorts of misrepresentations of the facts in service of the cause. No hypocrisy is too great when economic and financial elites are obliged to defend their interests—and that includes economists, who currently occupy an enviable place the US income hierarchy.“Modern meritocratic society, especially in the United States, is much harder on the losers, because it seeks to justify domination on the grounds of justice, virtue, and merit, to say nothing of the insufficient productivity of those at the bottom.”The history of the progressive tax over the course of the twentieth century suggests that the risk of a drift toward oligarchy is real and gives little reason for optimism about where the United States is headed.

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