Capital of Piketty 14:  Things in the background of disparity 3

ピケティの資本論 14: 格差の背景にあるもの 3


< 1. White House >


Last time, I introduced the background of disparity progressing in USA.

This time, we see why USA made a major move.




Why did the United States make a major move?

The United States was the best country.

An epoch-making constitution establishment and the activity of Lincoln are old good examples.

It was an epoch-making that the United States enforced a progressive taxation for disparity correction and a policy for worker protection together with the U.K. prior to the world in the early 20th century.

The United States participated in World War II, and national irreplaceable blood flowed plenty, and thanks to this, now world peace is keeping.

In addition, the USA media of the 1960s challenged the government to a daring fight based on the conscience.

A great deal of immigration intake is American splendid traditions, too.

Till now, the emigrant was able to become the top (the President, super-wealth) in three generations from the base if they had talent and made every effort.

An American dream was there certainly.










However, the world situation had changed under USA’s feet.

After the world war, Germany and Japan accomplished rapid economic growth, and the predominance of America began to decline.

In addition, the worker protection that was promoted by Britain and the United States and was spread throughout developed countries caused the frequent occurrence of constant wage increase and strike.

Depending on the world that entered a rapid expansion phase of trade, the imbalance between import and export industries arose in each country.

Thus, stagflation (simultaneous progress of recession and inflation) raged through developed countries.

In addition, the United States entered the Cold War after the world war and greatly became impoverished by the Vietnam War.

Under such circumstances, American economist Friedman established economics “monetarism” that emphasized money supply.

Each country that was helpless with the stagflation restraint came to adopt the monetarism.

The Friedman denied an effective demand policy and a discretionary fiscal policy of Keynes, and was aiming at free economy that hadn’t any regulation.












< 2. Thatcher and Reagan >


In the 1980s, Thatcher and Reagan drew attention by aiming to regain once strong country.

They changed the economy, the finance, the labor policy and the taxation system 180 degrees by using the economics of Friedman, and performed reformation of the society and arms buildup more.

In this era, many business-style that were born in Britain and the United States were in widespread use till present.

Judging from the economic indicator for more than 10 years after that, even if it were not sure whether their reform saved economy and finance at the time, the stagflation went away.







< 3. Bubble burst growing increasingly severe along with being repeated >

< 3. 繰り返しながら深刻さを増すバブル崩壊 >

Piketty see the two economic reforms of Keynes-style (1930s) and Friedman-style (1980s) as ineffective together.

However, as we saw until now, since the world took the policy of Friedman-style, the large-scale economic bubble and the economic disparity increased.

On the other hand, it did not lead to a great depression.


This continues next time.





Categories: book+ film+drama, culture+society, history+evolution, politics, series: Capital of Piketty | Tags: | 3 Comments

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3 thoughts on “Capital of Piketty 14:  Things in the background of disparity 3

  1. Extraordinary post.Regards.Jalal

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