Thomas Piketty argues economic inequality is an obstacle for economic growth in his latest book Capital and Ideology. Justin Kempf reflects on the implications of this idea as he works to develop his own ideas of economics compatible with a political theory of democracy. An Institutional Theory of Economics It has never been clear for me... Continue Reading →
It is a challenge to read through the three volumes of Marx’s Capital. Few people do it anymore. Political scientists and philosophers of past generations were intimately familiar with the writings of Marx. The existence of the Soviet Union gave Marx a perpetual relevance in the politics of the era. The fall of the Soviet... Continue Reading →
John Maynard Keynes is widely misunderstood not because he is misread, but because so few take the time to read him. His economic theory goes beyond mathematical formulas to establish a philosophy. It is the philosophy of Keynes which ought to catch the attention of political theory. There is a historical element to Keynes’ ideas,... Continue Reading →
It is impossible to fully recognize the genius of Marx without the acknowledgement of his absurdity. The second volume of Capital involves the circulation of capital. In this text, Marx takes socialist economics to a space where few of his adherents can travel. He explains how economic systems increase overall wealth despite a limited supply... Continue Reading →
CIRCA 1865: Karl Marx (1818-1883), philosopher and German politician. (Photo by Roger Viollet Collection/Getty Images) My mother recalls how I supported Ronald McReagan as a child. I was a young child in the eighties. When the Berlin Wall fell, I was still too young to understand its implications. I learned of the Cold War as... Continue Reading →
Microsoft was never in danger of bankruptcy. But it had become irrelevant as a new group of companies had emerged as the vanguard of the technological revolution. It is not unusual for a company to struggle after the departure of the founder. Apple had also declined after the departure of Steve Jobs in the eighties.... Continue Reading →
Early in my life I was drawn to power to impose my ideas onto the world. It was only natural to believe leaders were able to change organizations, businesses or even geopolitics to their whim. But I found my implicit sense of power was entirely wrong. There is a tradeoff between authority and influence. Leadership... Continue Reading →
Schumpeter never intended to offer a landmark definition of democracy. It was an accident of fortune. In the preface to the first edition he admits, “The problem of democracy forced its way into the place it now occupies in this volume because it proved impossible to state my views on the relation between the socialist... Continue Reading →
Political modernization for Samuel Huntington involved the creation of political institutions designed to facilitate the professionalization and organization necessary for an expanded role of governance. Note it is the institutions which are central for political modernization. Political parties, for example, became vehicles for mass political participation not just within democracies but even within nondemocratic political... Continue Reading →
Inequality was a hot topic within political and economic conversations before Piketty wrote Capital in the Twenty-First Century. Yet the publication of this landmark work gave intellectual context to the criticisms of the gaps within wealth and income. Branko Milanovic explores inequality on a wider scale than Piketty. Indeed, he handles the questions Piketty purposely... Continue Reading →
