Tuesday, February 14, 2017

More piketty pooh "In the capitalist countries the share of public capital was in the range of 20-30% during the main period of the mixed economy (1950-1980), but this share has collapsed since 1980, as public assets were privatised and the debt was left to rise. In 2007, only Italy had negative public capital (with debts greater than assets). In 2015, this situation was found in the United States, the United Kingdom and Japan (France and Germany have barely positive net public capital). In other words, private property owners own not only the totality of national capital, but they also have drawing rights on future tax revenues. This is a serious burden on the regulatory capacity of public authorities."