Advocates of equality are only too eager to overthrow the present economic structures in the name of fairness and opportunity. According to their logic, inequality begets a two-tiered society where moneyed interests rule, while all others languish. In this oversimplified ever richer/ever poorer scenario, some kind of action is deemed necessary to level the playing field. Hence, the need for a war on inequality.
This war has taken on a new emphasis with the recent bestseller, Capital in the Twenty-First Century by Thomas Piketty. The author claims that while capitalism is an excellent tool to allocate resources, it is grossly insufficient when allocating income.
Naturally, the leveling instrument of choice is the government. Only government has the size, power and capacity to tax and regulate the richness out of the rich. It need not take all riches, but rather focus upon the “excessively” rich -- whatever that means.
Read the rest of the article by clicking here.