Piketty’s Model concerning Capitalism through Capital is today’s major concern. An attempt made by Piketty to eradicate Poverty is listed in his contribution to Capital in the Twenty-First Century. This book is the answer to the future of Capitalism. Capitalism is suffering an inherent crisis that acts as a weapon increasing inequality in terms of Wealth and Income. The economy can be balanced by implementing progressive taxation. The political game would disrupt the condition of the Social state putting the democratic state at risk.
Piketty’s Model: Three basic Relevance to be applied in India and Bangladesh
Piketty’s model related to capital can serve three criteria. Primarily, Piketty considers in his model the progressive taxation of income and wealth of rich countries could cater to the need. The plan he puts forward is an attempt to improve the global economy for several decades. The plan also enhances policy proposals for the broader problem which implements distributive justice in an unequal global system.
Piketty’s Capital: An extension of Karl Marx’s book for the capitalist society of India and Bangladesh
His book Capital is an extension of Karl Marx’s theory in the twenty-first century. Marx focused on the functional distribution of income between capital and labor. Piketty extends his direction toward the personal distribution of income and wealth. Piketty focuses his theory on the wealthy people who consider 1% of the population. This theory if implemented in the capitalist structure of India and Bangladesh could improve poverty.
Piketty’s Model for the Developing Countries like India and Bangladesh
Piketty’s model is designed for developing countries like India, Bangladesh, Colombia, and South Africa. He records the phenomena of growing inequality and concentration of wealth at the top. The advanced economy shows this lead in the past two decades. Piketty’s model focuses on inequality and its outcomes, not on an opportunity. Complete Equality of opportunity might serve as a good opportunity for economic growth. Piketty’s concern is political. He is concerned with the political abilities of rich democracies. The wealth is becoming increasingly concentrated as well as global.
