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Democracy, not capitalism, is failing the middle class [Commentary]
Democracy, not capitalism, is failing the middle class [Commentary]

The new book by French economist Thomas Piketty, "Capital in the Twenty-First Century," has rocketed to the top of the Amazon.com bestseller list. It accomplished this feat by offering yet another apocalyptic vision of capitalism in the tradition of Malthus, Ricardo and Marx. To American workers and a middle class besieged by stagnant wages and rising taxes, it provides justification for the dangerous elixir of confiscatory taxes on the wealthy hustled by liberal pundits and politicians. Examining an incredible range of data across many countries and several centuries, the author purports to demonstrate that over time capitalist economies naturally concentrate ever greater shares...

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