Capital in the Twenty-First Century

Justin Pemberton's documentary Capital in the Twenty-First Century briefly examines striking differences between 19th, 20th, and 21st century economics, or the ways in which capital was or has been amassed during these periods according to remarkably different socioeconomic realities.

It emphasizes that after World War II the middle-classes in the Western World accumulated vast riches and became powerful political players, as their reach and influence expanded due to a much more level financial playing field.

Such wealth lead to significant political reforms (universal healthcare, public education, mass public transportation networks, retirement pensions, . . .) that sharply contrasted 19th century institutions, wherein which, as the film relates, a tiny fraction of the population possessed most of a country's wealth and power, and went about creating political systems that ensured they perennially held on to it.

The documentary suggests that the 21st century's economic realities thus far resemble the 19th's much more closely than the 20th's, insofar as tiny fractions of the population currently possess huge shares of their nations' wealth, as the power of related middle-classes has seriously declined in recent decades.

A contributing factor to this decline which the film examines is the current availability of tax resources.

I don't know how precise its figures are, documentaries are more like cool short essays than lengthy books, but it's clear from the data presented that a lot of international businesses that have arisen in recent years don't pay that much in tax, and if they did the public purse would have a lot more funds for roads, schools, transport, and hospitals.

The idea of healthy communities possessing disposable incomes to develop a wide variety of supplementary goods and services is an appealing one, inasmuch as a greater distribution of wealth and taxation leads to less poverty and crime.

Is it not preferable to sustain moderately happy employed communities wherein which there's a general sense of well-being, to networks of distressed fearful impoverished ones who can't afford to buy what you're trying to sell them?

Don't disposable incomes make the wealthy even more wealthy while keeping the rest of the population secure, so people don't have to worry about what neighbourhood they're in or hire private security?

Isn't a social sphere wherein which you can safely visit every neighbourhood or small town and see what creative things they have to offer preferable to avoiding certain towns and neighbourhoods while travelling around with heavily armed guards?

If manufacturing jobs return in abundance with reduced wages, don't prices have to decrease, to avoid economic collapses brought about by credit bubbles?

Doesn't the flourishing of well-financed public schools make for better general conversation and more stimulating books and films, as diverse multifaceted local voices find inquisitive global audiences?

Isn't curiosity preferable to contempt amongst different demographic groups?

The exchange of intriguing difference?

The development of more energy efficient technologies?