09 Jul Class, Status, and Power
Address the following essay questions drawing on any of the readings we have discussed in class, as well as real world examples to illustrate your argument.
- Piketty shows that earnings from capital have taken a larger percentage of national income over the past several decades. His fear is that if a “small class of owners of wealth… comes to collect a growing share of the national income, it is likely to dominate the society in other ways as well,” and that we could see the reemergence of the “patrimonial” type of society that characterized Europe of the 19th century (Thomas Piketty, 2013. Capital in the Twenty-First Century. part 1, P. 6). Do the following:
- Explain what Piketty means in the above statement.
- If this trend (capital making up an increasingly larger percentage of the national income) continues, explain how it may undermine the following: (1) the ideal of meritocracy in American society, (2) the evolution and survival of American capitalism, and (3) the evolution and survival of the American democratic system.
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