As debate continues over the Australian governments budget cuts to welfare, health and education, commentators across the political spectrum are warning that our society has become dangerously unfair. They include some unusual voices, such as businessman Geoffrey Cousins - a former adviser to then prime minister John Howard - and former Liberal Party leader John Hewson who recently cautioned our land of the fair go is disappearing. Piketty, in collaboration with scholars around the world, has collected and analysed wealth and income data as far back as he can find it - beyond two centuries in France and Britain. It shows that over the long term, the wealth tied up in capital - assets such as property and finance - accumulates more rapidly than economies grow. In broad terms, this means inheritance trumps merit, and wealth concentrates. Read more: smh.au/national/what-happened-to-the-fair-go-20140728-3cpmf.html
Posted on: Tue, 29 Jul 2014 01:12:19 +0000
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