I was born in 1960.

[pat_k]

43. Piketty's Capital in the 21st Century: the rate of return on capital historically exceeds the rate of economic growth

The destructive and vicious cycle of ever greater accumulation of capital has all the corrosive effects we are experiencing.

Generally, robust progressive taxation on income and inheritance, expansion of public services, serious investment in education, worker empowerment, and wealth redistribution are absolutely necessary to counter the corrupting effects of an ever-widening inequality in wealth.

Additional solutions:

Inheritance for All
Using tax revenues to provide a universal capital endowment to all young adults, such as a transfer of €120,000 (about $134,000) at age 25. This "inheritance for all" would provide a significant financial cushion to people from middle- and low-income backgrounds, giving them more leverage in the labor market and a better ability to start businesses.

Worker representation:
A system of "worker co-management," where employees hold significant representation—such as 50% of voting rights—on the boards of companies. This would shift the balance of power away from shareholders and towards a more collaborative, equitable system of corporate governance.