Democracy vs the 1%

To celebrate the 750th anniversary of the first meeting of the British parliament, the BBC Today programme sponsored a special edition of The Public Philosopher, asking the question Why Democracy? The programme spent much time wondering why folk felt disenfranchised but spent barely two minutes on the question of how wealth distorts politics. (Three cheers to Shirley Williams for raising the issue.) An odd contrast, if you compare it to yesterday's story that the wealthiest 1% now own as much as the other 99% combined; or to Lawrence Lessig's Mayday campaign to stop politicians slanting their votes to what will help fund their reelection; or to Thomas Picketty's analysis of why the wealthy inevitably get wealthier. (tl;dr: "Piketty's thesis has been shorthanded as r > g: that the rate of return on capital today -- and through most of history -- has been higher than general economic growth. This means that simply having money is the best way to get more money.")

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