Wednesday, May 28, 2014

"... reduce extreme wealth towards a state of mediocrity ..."

Another prescription for a well-functioning republic to which I was pointed by reading The Founding Fathers (American Presidents):

In every political society, parties are unavoidable. A difference of interests, real or supposed, is the most natural and fruitful source of them. The great object should be to combat the evil: 1. By establishing a political equality among all. 2. By withholding unnecessary opportunities from a few, to increase the inequality of property, by an immoderate, and especially an unmerited, accumulation of riches. 3. By the silent operation of laws, which, without violating the rights of property, reduce extreme wealth towards a state of mediocrity, and raise extreme indigence towards a state of comfort. ...

James Madison, 1792

Say it, Mr. Madison. He would have had no problem recognizing whereof Thomas Piketty writes.

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