Toward a Political History of Capital?

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Abstract The interaction between economic analysis and political action is one of the major issues raised by Capital in the Twenty-First Century and by any work of political economy. However, the way this interaction works and changes over time is not always clear in Thomas Piketty’s book. This critical review, informed by history and political science, aims to open up three areas of discussion. Are redistributive tax policies a mere accident, produced by the chaotic history of the twentieth century, and, if so, what might their future be? On what grounds could capitalism’s tendency to create inequality be regulated in the absence of any alternative system? Finally, can deliberative democracy offer any solution, or has it already been profoundly weakened by the very economic processes that Piketty’s brings to the fore in his book? A political history of capital seems more essential than ever.