Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely to meet their (...) aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely to meet their (...) aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

In this paper we show how a realistic normative democratic theory can work within the constraints set by the most pessimistic empirical results about voting behaviour and elite capture of the policy process. After setting out the empirical evidence and discussing some extant responses by political theorists, we argue that the evidence produces a two-pronged challenge for democracy: an epistemic challenge concerning the quality and focus of decision-making and an oligarchic challenge concerning power concentration. To address the challenges we then (...) put forward three main normative claims, each of which is compatible with the evidence. We start with a critique of the epistocratic position commonly thought to be supported by the evidence. We then introduce a qualified critique of referenda and other forms of plebiscite, and an outline of a tribune-based system of popular control over oligarchic influence on the policy process. Our discussion points towards a renewal of democracy in a plebeian but not plebiscitarian direction: Attention to the relative power of social classes matters more than formal dispersal of power through voting. We close with some methodological reflections about the compatibility between our normative claims and the realist program in political philosophy. (shrink)

Economists now have the data to generate a high‐resolution picture of the economic inequalities within the very top fractions of income and wealth and between the top‐most fractions and others that have emerged since the early 1980s. I shall refer to these inequalities collectively as “the new inequality.” I argue that the moral value of solidarity can be used to raise pointed moral questions about the new inequality. In most cases, however, I shall raise such questions without answering them. For (...) I contend that solidarity functions more usefully as part of an articulate hermeneutic of suspicion—that is, as a central element in skepticism about economic inequalities and their justifications. Seeing that it functions in this way, we can see one contribution religious ethics makes to an inquiry into the new inequality. (shrink)

This essay serves as an introduction to five papers on economic inequality in this issue of the Journal of Religious Ethics. In addition to introducing the articles individually, the essay also gives a brief overview of recent economic developments that have led religious ethicists to call attention to the issue of inequality.

La obra de Thomas Piketty supone una contribución significativa para el pensamiento crítico. Sus tesis han renovado el alcance de la reflexión económica tradicional y canalizado su atención al estudio de la desigualdad, un asunto fundamental en el capitalismo contemporáneo cuya reflexión se impone, asimismo, a la filosofía social. En un intento por dar cuenta de la profundidad de su planteamiento, en las siguientes líneas abordamos las tesis principales de su aproximación, centrándonos particularmente en la dinámica r>g que presenta en (...) El Capital en el siglo XXI. A continuación, examinamos las soluciones principales que propone para una mejor distribución de la riqueza y el aumento de la justicia fiscal, así como ciertos aspectos problemáticos de su enfoque. Se concluye señalando posibles aportaciones del pensamiento pikettyano a la reflexión teórica en vinculación con las teorías de Streeck y Harvey. (shrink)

Is realism in political theory compatible with utopianism? This article shows that it is, by reconstructing a highly restrictive realist approach to political theory for guiding legislation and public policy, drawn from the work of Adam Smith, and showing how it can accommodate Piketty’s utopian proposal for a global tax on capital. This shows not only that realism and utopianism are compatible; but how realist and utopian political theory can be carried out in concrete cases. This moves debates to more (...) interesting questions of which forms of utopianism are permissible within which forms of realism; contributes to moving the contemporary realism debates from a Methodenstreit to questions of how it can and ought to be done; and contributes to an important contemporary debate about the permissibility of utopian proposals for political and economic reform in general and Piketty’s proposed global tax on capital in particular. (shrink)

Democratic societies such as the United Kingdom have come to fail their young citizens, often sacrificing their interests in a political process that gives much greater weight to the preferences and interests of older citizens. Against this background of intergenerational injustice, this article presents the case for a shift in the political system in the direction of radical democratic inclusion of younger citizens, through reducing the voting age to 12. This change in the voting age can be justified directly, with (...) reference to the status, interests, and capacities of younger citizens, and it can also be justified as a remedy to existing forms of intergenerational injustice. This change in the voting age would require a parallel transformation in the role of secondary schools as part of the ‘critical infrastructure' of a democratic society, which would be part of a broader shift towards a more genuinely democratic political culture. The proposal is defended against less radical alternatives (such as votes at 16) and more radical alternatives (such as votes for younger children). The article concludes with some reflections on democracy and intergenerational justice in light of the Covid pandemic and the climate emergency. (shrink)

The idea of predistribution has the potential to offer a valuable and distinctive approach to political philosophers, political scientists, and economists, in thinking about social justice and the creation of more egalitarian economies. It is also an idea that has drawn the interest of politicians of the left and centre-left, promising an alternative to traditional forms of social democracy. But the idea of predistribution is not well understood, and stands in need of elucidation. This article explores ways of drawing the (...) conceptual and normative distinction between predistribution and redistribution, examining those general categories when considering the roles of public services and fiscal transfers, and looking at the ways in which government policies can empower and disempower different individuals and groups within the economy. This article argues that the most initially plausible and common-sensical ways of drawing the distinction between predistributive and redistributive public policies collapse when put under analytical pressure. It concludes that the distinction between predistribution and redistribution is best seen in terms of the aims or effects of policies rather than a deeper division of policy types, and argues that, once seen in those terms, predistribution is a central concern of social justice. (shrink)

In this paper I respond to the central claims presented in Samuel Moyn’s influential book, Not Enough: Human Rights in an Unequal World. Moyn argues that human rights have the following features: they are powerless to combat growing material inequality; they share key characteristics with neoliberalism; they make only minimalist or sufficientarian demands and therefore are not enough to achieve the equality demanded by justice. He suggests, in particular, that Henry Shue’s Basic Rights exemplifies these features. My response argues that (...) Moyn does not accurately present the core conceptual and normative characteristics of human rights, nor does he succeed in implicating Shue’s conception in his critique. I suggest that Moyn’s own ideas about global justice are incompletely developed, including his views about the scope, content, and distributive principles that should guide an account of global justice. Finally, I argue that, even though human rights are only part of an account of global justice, nonetheless they do provide reasons to limit socioeconomic inequality. This point is exemplified by the claim that a human right to democracy requires limits on material inequality in order to prevent power hierarchy. In short, I agree with Moyn that human rights are not enough by themselves to achieve global justice, but I reject his multi-pronged critique of human rights, specifically his claim that they imply no constraints on socioeconomic inequality. (shrink)

Por que a teoria política normativa voltada para questões de justiça social e política deveria se ocupar de princípios no âmbito daquilo que John Rawls denominou “teoria ideal”, em contraste com a “teoria não ideal” da justiça? Será que necessitamos desenvolver e refinar uma teoria ideal da justiça para determinar o que a justiça requer nas condições não ideais com as quais no defrontamos? Será que a “teoria ideal” da justiça é capaz de orientar a ação – decisões políticas e (...) escolhas institucionais – em condições não ideais? Se a resposta para essas duas perguntas for “não”, então deveríamos acima de tudo nos empenhar em desenvolver uma teoria não ideal da justiça. Nas versões mais fortes dessa objeção, como a de Amartya Sen em The Ideia of Justice, podemos dispensar inteiramente a teoria ideal da justiça. Contra essa linha de objeção, que também é sustentada, de formas distintas, por autores como Onora O’Neill, Colin Farrelly e Charles Mills, este artigo desenvolve uma argumentação em duas etapas. Em primeiro lugar, sustenta-se que há razões para valorizar a teorização ideal que são independentes da relação que possa ter com a teoria não ideal. Em uma segunda etapa, sustenta-se que a teoria ideal da justiça, embora deixe enorme quantidade de trabalho (empírico e normativo) a ser feito, é imprescindível para determinar o que a justiça requer de nós aqui e agora. (shrink)