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By William I. Robinson

But that is precisely the rub. Capital in the Twenty-First Century has been
so well received by the academic, media, and political establishment precisely
because it converges with the reformist agenda of a rising number of
transnational elites and intelligentsia. These elites have become increasingly
concerned that the social conflicts and political turmoil sparked by such
egregious inequalities may destabilize global capitalism and threaten their
control. They seek to save capitalism from itself and from more radical projects
from below. Like Piketty, they call for mildly redistributive measures such
as increased taxes on corporations and the rich, a more progressive income
tax, the reintroduction of social welfare programs, and a “green capitalism.”
They are also alarmed that extreme levels of inequality will undermine the
prospects for growth and profit making. The Organization of economic Cooperation
and Development (OECD), the club of the 34 richest countries, for
instance, warned in a 2015 report that the “global inequality gap” has “reached
a turning point.” The report did not have much to say about the social injustice
that such inequality represents, nor about the mass suffering it brings about.
It did, however, highlight that “high inequality drags down growth” and 
recommend
raising taxes on the rich.



full: http://www.soc.ucsb.edu/faculty/robinson/Assets/pdf/CapitalismInThe21stCentury.pdf
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