Anxious intellectuals in a globalising economy

Abstract

This reivew of Thomas Piketty's Capital in the 21st Century argues that the book's appeal can be explained by the effect of globalisation upon journalists, academics and civil servants. The gains from global trade flow to those who can participate in economic activity across borders, but these three groups of people operate in largely national labour markets and have fallen behind their intellectual peers in the international private sector. Pikettian redistribution may bring the rich down, but it won't improve the intelligentsia's absolute situation.