Capital in the 21st Century and Its Impact upon Governance
YEREVAN, Armenia – Dr. Donald Fuller, Senior Professor at American University of Armenia (AUA) Political Science and International Affairs Program (PSIA Program), gave a talk on October 21, 2015 titled, “Capital in the 21st Century and Its Impact upon Governance.” The talk, sponsored by the AUA College of Humanities and Social Sciences, addressed the social, economic and political implications of wealth being unevenly distributed in societies throughout the world.
Fuller discussed Thomas Piketty’s path-breaking book, Capital in the Twenty-First Century, in which the author argues that economic inequality develops over time since wealth exceeds the output of production in society. The rich get richer and the rest of society struggles against supply and demand, due to the impact of inheritance. In the book, the author proposes solutions to the problem of unequal distribution of wealth that ultimately impacts governance in many societies.
Fuller discussed the possible impact of Piketty’s hypothesis on governance, with a particular focus on examining possible governing policy changes, including progressive income taxes, a tax on wealth, or some other alternative approach, in view of declining growth rates in most societies.
Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia and affiliated with the University of California. AUA provides a global education in Armenia and the region, offering high-quality, graduate and undergraduate studies, encouraging civic engagement, and promoting public service and democratic values.