Wealth inequality: the past, and the future

Part II: On Marx's law of capital accumulation.

This is the second of a multipart series on the past and future of capitalism. Part I is here.

When all of the property in a given society is owned by a single actor – say, the king, or a state – it will be managed at the actor’s discretion. It takes little imagination to think of the various beneficial or sinister outcomes that can emerge from this arra…