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Contrary to a tenacious myth, France is not owned by California pension funds or the Bank of China, any more than the United States belongs to Japanese and German investors. The fear of getting into such a predicament is so strong today that fantasy often outstrips reality. The reality is that inequality with respect to capital is a far greater domestic issue than it is an international one.
Thomas Piketty
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Interpretation

What this quote means

Piketty addresses misconceptions about foreign ownership of countries and highlights domestic inequality as a more pressing issue.

In this quote, Thomas Piketty challenges the prevalent belief that foreign investors, such as California pension funds or the Bank of China, have control over countries like France or the United States. He argues that this myth distracts from the more significant issue of domestic economic inequality, which poses a greater threat to society than external foreign investments. Piketty emphasizes that the fear surrounding this misconception often exceeds the reality, suggesting that the focus should be on addressing internal disparities rather than worrying about foreign influence.

Themes

InequalityCapitalEconomyForeign OwnershipDomestic Issues

In practice

Example use cases

During a lecture on economic policy, one could use this quote to discuss domestic inequality.

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