as you very well say the the part of the increase in private wealth at the top was really made um through you know privatization of public assets increase in public debt you know there's one one statistic which i which i stress a lot which is that if you look at the net wealth of the public sector uh you know the net wealth of the government so government assets 00:27:25 minus government debt it used to be you know in the 1970s net public wealth was you know between 20 30 percent of total national wealth so you know net private wealth was bigger you know was like 70 or 80 percent but still net public waste was 20 30 percent in germany in the u.s in france in britain in japan so that was you know substantial part of everything there was to own in terms of 00:27:52 of marketable assets in society belong to the public domain you know say around one quarter or between one quarter and one third today so you know three four decades later it is uh close to zero or actually negative in in in the u.s or in the uk in the sense that the public debt is bigger than the public assets because many public assets were privatized and and public debt increased 00:28:18 and you know in effect there was a transfer of public wealth uh two to private wealth holders and that's a you know that's a very important evolution which you see the most extreme case of course will be russia and post communist country where you know you just transfer all the public wealth and you make oligarchs out of nothing but in fact we've all you know all countries have had 00:28:42 this kind of trajectories over the recent decades so that's really an important part of the story that i've been trying to tell so you know again i i don't think we have any disagreement on this
!- Thomas Piketty : privatization's impact in the last 4 decades - in summary, marketable assets that belonged to the public domain 3 to 4 decades ago in the average country around the world was 25 to 33 % and today it is zero or in some cases negative.
!- Hudson's comment : privatization was the biggest transfer of wealth in history - to the elites - This transfer is what created many of today's billionaires