The Oxford Handbook of Luxury Business. Edited by Pierre-Yves Donzé, Véronique Pouillard, and Joanne Roberts. Oxford: Oxford University Press, 2022. xii + 634 pp. Illustrations, figures, index. Hardback, $150.00. ISBN: 978-0-19-093222-0.

Abstract

tributing welfare spending from the old to the young can be overcome if we accept expanding the pie (i.e., increasing the resources devoted to social spending) by increasing the progressivity of the taxation system (that is, taxingmore high incomes and/or extra profits) or public deficits. Notably, in the European context, this second option would be at odds with the founding treaties. Nonetheless, the recent crisis teaches us that public stimulus has been much broader in economies not subject to budget constraint. Just compare “Next Generation EU” with the Biden package. A similar reasoning can apply to the alleged economic consequences of immigration: no tensions would exist if governments implemented universal welfare provision and safety nets combined with publicly financed full employment policies (probably the most immediate way to reduce inequality). The following bottom line emerges from the reading: although there are different types of capitalism,market-generated inequalities can still be faced and mitigated through effective policies and institutions. That underlines the power of public-provided welfare and makes the book a must-read for scholars and citizens interested in a process of equitable growth.