"Put up taxes or else the masses will rise up in revolt!"
That, in essence, is what the French economist Thomas Piketty argued in his bestselling exposé of the supposed iniquities of the capitalist system entitled Capital in the 21st Century.
He is not the first person to have put forward this idea, although the rapturous reception that greeted his book when it was published in English in 2014 has given it a whole new lease of life.
The idea that extreme inequality generates violence is widely believed and widely propagated in various countries. In South Africa, the Davis tax committee has stated that high levels of economic inequality undermine social stability. It accordingly invited comment on a proposal to impose an (additional) wealth tax as a means of tackling economic inequality.
But is it true that economic inequality leads to unrest or instability or worse? The evidence is scanty. The so-called Arab Spring that first erupted in Tunisia in 2010 was a revolt against corruption and dictatorship, rather than material inequality. The violence that has plagued the Middle East for decades has little to do with material inequality. Some of the countries that sponsor violence elsewhere are themselves extremely rich, often thanks to oil.
Nor is there much evidence that the social instability now endemic in South Africa arises from material inequality. Not even the official National Development Plan (NDP), which was adopted nearly five years ago, made such a link. Although reducing income inequality as measured by the Gini coefficient was one of its objectives, the NDP said that the "single greatest risk to social stability" was disenchantment among youth because three million of them were not in employment, education, or training.