To James Madison, the great concern with democratic (as opposed to republican) forms of government was that voters with more influence in the political arena could satisfy, as it is put in Federalist 10, "a rage for paper money, for an abolition of debts, for an equal division of property, or for any other improper or wicked project."...The place of large concentrations of capital in a democratic society is deeply vulnerable to majoritarian politics, as evidenced by the strongly progressive income tax rates and estate tax rates. In other words, the great wealth of the few makes them politically vulnerable, not politically unstoppable. In a political climate that treats as a major political objective the rectification of inequalities of fortune, the net transfers in the United States are not to, but from, the financial elites.
Epstein on Piketty and Madison