Capital in the Twenty-First Century
Also known as Le Capital au XXIe siècle
Thomas Piketty's 2013 history of wealth and income inequality in Europe and the United States since the 18th century.
At a glance
Key ideas
r > g, Inequality is not an accident, A progressive global wealth tax
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Thomas Piketty and Paul Krugman
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Also on this page: Key facts · Links · Sources · Related pages
- Piketty argues that inequality is a feature of capitalism rather than an accident: when the rate of return on capital (r) exceeds economic growth (g) over the long run, wealth concentrates, and the concentration threatens social and democratic stability.
- He proposes a global system of progressive wealth taxes.
- In a 2014 paper he said he does not treat r > g as the only or main tool for explaining changes in inequality.
Why it matters
- Its English edition topped The New York Times hardcover nonfiction list in May 2014 and became Harvard University Press's greatest sales success; it made long-run wealth concentration a mainstream subject.
Key facts
- Author
- Thomas Piketty1
- Published
- 2013-08, in French (Seuil)1
- English translation
- 2014, by Arthur Goldhammer (Belknap Press of Harvard University Press)1
- Sales
- Over 2.5 million copies by the end of 20171
- Film
- A feature documentary directed by Justin Pemberton, released in 20201
Key ideas
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r > g1
As long as the return on capital exceeds the growth rate, the income and wealth of the rich grow faster than the typical income from work (Robert Solow's summary).
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Inequality is not an accident1
Concentration is a feature of capitalism and is reversed only by policy.
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A progressive global wealth tax1
His proposed remedy, to keep most wealth from coming under the control of a tiny minority.
Connections
Links
Sources
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