Capital in the Twenty-First Century

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of the political economy. But satisfactory answers have been hard to find for a lack of adequate data and clear guiding theories. "Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years." - Timothy Shenk, The NationIn Capital In The Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality. Thomas Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. "Piketty's Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modelling that has come to dominate the economics profession in recent years." - Steven Pearlstein, The Washington PostThe main driver of inequality — the tendency of returns on capital to exceed the rate of economic growth — today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again. What Are The Grand Dynamics That Drive The Accumulation And Distribution Of Capital? Questions About The Long-term Evolution Of Inequality, The Concentration Of Wealth, And The Prospects For Economic Growth Lie At The Heart Of Political Economy. But Satisfactory Answers Have Been Hard To Find For Lack Of Adequate Data And Clear Guiding Theories. In This Work The Author Analyzes A Unique Collection Of Data From Twenty Countries, Ranging As Far Back As The Eighteenth Century, To Uncover Key Economic And Social Patterns. His Findings Transform Debate And Set The Agenda For The Next Generation Of Thought About Wealth And Inequality. He Shows That Modern Economic Growth And The Diffusion Of Knowledge Have Allowed Us To Avoid Inequalities On The Apocalyptic Scale Predicted By Karl Marx. But We Have Not Modified The Deep Structures Of Capital And Inequality As Much As We Thought In The Optimistic Decades Following World War Ii. The Main Driver Of Inequality, The Tendency Of Returns On Capital To Exceed The Rate Of Economic Growth, Today Threatens To Generate Extreme Inequalities That Stir Discontent And Undermine Democratic Values If Political Action Is Not Taken. But Economic Trends Are Not Acts Of God. Political Action Has Curbed Dangerous Inequalities In The Past, The Author Says, And May Do So Again. This Original Work Reorients Our Understanding Of Economic History And Confronts Us With Sobering Lessons For Today. Income And Capital. Income And Output ; Growth: Illusions And Realities. -- The Dynamics Of The Capital/income Ratio. The Metamorphoses Of Capital ; From Old Europe To The New World ; The Capital/income Ratio Over The Long Run ; The Capital-labor Split In The Twenty-first Century. -- The Structure Of Inequality. Inequality And Concentration: Preliminary Bearings ; Two Worlds ; Inequality Of Labor Income ; Inequality Of Capital Ownership ; Merit And Inheritance In The Long Run ; Global Inequality Of Wealth In The Twenty-first Century. -- Regulating Capital In The Twenty-first Century. A Social State For The Twenty-first Century ; Rethinking The Progressive Income Tax ; A Global Tax On Capital ; The Question Of The Public Debt. Thomas Piketty ; Translated By Arthur Goldhammer. Translation Of The Author's Le Capital Au Xxie Siècle. Includes Bibliographical References And Index. What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality. Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again. A work of extraordinary ambition, originality, and rigor, Capital in the Twenty-First Century reorients our understanding of economic history and confronts us with sobering lessons for today. (Original text from the spine of the book) A New York Times #1 BestsellerAn Amazon #1 BestsellerA Wall Street Journal #1 BestsellerA USA Today BestsellerA Sunday Times BestsellerA Guardian Best Book of the 21st CenturyWinner of the Financial Times and McKinsey Business Book of the Year AwardWinner of the British Academy MedalFinalist, National Book Critics Circle Award“It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year—and maybe of the decade.”—Paul Krugman, New York Times“The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat.”—The Economist“Piketty's Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years.”—Steven Pearlstein, Washington Post“Piketty has written an extraordinarily important book...In its scale and sweep it brings us back to the founders of political economy.”—Martin Wolf, Financial Times“A sweeping account of rising inequality...Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore.”—John Cassidy, New Yorker“Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years.”—Timothy Shenk, The Nation Acknowledgments Introduction Part One: Income and Capital Income and Output Growth: Illusions and Realities Part Two: The Dynamics of the Capital/Income Ratio The Metamorphoses of Capital From Old Eu rope to the New World The Capital/Income Ratio over the Long Run The Capital- Labor Split in the Twenty- First Century Part Three: The Structure of Inequality In equality and Concentration: Preliminary Bearings Two Worlds Inequality of Labor Income Inequality of Capital Ownership Merit and Inheritance in the Long Run Global In equality of Wealth in the Twenty- First Century Part Four: Regulating Capital in the Twenty- First Century A Social State for the Twenty- First Century Rethinking the Progressive Income Tax A Global Tax on Capital The Question of the Public Debt Conclusion Notes Contents in Detail List of Tables and Illustrations Index Income and output Growth : illusions and realities The metamorphoses of capital From old Europe to the new world The long-run capital/income ratio Capital's share vs. labor's share in the twenty-first century Inequality and concentration : an initial orientation The two worlds Inequality in the income from labor Inequality in the ownership of capital Merit and inheritance in the long run Global inequality of wealth in the twenty-first century A social state for the twenty-first century Rethinking the progressive income tax A global tax on capital The question of the public debt. Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns and shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities. He argues, however, that the tendency of returns on capital to exceed the rate of economic growth will generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken Overview: The New York Times Best Seller list is widely considered the preeminent list of best-selling books in the United States. It is published weekly in The New York Times Book Review magazine, which is published in the Sunday edition of The New York Times and as a stand-alone publication. The best-seller list has been ongoing since April 9, 1942. The Main Driver Of Inequality—returns On Capital That Exceed The Rate Of Economic Growth—is Again Threatening To Generate Extreme Discontent And Undermine Democratic Values. Thomas Piketty’s Findings In This Ambitious, Original, Rigorous Work Will Transform Debate And Set The Agenda For The Next Generation Of Thought About Wealth And Inequality.