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Capital in the Twenty-first Century

Piketty, Thomas (Book - 2014)
Capital in the Twenty-first Century
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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.
Authors: Piketty, Thomas, 1971-
Title: Capital in the twenty-first century
Publisher: Cambridge Massachusetts :, The Belknap Press of Harvard University Press,, 2014
Characteristics: viii, 685 pages ; 25 cm
Content Type: text
Media Type: unmediated
Carrier Type: volume
Notes: Translation of the author's Le capital au XXIe sìecle
Contents: Income and output
Growth : illusions and realities
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
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
A social state for the twenty-first century
Rethinking the progressive income tax
A global tax on capital
The question of the public debt
Summary: 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.
Local Note: Master record variable field(s) change: 505, 520
Additional Contributors: Goldhammer, Arthur Translator
ISBN: 9780674430006
067443000X
9780674369542
0674369548
Statement of Responsibility: Thomas Piketty ; translated by Arthur Goldhammer
Bibliography: Includes bibliographical references (pages 579-655) and index
Other Language: Translation of the author's Le capital au XXIe sìecle
Subject Headings: Capital Income distribution Wealth Labor economics Capital. fast (OCoLC)fst00846272 Income distribution. fast (OCoLC)fst00968670 Labor economics. fast (OCoLC)fst00989943 Wealth. fast (OCoLC)fst01172973 Arbeitsökonomie. gnd Einkommensverteilung. gnd Kapital. gnd Produktionsfaktor. gnd Wohlstand. gnd
Topical Term: Capital
Income distribution
Wealth
Labor economics
Capital
Income distribution
Labor economics
Wealth
Arbeits232okonomie
Einkommensverteilung
Kapital
Produktionsfaktor
Wohlstand
LCCN: 2013036024
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