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 20 countries, ranging as far back as the 18th 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.
A truly unique work for this generation EDIT: I would like to point out that it is ridiculous that literally all of the 1-star reviews (except for one that I counted) for this book are from people who did not purchase the book or even read it. It looks like there was some kind of invasion from April 22nd of right-wingers who were told this book is “communist” or something to make a 1-star vote just to bring down the rating of the book. Amazon should not allow this kind of manipulation, and should limit reviews only to those who are…
Well written, well documented Given my interest in economics, Thomas Piketty’s Capital in the Twenty-First Century has been on my “should read” list since it came out, but it really caught my attention after shooting to the top of Amazon’s bestseller list, with almost everyone who actually read the book giving it a five-star review. Of course, by that time it was sold out and I had to wait for the reprint.The first thing to realize is that, while it may be aimed at general audiences, this is a research book;…