Capital in the Twenty-First Century
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"In his book Capital in the Twenty-First Century, French economist Thomas Piketty describes the Trente Glorieuses as an exceptional "catch up" period following the world wars. He cites statistics showing that normal growth in wealthy countries is about 1.5-2%, whereas in Europe growth dropped to 0.5% between 1913 and 1950, and then "caught up" with a growth rate of 4% between 1950 and 1970, until settling back to 1.5–2% from 1970 onward." --Sholem Stein |
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Capital in the Twenty-First Century is a 2013 book by French economist Thomas Piketty. It focuses on wealth and income inequality in Europe and the United States since the 18th century.
The book's central thesis is that when the rate of return on capital (r) is greater than the rate of economic growth (g) over the long term, the result is concentration of wealth, and this unequal distribution of wealth causes social and economic instability. Piketty proposes a global system of progressive wealth taxes to help reduce inequality and avoid the vast majority of wealth coming under the control of a tiny minority.
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