Meet New Books
Book Cover

Capital in the Twenty-First Century

Save:
Find on Amazon

'Capital in the Twenty-First Century' by Thomas Piketty delves into the concept that wealth capital, rather than income, drives growing inequality, leading to an oligarchic society where the wealthy dictate terms to the less fortunate. Piketty provides a wealth of data on income and wealth disparities, mainly in Western countries, demonstrating a trend of increasing inequality over the years with dire social and political consequences. Through historical perspectives on inflation, capital accumulation, and taxation, Piketty argues for structural changes like a progressive capital tax to combat the rising wealth concentration among the privileged few.

Writing/Prose:

The writing is clear and accessible, using literary references to enhance understanding of complex economic themes.

Plot/Storyline:

The narrative examines historical wealth inequality and critiques the structure of capitalism, highlighting the implications of past data for future policies.

Setting:

The setting encompasses modern Western economies while providing a historical context that spans several centuries.

Pacing:

The pacing is thorough and detailed, sometimes slow due to data but gains momentum in later sections.
On August 16, 2012, the South African police intervened in a labor conflict between workers at the Marikana platinum mine near Johannesburg and the mine’s owners: the stockholders of Lonmin, Inc., bas...

Notes:

Piketty argues that capitalism is fundamentally flawed, leading to an unequal distribution of wealth, particularly through inheritance.
The rate of return on capital (r) often exceeds economic growth (g), causing wealth inequality.
The period after World War II saw a decrease in inequality, but Piketty believes this was an anomaly rather than a result of policy.
Data shows that the top 10% of wealth holders have controlled a large share of capital for a long time, raising concerns about a return to 19th-century wealth concentration levels.
In the early 20th century, the top 10% had about 90% of total wealth in Europe, with predictions suggesting we might see similar levels soon.
Piketty highlights that the wealth of those with inherited capital grows much faster than wages from labor.
He proposes a progressive tax on wealth to address inequality and limit the concentration of capital.
Historical evidence suggests that low taxation rates and minimal regulation can exacerbate wealth inequality.
Piketty discusses the differences in income and wealth distribution between Europe and the US, noting the US is becoming less egalitarian over time.
He uses literature from authors like Balzac and Austen to illustrate economic concepts, making the book more relatable.
The book challenges the idea that free market capitalism benefits all, suggesting instead that it favors the wealthy.
Piketty's argument is backed by extensive historical data and research, making it a significant contribution to the study of economic inequality.

From The Publisher:

A New York Times #1 Bestseller

An Amazon #1 Bestseller

A Wall Street Journal #1 Bestseller

A USA Today Bestseller

A Sunday Times Bestseller

Winner of the Financial Times and McKinsey Business Book of the Year Award

Winner of the British Academy Medal

Finalist, 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

Ratings (2)

Loved It (1)
Did Not Like (1)

Reader Stats (9):

Read It (2)
Want To Read (7)
 
Meet New Books is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a way for sites to earn advertising fees by advertising and linking to products and services on amazon.com and its subsidiaries.
When you click the Amazon link and make a purchase, we may receive a small commision, at no cost to you.