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Books > History > History of specific subjects > Economic history
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Capital in the Twenty-First Century (Hardcover)
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Capital in the Twenty-First Century (Hardcover)
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A New York Times #1 Bestseller An Amazon #1 Bestseller A Wall
Street Journal #1 Bestseller A USA Today Bestseller A Sunday Times
Bestseller A Guardian Best Book of the 21st Century 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 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.
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