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US Nobel Prize winner Paul Krugman described Thomas Piketty's
Capital in the Twenty-First Century as "perhaps the most important
book of the last decade". It has sparked major international
debates, dominated bestseller lists and generated a level of
enthusiasm-as well as intense criticism-in a way no other recent
economic or sociological work has. Piketty has been described as a
new Karl Marx and placed in the same league as the economist John
Maynard Keynes. The 'rock star economist's' (Financial Times)
underlying thesis: inequality under capitalism has reached dramatic
proportions in the last few decades and continues to grow-and not
by coincidence. Thus, a small elite becomes simultaneously richer
and richer and more and more powerful. Given the sensational
reception of the not-so-easily digested 800-page study that spans
back to the eighteenth century, the question as to where the hype
around Piketty's book comes from deserves to be asked. What is
correct in it? What are the criticisms of it? And what should we
make of it-both of the book itself and of the criticism it has
received? This book lays out the argument of Piketty's monumental
work in a compact and understandable format, while also
investigating the controversies that this book has caused. In
addition, the two authors demonstrate the limits, contradictions
and errors of the so-called 'Piketty revolution'.
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