Capital in the Twenty First Century by Thomas Piketty (Author), Arthur Goldhammer (Translator)

Capital in the Twenty-First Century

Author: Thomas Piketty
Translator: Arthur Goldhammer

Overview:

"Capital in the Twenty-First Century" is a groundbreaking work on economic inequality, wealth accumulation, and capitalism. French economist Thomas Piketty presents a historical analysis of wealth and income distribution from the 18th century to the modern era, arguing that capital accumulation grows faster than economic growth, leading to rising inequality.

Key Themes & Arguments:

✔ Wealth Inequality Across History – Examines how capital has concentrated in the hands of elites, particularly in the 19th and early 20th centuries, and how modern economies are repeating this trend.
✔ r > g Formula – Piketty’s famous equation r (return on capital) > g (economic growth) explains why wealth accumulates faster than income, exacerbating inequality.
✔ Decline & Return of Inequality – Shows how wars, progressive taxation, and social policies reduced inequality in the mid-20th century but that wealth concentration has returned in the 21st century.
✔ Role of Inheritance – Explains how inheritance and wealth transfers reinforce economic disparities.
✔ Taxation as a Solution – Advocates for a global progressive wealth tax to counteract inequality and maintain economic stability.

Why Read This Book?

✔ Comprehensive Data Analysis – Uses historical economic data from multiple countries to support arguments.
✔ Relevant to Modern Capitalism – Helps understand current economic policies, billionaire wealth concentration, and income disparity issues.
✔ Policy Recommendations – Offers solutions for governments to address inequality through progressive taxation and policy reforms.

Who Should Read It?

✔ Economists, policymakers, and academics
✔ Business leaders & investors
✔ Students of finance, political economy, and sociology
✔ Anyone interested in wealth inequality & capitalism’s future