Summary of Capital in the Twenty-First Century by Thomas Piketty | Includes Analysis
Thomas Piketty's Capital in the Twenty-First Century is a study of inequity, both historically and in the present. The book describes how the concentration of wealth has changed over time. Its central thesis is that return on capital is greater than growth over time, which means that capital and inequality inevitably increase. The book also considers the ways governments might address the increasing concentration of wealth in the future.
Many economists have argued that increasing worker productivity in the modern era will inevitably result in reduced inequality. The historical record suggests that this is untrue. For most of history, there has been a huge gap between the rich and poor with no real middle class.
That changed in developed countries during the twentieth century for a number of reasons. First, two world wars caused massive shocks to the status quo and resulted in severe losses to many holders of capital.
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