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Capital in the Twenty-First Century
CAPITAL IN THE
TWENTY-FIRST
CENTURY
Thomas Piketty
Translated by Arthur Goldhammer
The Belknap Press of Harvard University Press
CAMBRIDGE, MASSACHUSETTS LONDON, ENGLAND
2014
Copyright © 2014 by the President and Fellows of Harvard College
All rights reserved
 
First published as
Le capital au XXI siècle,
copyright © 2013 Éditions du Seuil
 
Design by Dean Bornstein
 
Jacket design by Graciela Galup
 
The Library of Congress has cataloged the printed edition as follows
Piketty, Thomas, 1971–
[Capital au XXIe siècle. English]
Capital in the twenty-first century / Thomas Piketty ; translated by Arthur Goldhammer.
pages cm
Translation of the author’s Le capital au XXIe siècle.
Includes bibliographical references and index.
ISBN
978-0-674-43000-6 (alk. paper)
1.  Capital.   2.  Income distribution.   3.  Wealth.   4.  Labor economics.   I. Goldhammer, Arthur, translator.   II.  Title.
HB501.P43613 2014
332'.041—dc23
2013036024
Contents
Acknowledgments
Introduction
Part One:
Income and Capital
1. Income and Output
2. Growth: Illusions and Realities
Part Two:
The Dynamics of the Capital/Income Ratio
3. The Metamorphoses of Capital
4. From Old Europe to the New World
5. The Capital/Income Ratio over the Long Run
6. The Capital-Labor Split in the Twenty-First Century
Part Three:
The Structure of Inequality
7. Inequality and Concentration: Preliminary Bearings
8. Two Worlds
9. Inequality of Labor Income
10. Inequality of Capital Ownership
11. Merit and Inheritance in the Long Run
12. Global Inequality of Wealth in the Twenty-First Century
Part Four:
Regulating Capital in the Twenty-First Century
13. A Social State for the Twenty-First Century
14. Rethinking the Progressive Income Tax
15. A Global Tax on Capital
16. The Question of the Public Debt
Conclusion
Notes
Contents in Detail
List of Tables and Illustrations
Index
Acknowledgments
This book is based on fifteen years of research (1998–2013) devoted essentially to understanding the historical dynamics of wealth and income. Much of this research was done in collaboration with other scholars.
My earlier work on high-income earners in France, Les hauts revenus en France au 20e siècle
(2001), had the extremely good fortune to win the enthusiastic support of Anthony Atkinson and Emmanuel Saez. Without them, my modest Francocentric project would surely never have achieved the international scope it has today. Tony, who was a model for me during my graduate school days, was the fir ............

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