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The Return of “Patrimonial Capitalism”: A Review of Thomas Piketty's Capital in the Twenty-First Century

2014; American Economic Association; Volume: 52; Issue: 2 Linguagem: Inglês

10.1257/jel.52.2.519

2328-8175

Branko Milanović,

Fiscal Policy and Economic Growth

Capital in the Twenty-First Century by Thomas Piketty provides a unified theory of the functioning of the capitalist economy by linking theories of economic growth and functional and personal income distributions. It argues, based on the long-run historical data series, that the forces of economic divergence (including rising income inequality) tend to dominate in capitalism. It regards the twentieth century as an exception to this rule and proposes policies that would make capitalism sustainable in the twenty-first century. (JEL D31, D33, E25, N10, N30, P16)