The return of “patrimonial capitalism”: review of Thomas Piketty’s Capital in the 21st century

Milanovic, Branko (2013): The return of “patrimonial capitalism”: review of Thomas Piketty’s Capital in the 21st century. Forthcoming in: Journal of Economic Literature No. June 2014

Abstract

Thomas Piketty's "Capital in the 21st century" may be one of the most important recent economics books. It jointly treats theory of growth, functional distribution of income, and interpersonal income inequality. It envisages a future of relatively slow growth with the rising share of capital incomes, and widening income inequality. This tendency could be checked only by worldwide taxation of capital.

• Item Type: MPRA Paper
• Language: English
• Keywords: Income distribution, economic growth, taxation
• Subjects: D - Microeconomics > D3 - Distribution > D31 - Personal Income, Wealth, and Their Distributions; D - Microeconomics > D3 - Distribution > D33 - Factor Income Distribution; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E25 - Aggregate Factor Income Distribution

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