capital in the twenty first century book review

Piketty sets himself against Simon Kuznets, the Belarusian economist who became famous for demonstrating that, while inequality increases in the first stages of industrialization, the disparity between classes automatically evens out as economies mature. What makes this book different is that it draws on a new trove of datasets that adds a degree of substance to the left’s critique, which economists and policymakers simply cannot ignore. For many of us who have been concerned about rising inequalities over the past few decades, Piketty’s conclusions are nothing new, and many of the graphs that illustrate his text are long-familiar images. Clearly his argument has touched a raw nerve. It surely says something interesting about our times that this 700 page tome packed with dense historical data on incomes and wealth has become so popular, spreading with meme-like force and leaving bookstores around the world struggling to keep pace with demand. It is always a bit surprising to hear an economist described as a “rock star” in the media, but Thomas Piketty has been collecting this accolade in spades since the publication of his runaway bestseller, Capital in the Twenty-First Century.

Cambridge, MA: Harvard University Press 2014.

I can see it being shown in schools.Capital in the Twenty-First Century, by Thomas Piketty. It’s brisk, first-rate stuff, and not especially radical. Not so when today the 1% that hold 70% of the world’s wealth remain a stark reminder of Britain’s 18th-century aristocrats, whose inherited land and wealth set them apart from the general public whose average life expectancy was just 17. That might seem obvious, but Pemberton and Piketty encourage viewers to think about the way the acquisition of capital has been packaged and sold to the middle classes as a social leveller destined to improve the quality of life for all. Piketty appears as a talking head, bolstered by a cast of lively academics and economists who analyse more than 300 years of social, political and economic change, showing how unchecked capitalism works to widen the gap between rich and poor. In New Zealand film-maker Justin Pemberton’s documentary, French economist Thomas Piketty’s sweeping 700-page book from 2013 is condensed into an illustrated lecture that runs under two hours.

Capital in the Twenty-First Century is not so much a critique of capitalism as a critique of its corruption.

Capital in the twenty first century book review