Capital in the Twenty-First Century

Capital in the Twenty-First Century is a book by French economist Thomas Piketty. It focuses on wealth and income inequality in Europe and the US since the 18th century. It was initially published in French in 2013, with an English translation released in April 2014. The central thesis is that wealth will accumulate if the rate of return on capital is greater than the rate of economic growth. Over the long term, Piketty argues, this will lead to the concentration of wealth and economic instability. Piketty proposes a global system of progressive tax and transfer to help create greater equality and avoid the vast majority of wealth coming under the control of a tiny minority.