Thomas Piketty
Capital in the Twenty-First Century
Capital in the Twenty-First Century argues that modern inequality is driven by the structural dynamics of capitalism itself. Through historical data and economic analysis, Thomas Piketty shows how wealth concentration intensifies when returns to capital systematically exceed economic growth—and why this trend threatens democratic societies.
About the Author
Thomas Piketty is one of the most influential economists of thetwenty-first century.
A professor at the Paris School of Economics, Piketty is internationallyrecognized for his empirical research on income and wealth inequality acrosscountries and over long historical periods.
His workcombines large-scale historical data with political economy, reshaping globaldebates on taxation, redistribution, and capitalism.
Capital in the Twenty-First Century, first published in 2013, became aglobal bestseller and established Piketty as a central figure in contemporarydiscussions of inequality.
About the Book
In Capitalin the Twenty-First Century, Piketty presents a sweeping historicalanalysis of wealth and income distribution spanning more than two centuries.
Usingextensive data from Europe and the United States, he identifies a centraldynamic of capitalism: when the rate of return on capital (r) exceeds the rateof economic growth (g), wealth accumulated in the past grows faster than incomeand output.
This mechanism, he argues, leads to persistent and widening inequality unlesscounteracted by strong institutions and public policy.
The bookexamines inheritance, capital accumulation, taxation, and the historical roleof shocks such as wars and depressions, concluding that inequality is notself-correcting. Without deliberate intervention, concentration of wealthbecomes the norm rather than the exception.
Why Inequality Matters
For Piketty,extreme inequality poses a direct challenge to democratic ideals.
When wealthconcentrates across generations, economic power hardens into social andpolitical dominance.
Meritocracy erodes, social mobility declines, and democratic decision-makingbecomes increasingly distorted by inherited advantage.
Piketty arguesthat unchecked capital accumulation risks returning societies to a patrimonialform of capitalism—one in which birth matters more than effort, and equality ofopportunity becomes an illusion.
Why We Selected This Book
The GlobalInequality Institute selected Capital in the Twenty-First Centurybecause it fundamentally reshaped how inequality is understood in the modernera.
Pikettydemonstrates that inequality is not an anomaly or a temporary deviation, but apredictable outcome of economic structures left unattended.
His work provides the empirical backbone for contemporary debates onprogressive taxation, wealth taxes, and institutional reform.
This bookaligns with GII’s mission to confront inequality at its structural roots.
It reminds us that markets do not naturally generate justice—and thatdemocratic societies must consciously design institutions capable ofrestraining concentration and preserving fairness.
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