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

By Branko Milanovic. 2014

112 citations recorded by the source corpus.

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)

Subfields: Economics and Econometrics, Sociology and Political Science

View Paper: https://www.semanticscholar.org/paper/17efe82e96dbf23fee8bf0b049b71e2d3bf49bbc

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The Top 1 Percent in International and Historical Perspective (2013, background): “suffi cient to determine a unique equilibrium” (MacLeod and Malcomson 1998, p. 400). A “pay code” limits the extent to which earnings are individually determined, a situation that both workers and employers accept on reputational grounds. As argued in Atkinson (2008), there may be a tipping-point wh”