The Return of "Patrimonial Capitalism" : Review of Thomas Piketty's Capital in the 21st Century

The paper provides a detailed review of Thomas Piketty's book "Capital in the 21st century." It focuses on the new contributions of the book, and in particular on its unified treatment of economic growth, functional income distribution, and concentration of personal income. It concludes that Piketty's reinvigoration of classical and empircally-drven approach is likely to have a profound impact on economics.

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Bibliographic Details
Main Author: Milanovic, Branko
Language:English
en_US
Published: World Bank Group, Washington, DC 2014-07
Subjects:ADVANCED COUNTRIES, ADVANCED ECONOMIES, BONDS, CAPITAL ACCUMULATION, CAPITALISM, CAPITALIST ECONOMIES, CAPITALIST ECONOMY, CIVIL WAR, COMMUNISM, CONVERGENCE ECONOMICS, DEMOCRACIES, DEMOCRACY, DEMOGRAPHIC, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DEVELOPMENT POLICY, DISPOSABLE INCOME, DISPOSABLE INCOME INEQUALITY, DISTRIBUTION OF INCOME, DISTRIBUTION OF WEALTH, DISTRIBUTIONAL EFFECTS, ECONOMIC COOPERATION, ECONOMIC GROWTH, ECONOMIC HISTORIANS, ECONOMIC HISTORY, ECONOMIC INEQUALITY, ECONOMIC POLICIES, ECONOMIC POLICY, ECONOMIC REVIEW, ECONOMIC THEORIES, ECONOMIC THEORY, ELASTICITY, ELASTICITY OF SUBSTITUTION, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKET ECONOMIES, EMPIRE, EMPIRICAL EVIDENCE, EXCHANGE RATE, FACTOR SHARES, FINANCIAL ASSETS, FINANCIAL CRISIS, FINANCIAL INSTRUMENTS, FINANCIAL TRANSACTIONS, GDP, GDP PER CAPITA, GINI COEFFICIENT, GOVERNMENT BONDS, GROWTH RATE, GROWTH RATES, GROWTH THEORY, HIGH INEQUALITY, HIGH INFLATION, HISTORICAL PERSPECTIVE, HOUSEHOLD SURVEYS, HUMAN CAPITAL, INCOME, INCOME DISTRIBUTION, INCOME DISTRIBUTIONS, INCOME GROUPS, INCOME INCREASE, INCOME INEQUALITY, INCOME LEVELS, INCOME SHARE, INCOME SHARES, INCOME TAX, INCOME TAXES, INDIVIDUAL COUNTRIES, INFLATION, INHERITANCE, INTELLECTUAL PROPERTY, INTERNATIONAL COMPETITION, LONG-TERM GROWTH, LOW INCOME, MARGINAL PRODUCT, MARGINAL PRODUCTIVITY, MARKET INCOME, MEAN INCOME, MEASURING POVERTY, MERITOCRACY, MIDDLE CLASS, NATIONAL INCOME, OUTPUT RATIO, PER CAPITA GROWTH, PER CAPITA INCOME, PER CAPITA INCOMES, PERSONAL INCOME, POLICY DISCUSSIONS, POLICY RESEARCH, POLITICAL ECONOMY, POLITICAL POWER, POLITICAL SCIENCE, POOR COUNTRIES, POPULATION GROWTH, RATE OF GROWTH, RATE OF RETURN, RATE OF RETURN ON CAPITAL, RATE OF RETURN TO CAPITAL, REAL GDP, RECESSION, RELATIVE IMPORTANCE, REPUBLIC, RISING INCOME INEQUALITY, RISING INEQUALITY, SHARE OF CAPITAL, SOCIAL SCIENCE, STOCK OF CAPITAL, TAX, TAX RATE, TAX RATES, TAXATION, TECHNICAL REQUIREMENTS, TOTAL OUTPUT, TRADE-OFF, WAGES, WEALTH, WELFARE STATE, WELL-BEING,
Online Access:http://documents.worldbank.org/curated/en/2014/07/19878265/return-patrimonial-capitalism-review-thomas-pikettys-capital-21st-century-return-patrimonial-capitalism-review-thomas-pikettys-capital-21st-century
https://hdl.handle.net/10986/19350
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