Journal of Economic Literature: Vol. 52 No. 2 (June 2014)

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

Article Citation

Milanovic, Branko. 2014. "The Return of "Patrimonial Capitalism": A Review of Thomas Piketty's Capital in the Twenty-First Century." Journal of Economic Literature, 52(2): 519-34.

DOI: 10.1257/jel.52.2.519

Abstract

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.

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Milanovic, Branko (World Bank)

JEL Classifications

B10: History of Economic Thought through 1925: General
D31: Personal Income, Wealth, and Their Distributions
D33: Factor Income Distribution
E25: Aggregate Factor Income Distribution
N30: Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: General, International, or Comparative
P16: Capitalist Systems: Political Economy


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