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

Milanovic, Branko

American Economic Association

关键词: history of economic thought;    economic growth;    income distribution;    capitalism;    political economy;   

DOI  :  10.1257/jel.52.2.519

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

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.