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

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 distributi...

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Bibliographic Details
Main Author:	Milanovic, Branko
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank Group, Washington, DC 2014
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 http://hdl.handle.net/10986/19350

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Summary:	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.