The return of “patrimonial capitalism”: review of Thomas Piketty's Capital in the 21st Century. World Bank Policy Research Working Paper No. 6974

This paper provides a detailed review of Thomas Piketty’s book “Capital in the 21st Century.”

From:
Foreign, Commonwealth & Development Office
Published
1 January 2014
Document Type:
Working Paper
Theme:
Economic Growth
Authors:
Milanovic, B.

Abstract

This 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 empirically-driven approach is likely to have a profound impact on economics.

Citation

Milanovic, B. The return of patrimonial capitalism : review of Thomas Piketty’s Capital in the 21st Century. World Bank Policy Research Working Paper No. 6974. The World Bank, Washington DC, USA (2014) 20 pp.

The return of “patrimonial capitalism”: review of Thomas Piketty’s Capital in the 21st Century. World Bank Policy Research Working Paper No. 6974 (PDF, 885KB)

Published 1 January 2014
Contents