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

Abstract

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.

Keywords: Population Policies, Population Sciences, Social Analysis, National Governance, Population & Development, Governance Diagnostic Capacity Building, Quality of Life & Leisure, Development Patterns and Poverty, Equity and Development, Demographics, Government Policies, Achieving Shared Growth, Economic Forecasting, Macroeconomic Management, Pro-Poor Growth, Youth and Governance