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Thomas Piketty
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2019-02-13 13:47:01.797071
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new left review 85 jan feb 2014 103thomas pikettyDYNAMICS OF INEQUALITYYour new book, Capital in the Twenty-First Century, synthesizes the results of a deeply impressive research programme, using a comparative, long-term approach.1 The results for different countries in terms of wealth distribution are remarkably uniform; they represent a challenge both to ‚convergence™ theo -ries and to the notion that levels of inequality tend to decline over time. How do you explain the relative lack of national speci˜citiesŠand to what extent can these long-run results serve to predict the future?Capital in the twenty-˜rst century outlines a general interpretative framework for data that has been collected by an entire team. It™s very different from my 2001 book on top incomes in France, in that it looks at some two dozen countries, instead of just one, covers a period of several centuries and considers wealth in terms of assets, as well as incomes. 2 The important thing about assets is that the available data allow us to take a longer view of wealth inequalities; income tax was not introduced in most Western countries until the early 20th century, so on that basis we can™t go back far enough to put the two world wars into proper perspective. Shifting the focus from income to assets, including inherited wealth, allows us to trans-form the investigative model and deepen the temporal framework back to the Industrial Revolution, studying the dynamics at work in the 19th century. This widening of scope would have been impossible without the help of my colleagues. As for the similarities between countries, these need to be drawn out from the data and established in the analysis. I™ve tried to do so without overlooking national histories of wealthŠfor example, the role played by Interview
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