- Acknowledgments
- Introduction
- I. Income and Capital
- 1. Income and Output
- 2. Growth: Illusions and Realities
- II. The Dynamics of the Capital/Income Ratio
- 3. The Metamorphoses of Capital
- 4. From Old Europe to the New World
- 5. The Capital/Income Ratio over the Long Run
- 6. The Capital–Labor Split in the Twenty-First Century
- III. The Structure of Inequality
- 7. Inequality and Concentration: Preliminary Bearings
- 8. Two Worlds
- 9. Inequality of Labor Income
- 10. Inequality of Capital Ownership
- 11. Merit and Inheritance in the Long Run
- 12. Global Inequality of Wealth in the Twenty-First Century
- IV. Regulating Capital in the Twenty-First Century
- 13. A Social State for the Twenty-First Century
- 14. Rethinking the Progressive Income Tax
- 15. A Global Tax on Capital
- 16. The Question of the Public Debt
- Conclusion
- Notes
- Contents in Detail
- List of Tables and Illustrations*
- Index
- * Tables and Illustrations
- Tables
- Table 1.1. Distribution of world GDP, 2012
- Table 2.1. World growth since the Industrial Revolution
- Table 2.2. The law of cumulated growth
- Table 2.3. Demographic growth since the Industrial Revolution
- Table 2.4. Employment by sector in France and the United States, 1800–2012
- Table 2.5. Per capita output growth since the Industrial Revolution
- Table 3.1. Public wealth and private wealth in France in 2012
- Table 5.1. Growth rates and saving rates in rich countries, 1970–2010
- Table 5.2. Private saving in rich countries, 1970–2010
- Table 5.3. Gross and net saving in rich countries, 1970–2010
- Table 5.4. Private and public saving in rich countries, 1970–2010
- Table 7.1. Inequality of labor income across time and space
- Table 7.2. Inequality of capital ownership across time and space
- Table 7.3. Inequality of total income (labor and capital) across time and space
- Table 10.1. The composition of Parisian portfolios, 1872–1912
- Table 11.1. The age–wealth profile in France, 1820–2010
- Table 12.1. The growth rate of top global wealth, 1987–2013
- Table 12.2. The return on the capital endowments of US universities, 1980–2010
- Illustrations
- Figure I.1. Income inequality in the United States, 1910–2010
- Figure I.2. The capital/income ratio in Europe, 1870–2010
- Figure 1.1. The distribution of world output, 1700–2012
- Figure 1.2. The distribution of world population, 1700–2012
- Figure 1.3. Global inequality 1700–2012: divergence then convergence?
- Figure 1.4. Exchange rate and purchasing power parity: euro/dollar
- Figure 1.5. Exchange rate and purchasing power parity: euro/yuan
- Figure 2.1. The growth of world population, 1700–2012
- Figure 2.2. The growth rate of world population from Antiquity to 2100
- Figure 2.3. The growth rate of per capita output since the Industrial Revolution
- Figure 2.4. The growth rate of world per capita output from Antiquity to 2100
- Figure 2.5. The growth rate of world output from Antiquity to 2100
- Figure 2.6. Inflation since the Industrial Revolution
- Figure 3.1. Capital in Britain, 1700–2010
- Figure 3.2. Capital in France, 1700–2010
- Figure 3.3. Public wealth in Britain, 1700–2010
- Figure 3.4. Public wealth in France, 1700–2010
- Figure 3.5. Private and public capital in Britain, 1700–2010
- Figure 3.6. Private and public capital in France, 1700–2010
- Figure 4.1. Capital in Germany, 1870–2010
- Figure 4.2. Public wealth in Germany, 1870–2010
- Figure 4.3. Private and public capital in Germany, 1870–2010
- Figure 4.4. Private and public capital in Europe, 1870–2010
- Figure 4.5. National capital in Europe, 1870–2010
- Figure 4.6. Capital in the United States, 1770–2010
- Figure 4.7. Public wealth in the United States, 1770–2010
- Figure 4.8. Private and public capital in the United States, 1770–2010
- Figure 4.9. Capital in Canada, 1860–2010
- Figure 4.10. Capital and slavery in the United States
- Figure 4.11. Capital around 1770–1810: Old and New World
- Figure 5.1. Private and public capital: Europe and the United States, 1870–2010
- Figure 5.2. National capital in Europe and America, 1870–2010
- Figure 5.3. Private capital in rich countries, 1970–2010
- Figure 5.4. Private capital measured in years of disposable income
- Figure 5.5. Private and public capital in rich countries, 1970–2010
- Figure 5.6. Market value and book value of corporations
- Figure 5.7. National capital in rich countries, 1970–2010
- Figure 5.8. The world capital/income ratio, 1870–2100
- Figure 6.1. The capital–labor split in Britain, 1770–2010
- Figure 6.2. The capital–labor split in France, 1820–2010
- Figure 6.3. The pure return on capital in Britain, 1770–2010
- Figure 6.4. The pure rate of return on capital in France, 1820–2010
- Figure 6.5. The capital share in rich countries, 1975–2010
- Figure 6.6. The profit share in the value added of corporations in France, 1900–2010
- Figure 6.7. The share of housing rent in national income in France, 1900–2010
- Figure 6.8. The capital share in national income in France, 1900–2010
- Figure 8.1. Income inequality in France, 1910–2010
- Figure 8.2. The fall of rentiers in France, 1910–2010
- Figure 8.3. The composition of top incomes in France in 1932
- Figure 8.4. The composition of top incomes in France in 2005
- Figure 8.5. Income inequality in the United States, 1910–2010
- Figure 8.6. Decomposition of the top decile, United States, 1910–2010
- Figure 8.7. High incomes and high wages in the United States, 1910–2010
- Figure 8.8. The transformation of the top 1 percent in the United States
- Figure 8.9. The composition of top incomes in the United States in 1929
- Figure 8.10. The composition of top incomes in the United States, 2007
- Figure 9.1. Minimum wage in France and the United States, 1950–2013
- Figure 9.2. Income inequality in Anglo-Saxon countries, 1910–2010
- Figure 9.3. Income inequality in Continental Europe and Japan, 1910–2010
- Figure 9.4. Income inequality in Northern and Southern Europe, 1910–2010
- Figure 9.5. The top decile income share in Anglo-Saxon countries, 1910–2010
- Figure 9.6. The top decile income share in Continental Europe and Japan, 1910–2010
- Figure 9.7. The top decile income share in Europe and the United States, 1900–2010
- Figure 9.8. Income inequality in Europe versus the United States, 1900–2010
- Figure 9.9. Income inequality in emerging countries, 1910–2010
- Figure 10.1. Wealth inequality in France, 1810–2010
- Figure 10.2. Wealth inequality in Paris versus France, 1810–2010
- Figure 10.3. Wealth inequality in Britain, 1810–2010
- Figure 10.4. Wealth inequality in Sweden, 1810–2010
- Figure 10.5. Wealth inequality in the United States, 1810–2010
- Figure 10.6. Wealth inequality in Europe versus the United States, 1810–2010
- Figure 10.7. Return to capital and growth: France, 1820–1913
- Figure 10.8. Capital share and saving rate: France, 1820–1913
- Figure 10.9. Rate of return versus growth rate at the world level, from Antiquity until 2100
- Figure 10.10. After tax rate of return versus growth rate at the world level, from Antiquity until 2100
- Figure 10.11. After tax rate of return versus growth rate at the world level, from Antiquity until 2200
- Figure 11.1. The annual inheritance flow as a fraction of national income, France, 1820–2010
- Figure 11.2. The mortality rate in France, 1820–2100
- Figure 11.3. Average age of decedents and inheritors, France, 1820–2100
- Figure 11.4. Inheritance flow versus mortality rate, France, 1820–2010
- Figure 11.5. The ratio between average wealth at death and average wealth of the living, France, 1820–2010
- Figure 11.6. Observed and simulated inheritance flow, France, 1820–2100
- Figure 11.7. The share of inherited wealth in total wealth, France, 1850–2100
- Figure 11.8. The annual inheritance flow as a fraction of household disposable income, France, 1820–2010
- Figure 11.9. The share of inheritance in the total resources (inheritance and work) of cohorts born in 1790–2030
- Figure 11.10. The dilemma of Rastignac for cohorts born in 1790–2030
- Figure 11.11. Which fraction of a cohort receives in inheritance the equivalent of a lifetime labor income?
- Figure 11.12. The inheritance flow in Europe, 1900–2010
- Figure 12.1. The world’s billionaires according to Forbes, 1987–2013
- Figure 12.2. Billionaires as a fraction of global population and wealth, 1987–2013
- Figure 12.3. The share of top wealth fractiles in world wealth, 1987–2013
- Figure 12.4. The world capital/income ratio, 1870–2100
- Figure 12.5. The distribution of world capital, 1870–2100
- Figure 12.6. The net foreign asset position of rich countries
- Figure 13.1. Tax revenues in rich countries, 1870–2010
- Figure 14.1. Top income tax rates, 1900–2013
- Figure 14.2. Top inheritance tax rates, 1900–2013
- Tables