book hack
Capital in the Twenty First CenturyBy Thomas Piketty, Arthur Goldhammer

In a Nutshell

Capital in the Twenty First Century is a comprehensive analysis of wealth inequality in the Western world throughout the past two centuries, and what it means for today's economy.

Favorite quote

The right solution is a progressive annual tax on capital. This will make it possible to avoid an endless inegalitarian spiral while preserving competition and incentives for new instances of primitive accumulation.

Thomas Piketty

Introduction

Karl Marx's three-volume magnum opus known as Capital has been one of history's most influential economic works, inspiring revolutions around the world and a debate over capitalism that continues to this day. But considering that Marx was writing in the 19th century, do his ideas need updating for the 21st?

Thomas Piketty is a French economist and Centennial Professor at the London School of Economics. In this book, translated to English by Arthur Goldhammer, Piketty takes a close look at the past two centuries of wealth and inequality in Europe and the U.S.

Using detailed historical data, Piketty provides a fresh critique that incorporates both its strengths and drawbacks of capitalism. By looking at how we got to where we are today, Capital in the Twenty-First Century gives us an idea of where we might go next.

Here are the 3 key insights from this Hack

  1. 1.
    The modern economy is founded on the principle of infinite accumulation of capital
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