Capital in the Twenty-First Century

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

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