by I.K. Mullins
Copyright©2014 I.K. Mullins. All Rights Reserved. No part of this book may be reproduced or retransmitted in any form or by any means without the written permission of the author.
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Income inequality in the United States and in Western Europe has been growing since the 1970s. In the US, the top 1 percent income share has more than doubled in the course of the last thirty years, drawing much public attention. In 2013, the thousand richest individuals in the UK had their wealth increased by 15 percent. At the same time, the UK government enacted a one percent pay freeze on public sector workers, re-enforcing the lengthiest wage squeeze since the 1870s.
Modern capitalistic society is an unequal society, and that inequality grows fast due to the rich-get-richer trend. This explains public interest in Piketty’s book, Capital in the Twenty-First Century. In his book, Piketty argues that as long as the rate of return on capital exceeds the rate of growth, the income and wealth of the rich will grow faster than the typical income from work. This trend will continue to support rising economic inequality.
In this summary and critique of Piketty’s Capital in the Twenty-First Century, I will examine issues raised in Piketty’s book, for the benefit of those who wish to read or study Piketty’s book in the future. The critique includes summary and critical analysis of how Piketty’s book treats a theory of capitalism and the issue of rising economic inequality.