Thomas Piketty: The Making of a Socialist  

Drawing on his virtuoso knowledge of historical economic statistics, he demonstrated something close to an iron law of capitalism. Wealth concentrates because the return on capital tends to exceed the general rate of economic growth. Since income broadly tracks wealth, economies become relentlessly more unequal over time. Piketty demonstrated this pattern in all major nations and at all historic periods for at least 200 years, with one notable exception — the mid-20th century, when income and wealth in Europe and the United States became more equal.


Source: Thomas Piketty: The Making of a Socialist | Portside

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