Contents

Acknowledgements - vii

Introduction - 1

Part One: Income and Capital

1. Income and Output - 39

2. Growth: Illusions and Realities - 72

Part Two: The Dynamics of the Capital/ Income Ratio

3. The Metamorphoses of Capital - 113

4. From Old Europe to the New World - 140

5. The Capital/ Income Ratio over the Long Run - 164

6. The Capital-Labor Split in the Twenty-First Century - 199

Part Three: The Structure of Inequality

7. Inequality and Concentration: Preliminary Bearings - 237

8. Two Worlds - 271

9. Inequality of Labor Income - 304

10. Inequality of Capital Ownership - 336

11. Merit and Inheritance in the Long Run - 377

12. Global Inequality of Wealth in the Twenty-First Century - 430

Part Four: Regulating Capital in the Twenty-First Century

13. A Social State for the Twenty-First Century - 471

14. Rethinking the Progressive Income Tax - 493

15. A Global Tax on Capital - 515

16. The Question of the Public Debt - 540

Conclusion - 571

Notes - 579

Contents in Detail - 657

List of Tables and Illustrations - 665

Index - 671