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“the decrease in the top marginal income tax rate led to an explosion of very high incomes, which then increased the political influence of the beneficiaries of the change in the tax laws, who had an interest in keeping top tax rates low or even decreasing them further and who could use their windfall to finance political parties, pressure groups, and think tanks.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
“Indeed, the distribution of wealth is too important an issue to be left to economists, sociologists, historians, and philosophers.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
“The sharp reduction in income inequality that we observe in almost all the rich countries between 1914 and 1945 was due above all to the world wars and the violent economic and political shocks they entailed (especially for people with large fortunes). It had little to do with the tranquil process of intersectoral mobility described by Kuznets.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
“When a country goes from a population of 3 million to a population of 300 million (to say nothing of the radical increase in territory owing to westward expansion in the nineteenth century), it is clearly no longer the same country.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
“The second conclusion, which is the heart of the book, is that the dynamics of wealth distribution reveal powerful mechanisms pushing alternately toward convergence and divergence. Furthermore, there is no natural, spontaneous process to prevent destabilizing, inegalitarian forces from prevailing permanently.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
Flo’s 2025 Year in Books
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