Karl

“When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.”
― Thomas Piketty, Capital in the Twenty-First Century

“...the return of high capital/income ratios over the past few decades can be explained in large part by the return to a regime of relatively slow growth. In slowly growing economies, past wealth naturally takes on disproportionate importance, because it takes only a small flow of new savings to increase the stock of wealth steadily and substantially.”
― Thomas Piketty, Capital in the Twenty First Century