SOLUTION: ECON Capital in The Twenty First Century Book Report

hey Buddy, please check this out. thanksRunning head: CAPITAL IN THE TWENTY-FIRST CENTURYFirst & Last Name: XXXXXXStudent ID: XXXXXXAuthor(s) First & Last Name(s): Thomas PikettyTitle of Book: Capital in the Twenty-First CenturyYear of Publication: 2017Place of Publication: New YorkPublisher: Harvard University PressNumber of Pages: 816Price (Paperback): $18.90 (Amazon)ISBN: 97806749798572BOOK REVIEWCapital in the Twenty-First Century3BOOK REVIEWCapital in the Twenty-First CenturyIntroductionThis essay reviews the book Capital in the Twenty-First Century, a review of how capitalis unevenly concentrated among a small population. The report will offer a background of theauthor. Furthermore, the book’s fundamental concepts and objectives will be presented; thebook’s motivation: political argument, the book’s impact on research, or theory. Lastly, acomparison with similar work and the book’s strengths and weaknesses will be set forth. Thesubject matter of the discussion is wealth and income inequalities and the rising inequality.AudienceThis masterpiece audience is broad; they comprise developed countries and leastdeveloped countries interested in bridging economic inequalities. There are experts,policymakers, researchers, economists, and institutions in these two worlds striving to balancewealth and income distribution. Scholars and researchers interested in global capital distributionscan also benefit from the profound knowledge presented in this book.Government agencies, entrepreneurs, policymakers can also benefit from the insightsproffered by adopting various approaches to finance its debts, taxes, and finances. Again,managers, entrepreneurs, and the general public strive to increase wages and income toovercome the wage and income disparities. Besides policymakers and government agencies,entrepreneurs and businesses could benefit from the insights on economic and institutionalapproaches to wealth creation.4BOOK REVIEWThomas PikettyThomas is a French economist born in 1971 to Trotskyite parents. He was later associatedwith the French socialist party. By age 18, he joined École Normale Supérieure (ENS), where heenrolled in mathematics and economics; in 1990, he received an M.sc in mathematics. By 1993he was awarded a Doctor of Philosophy for his dissertation on wealth and income redistribution,which Roger Guesnerie supervised at the London School of Economics (LSE) and EHESS. From1993-1995 he taught at the MIT institute of technology in Massachusetts. However, he wentback to France as a research associate between 1995-2000. In 2000 he became a professor ofeconomics. He was amongst the founding directors of the Paris School of Economics. He is anauthor of other exemplary books and journals in collaboration with French, American, andBritish economists.He gained global popularity with his masterpiece Capital in the Twenty-First Century, abest seller. Amongst other books he has authored are Capital and Ideology (2019), Chronicles:On Our Troubled Times (2016). His work is focused on economic inequality, taking a historicaland statistical perspective. In his personal life, he has Julia Cagé, a fellow economist, as his wife.Main Ideas and ObjectivesThe principal thesis is economic inequality. The book states that inequality is not acoincidence but is a capitalist aspect that can be overturned via state interventionism. Thus, thebook contends that if capitalism is not restructured, it will remain a threat to democracy. Besides,Piketty grounds his ideas on a theorem that connects the capital rate of return (r) to economicgrowth (g). (r) encompasses capital-related incomes such as dividends, profits, etc., while (g) isevaluated as income and output growth. Piketty asserts that when there is slow economic growth,5BOOK REVIEWthe wealth of 1-10% tends to amass more from (r), expanding the inequality gap. Thus, this bookaims to substantiate the primary source of divergence and wealth inequality using the formular>g.Moreover, the book’s provocative concept is that capitalism, especially capitalismpracticed in Europe and other developed economies, will in due course result in an economycontrolled by those who were lucky to inherit wealth. Piketty contends that this is how theEuropean economy in the early 20th century was developed—inherited wealth was ruined duringWorld War I and II, and in the 21st century, the US and Canada will face similar adverseconsequences. The developed countries’ wealth was destroyed during the wars, the GreatDepression. Following the elite’s rapid wealth destruction between 1930-1975, governmentswere prompted to pursue income and wealth redistribution. A few decades later, rapid economicgrowth was experienced, which resulted in greater wealth than previously. Piketty observes thatin the 21st slow economic growth environment unless extreme measures are taken, the future isfor those who inherited wealth from previous generations. Therefore, the book claims that theworld is moving towards patrimonial capitalism, whereby the economy will be dominated by theelite leading to oligarchy.However, the book proposes a progressive yearly wealth and income tax of 2% and atleast 80%, respectively, to alleviate inequality. Without tax adjustments, the book foresees aworld of extreme inequality and low growth. These objectives and ideas are accomplishedthrough adequate international data analysis and a clear theoretical framework to support thearguments. The book also offers historical proofs and conducts an in-depth evaluation of 200years’ worth of data on wealth and income distribution across developed economies.6BOOK REVIEWControversies and Implications of the BookThe book has had mixed political controversies. Professor Hannes Gissurarson perceivesthat Pikkety is siding with the leftists. Besides, he castigates for concentrating more on the elitethan the poor. He asserts that the rising of the elite’s wealth is not a problem, provided the poorare not getting poorer. On the other, Economists view the book as being right at the appropriatetime, during a period of inequality movements such as “the Occupy Movement and We are the99%.” The book was perceived as “soft Marxism,” but Piketty depended on historical datainstead of triggering classical economics. Other scholars, such as Scheidel (2018), in his workThe Great Leveler: Violence and the History of Inequality from the Stone Age to the TwentyFirst Century, have built upon the book; however, he contends that Piketty’s recommendationsare unjustifiable. Paul Krugman, an American economist, labelled the book as the mostimportant book of the decade during a period of wealth and income concentration in amongst thefew. Similarly, Branko, a former World Bank senior economist, viewed the book as a watershedin economic thinking, proving that the Occupy Movement was right.The book has had twofold implications. First, a global review of inequality amongstindividuals in different countries sheds light on the contemporary world, enhanced byinternational institutions such as the UN and the IMF. Secondly, developing countries areconducting an internal analysis of inequality in wealth distribution. These approaches will likelyreduce internal and global inequalities. The responsibility of alleviating these inequalities lieswith governments, policymakers, stakeholders, the community, and institutions. For instance,governments can introduce minimum tax policies for the elite, minimum wages, and have wealthredistribution initiatives.7BOOK REVIEWComparison with Similar WorkIn his book 99 to 1: How Wealth Inequality is Wrecking the World and What We Can DoAbout it, Collins (2012) highlights how for over three decades, we have lived in a progressiveredistribution of wealth to the 1%. He views this as a strange social experiment to test how muchinequality a democracy can hold. The author considers the 99% as the advocates of the OccupyMovement. He marshals extensive data and explains the 99% and 1%; how deep is inequality insociety; the causes and implications of inequality; and what can be done. He looks at not onlyindividual income but also the business world. He notes that shifts in social values, politicalpower, and economic policies as the major contributors to inequality.In their book Income Inequality: Economic Disparities and the Middle Class in AffluentCountries, Gornick & Jäntti (2014) puts forward comparative research on a subject for…

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