Capital in the Twenty-First Century

by Thomas Piketty

  Tax havens, 465–­466, 521–­524, 641n9

  Tea Party, 474

  Technological progress, durable, 10

  Technology: return on capital and, 212–­213, 216; capital-­labor split and, 223–­224; caprices of, 234; educational system and, 304–­307

  Temin, Peter, 641n3

  Thatcher, Margaret, 42, 98

  Thiers, Adolphe, 417, 620n46

  Third Republic, 339, 344, 501–­505

  Time preference theory, 258–­361, 613n17

  Titanic (film), 152

  Tobin’s Q, 190–­191

  Tocqueville, Alexis de, 152, 620n46

  Todd, Emmanuel, 587n5, 589n20

  Tolstoy, Alexei, Ibiscus, 446–­447

  Top marginal tax rates, 508–­514, 635n14

  Total income, 254–­255, 263–­265

  Touzery, Mirelle, 636n17

  Training: investment in, 22, 71; system, state of, 305–­307; in­e­qual­ity and, 419–­420

  Transfers in kind, 182, 477

  Transfers payments, 297–­298, 477–­479

  Transparency: taxation and, 12, 481, 504; lack of, 328–­329, 437, 473, 485, 487; progressive income tax and, 455; global tax on capital and, 515, 516, 518–­521; banking information and, 521–­524; public debt and, 569–­570

  Trea­sury bonds (US), 457

  Trente Glorieuses, 11, 15, 96–­99, 411, 589n20

  Troika, 553–­555

  Trusts, family, 451–­452

  Two Cambridges Debate, 230–­232

  “Two-­thirds bankruptcy,” 129, 133

  U-curve: of capital/income ratio, 23, 25, 154, 195; of capital share of income, 200, 216; of inheritances, 385, 403, 425

  Unemployment insurance, 478

  United States: income in­e­qual­ity in, 12–­13, 23–­25, 247–­250, 256–­258, 264–­265; national income and, 61, 64, 66, 68; growth in, 78, 81, 96–­99, 174–­175, 510–­511, 595n20, 639n44; employment by sector in, 91; inflation in, 107; capital in, 140, 149, 150–­156; foreign capital/assets and, 151, 155–­156, 194, 596–­597n29, 597nn31,32; public debt of, 153; slavery in, 158–­163; savings in, 177–­178; explosion of in­e­qual­ity in, 291–­296, 314–­315, 323, 330–­333; taxation and, 292, 473, 498–­500, 505–­512, 636n16; estate taxes in, 338, 349; wealth distribution in, 347–­350; meritocratic beliefs in, 417; inheritances and, 427–­428; universities in, 447–­452, 485; taxes as share of national income, 475–­476, 490; social state in, 477–­479, 629n13, 630n17, 631n25. See also North America

  Universities: endowments of US, 447–­452, 625n23; cost of, 485–­486, 631–­632n29, 632nn34,35,37,38, 633nn40,41

  Upper class, 250–­251

  Usury, prohibition of, 530–­531

  Valdenaire, M. 632n36

  Valuables, 179–­180

  “Value added,” 331, 584n16, 600n30

  Vanoli, André, 585n19

  Vauban, Sébastien Le Prestre de, 56, 501,

  590n1

  Vautrin’s lesson, 238–­242, 379, 404–­407, 410, 412, 619n37

  Veblen, Thorstein, 621n48

  Velde, F., 598n7

  Verba, Sidney, 640n52

  Verdier, Thierry, 639nn45,48

  Véron, Nicolas, 641n4

  Victory Tax Act, 507

  Volkswagen, 143

  Volume effects: vs. prices effects, 176–­177, 221; vs. concentration effects, 410

  Von Neumann, John, 651n40

  Voting: in France, 424, 622n58; collective decisions and, 569, 654n56

  Wage in­e­qual­ity, 272–­274, 287–­300, 605n19; education and, 304–­307; institutions and, 307–­310; wage scales and minimum wage and, 310–­313; in­e­qual­ity explosion and, 330–­333; meritocratic beliefs and, 416–­418

  Wages: nineteenth century, 7–­8, 9–­10, 580n5; vs. profits, 39–­40; income from, 242; mean and, 257, 289; mobility of, 299–­300; minimum, 308–­313, 608nn5,6,7,8,9,10

  Waldenström, Daniel, 18, 344, 614n27, 628n58, 645n37

  Washington Square (James), 414

  Wealth: capital and, 47–­50. See also Distribution of wealth; Distribution of wealth debate; Global in­e­qual­ity of wealth; In­e­qual­ity of capital own­ership; Inheritance, dynamics of; Inherited wealth; National wealth/capital; Private wealth/capital; Public wealth/capital

  Wealth accumulation, 166–­170; as divergent force, 23; arbitrariness of, 446; golden rule of, 563–­567. See also In­e­qual­ity of capital own­ership

  Wealth-­age profile, 393–­399

  Wealth gap. See In­e­qual­ity of capital own­ership

  Wealth rankings, 432–­443, 623n6

  Wealth tax, 424, 524, 527–­530, 533, 643–­644n26, 645nn38,39

  Wedgwood, Josiah, 508, 638n36

  Weil, Patrick, 651n34

  Weir, D., 598n7

  Welfare, stigma of, 478–­479

  Welles, Orson, 414

  Wilkins, Mira, 592n13

  Williamson, Jeffrey, 600n28, 603n26

  Wolff, Edward, 301, 347, 607n39,

  623n8

  Wong, R. Bin, 646n44

  World Bank, 534

  World Wars I and II, 106–­107, 147–­149, 153, 275, 396–­398. See also Shocks

  WTID (World Top Incomes Database), 17–­18, 28, 268, 283, 581n25

  Yale University, 447–­450

  Young, Arthur, 4, 225, 416, 620n44

  Young, Michael, 620n45

  Zacharias, Ajit, 301, 607n39

  Zingales, Luigi, 639n48

  Zucman, Gabriel, 19, 466, 582n31, 628n57,

  640n2