Capital in the Twenty-First Century (125 page)

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