A New York Times Bestseller
An NPR Best Book of the Year

The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.

Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.

Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.

Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.

A New York Times #1 Bestseller
An Amazon #1 Bestseller
A Wall Street Journal #1 Bestseller
A USA Today Bestseller
A Sunday Times Bestseller
A Guardian Best Book of the 21st Century
Winner of the Financial Times and McKinsey Business Book of the Year Award
Winner of the British Academy Medal
Finalist, National Book Critics Circle Award

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality.

Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again.

A work of extraordinary ambition, originality, and rigor, Capital in the Twenty-First Century reorients our understanding of economic history and confronts us with sobering lessons for today.

A New York Times #1 Bestseller
An Amazon #1 Bestseller
A Wall Street Journal #1 Bestseller
A USA Today Bestseller
A Sunday Times Bestseller
A Guardian Best Book of the 21st Century
Winner of the Financial Times and McKinsey Business Book of the Year Award
Winner of the British Academy Medal
Finalist, National Book Critics Circle Award

“It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year—and maybe of the decade.”
—Paul Krugman, New York Times

“The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat.”
—The Economist

“Piketty’s Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years.”
—Steven Pearlstein, Washington Post

“Piketty has written an extraordinarily important book…In its scale and sweep it brings us back to the founders of political economy.”
—Martin Wolf, Financial Times

“A sweeping account of rising inequality…Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore.”
—John Cassidy, New Yorker

“Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years.”
—Timothy Shenk, The Nation

More than 630 million Chinese have escaped poverty since the 1980s, reducing the fraction remaining from 82 to 10 percent of the population. This astonishing decline in poverty, the largest in history, coincided with the rapid growth of a private enterprise economy. Yet private enterprise in China emerged in spite of impediments set up by the Chinese government. How did private enterprise overcome these initial obstacles to become the engine of China’s economic miracle? Where did capitalism come from?

Studying over 700 manufacturing firms in the Yangzi region, Victor Nee and Sonja Opper argue that China’s private enterprise economy bubbled up from below. Through trial and error, entrepreneurs devised institutional innovations that enabled them to decouple from the established economic order to start up and grow small, private manufacturing firms. Barriers to entry motivated them to build their own networks of suppliers and distributors, and to develop competitive advantage in self-organized industrial clusters. Close-knit groups of like-minded people participated in the emergence of private enterprise by offering financing and establishing reliable business norms.

This rapidly growing private enterprise economy diffused throughout the coastal regions of China and, passing through a series of tipping points, eroded the market share of state-owned firms. Only after this fledgling economy emerged as a dynamic engine of economic growth, wealth creation, and manufacturing jobs did the political elite legitimize it as a way to jump-start China’s market society. Today, this private enterprise economy is one of the greatest success stories in the history of capitalism.

Deforestation in the Amazon, one of today's top environmental concerns, began during a period of rapid colonization in the 1970s. Throughout that decade, Anna Luiza Ozorio de Almeida, a Stanford-trained economist, conducted a complex and massive economic study of what was going on in the Amazon, who was investing what, what was gained, and what it cost in all its aspects. The Colonization of the Amazon, the resulting work, brings together information on the physical, demographic, institutional, and economic dimensions of directed settlement in the Amazon Basin and raises significant questions about the gains and losses of the settlers, the reasons for these outcomes, and the economic rationale behind the devastation of the rainforest.

Particularly illuminating is Almeida's exploration of the role of the frontier in Brazil and her distinction between types of migrants and migrations. She concludes that the political costs avoided by not undertaking agrarian reform are being paid by devastating the Amazon, with the conflict between distribution and conservation steadily worsening. Today, it can no longer be circumvented.

The preeminent sociologist and National Book Award–winning author of Freedom in the Making of Western Culture grapples with the paradox of his homeland: its remarkable achievements amid continuing struggles since independence.

There are few places more puzzling than Jamaica. Jamaicans claim their home has more churches per square mile than any other country, yet it is one of the most murderous nations in the world. Its reggae superstars and celebrity sprinters outshine musicians and athletes in countries hundreds of times its size. Jamaica’s economy is anemic and too many of its people impoverished, yet they are, according to international surveys, some of the happiest on earth. In The Confounding Island, Orlando Patterson returns to the place of his birth to reckon with its history and culture.

Patterson investigates the failures of Jamaica’s postcolonial democracy, exploring why the country has been unable to achieve broad economic growth and why its free elections and stable government have been unable to address violence and poverty. He takes us inside the island’s passion for cricket and the unparalleled international success of its local musical traditions. He offers a fresh answer to a question that has bedeviled sports fans: Why are Jamaican runners so fast?

Jamaica’s successes and struggles expose something fundamental about the world we live in. If we look closely at the Jamaican example, we see the central dilemmas of globalization, economic development, poverty reduction, and postcolonial politics thrown into stark relief.

A New York Times Book Review Editors’ Choice
Winner of a PROSE Award

“Fascinating…Eye-opening…Illuminating…Patterson carefully explores the complexity of the structural machinery behind Jamaica’s dazzling successes and dismal failures.”
—Carrie Gibson, New York Times Book Review

“In the ruins of postcolonial Jamaica, Patterson unearths a vibrant popular culture, centered in particular on dancehall music, that can provide new resources to address the postcolonial predicament.”
—Adom Getachew, The Nation

“Masterful…A memorable, nuanced, and insightful social analysis of the island and its place in global history. Highly recommended.”
—Daron Acemoglu, coauthor of Why Nations Fail

There are few places more puzzling than Jamaica. Jamaicans claim their home has more churches per square mile than any other country, yet it is one of the most murderous nations in the world. Its reggae superstars and celebrity sprinters outshine musicians and athletes in countries many times its size. Jamaica’s economy is anemic and many of its people impoverished, yet they are, according to international surveys, some of the happiest on earth. In The Confounding Island, Orlando Patterson returns to the place of his birth to reckon with its contradictions.

Patterson investigates the failures of Jamaica’s postcolonial democracy, exploring why the country has been unable to achieve broad economic growth and why its free elections and stable government have been unable to address violence and poverty. If we look closely at the Jamaican example, we see the central dilemmas of globalization, economic development, poverty reduction, and postcolonial politics thrown into stark relief.

How Confucian traditions have shaped styles of being modern in Japan, South Korea, Taiwan, Hong Kong, and Singapore presents a particular challenge to the intellectual community. Explorations of Confucian network capitalism, meritocratic democracy, and liberal education have practical implications for a sense of self, community, economy, and polity.

Seventeen scholars, of varying fields of study, here bring their differing perspectives to a consideration of the Confucian role in industrial East Asia. Confucian concerns such as self-cultivation, regulation of the family, social civility, moral education, well-being of the people, governance of the state, and universal peace provide a general framework for the study. The Confucian Problematik—how a fiduciary community can come into being through exemplary teaching and moral transformation—underlies much of the discussion. The contributors question all unexamined assumptions about the rise of industrial East Asia, at the same time exploring the ideas, norms, and values that underlie the moral fabric of East Asian societies.

Is Confucian ethics a common discourse in industrial East Asia? The answer varies according to academic discipline, regional specialization, and personal judgment. Although there are conflicting interpretations and diverging perspectives, this study represents the current thinking of some of the most sophisticated minds on this vital and intriguing subject.

This collection of essays by Alexander Gerschenkron, who has been called “the doyen of economic history in the United States,” is a companion volume to the author’s highly acclaimed Economic Backwardness in Historical Perspective. The essays range over a wide variety of subjects, but the major theme, as in Gerschenkron’s previous book, is the conditions of industrial development, particularly in regard to nineteenth-century Europe.

The book is divided into three parts. In Part I, Methodology, the essays are: “On the Concept of Continuity in History,” “Some Methodological Problems in Economic History,” and “Reflections on Ideology as a Methodological and Historical Problem.” Part II, Problems in Economic History, deals with “The Typology of Industrial Development as a Tool of Analysis,” “The Industrial Development of Italy: A Debate with Rosario Romeo,” “The Modernization of Entrepreneurship,” “Russia: Agrarian Policies and Industrialization, 1861–1914,” and “City Economies Then and Now.” In Part III, The Political Framework, the essays are: “Reflections on the Economic Aspects of Revolution,” “The Changeability of a Dictatorship,” and “The Stability of Dictatorships.” A series of appendices presents reviews and review articles by Gerschenkron.

The Cuban economy has been transformed over the course of the last decade, and these changes are now likely to accelerate. In this edited volume, prominent Cuban economists and sociologists present a clear analysis of Cuba’s economic and social circumstances and suggest steps for Cuba to reactivate economic growth and improve the welfare of its citizens. These authors focus first on trade, capital inflows, exchange rates, monetary and fiscal policy, and the agricultural sector. In a second section, a multidisciplinary team of sociologists and an economist map how reforms in economic and social policies have produced declines in the social standing of some specific groups and economic mobility for others.

A joint collaboration between scholars at Harvard University and in Cuba, this book includes the same editors and many of the same authors of The Cuban Economy at the Start of the Twenty-First Century (edited by Jorge I. Domínguez, Omar Everleny Pérez Villanueva, and Lorena G. Barberia), which is also part of the David Rockefeller Center series.

Cuba’s economy has grown hardly at all during Raúl Castro’s presidency (beginning in 2006), hit by the economic collapse of its Venezuelan partner and burdened by a legacy of decayed infrastructure, a bankrupt sugar industry, and stagnant agriculture.

The Cuban Economy in ​a New Era diagnoses the ills that afflict Cuba’s economy and examines possible economic policy changes in seven areas: macroeconomic policy, central planning, small and medium private enterprises, nonagricultural cooperatives, financing options for the new private sector, state enterprise management, and relations with international financial institutions. Cuban economists have contributed these seven chapters, and the combined import is further considered in introductory and concluding chapters. The book is the culmination of over a decade of scholarly collaboration with Harvard scholars, anchored in a series of workshops held over several years in Cambridge, Massachusetts, and Havana.