I certainly agree that capital is not a one-dimensional object, and that the return on capital takes very different forms for different assets or different people.
Thomas PikettyThe democratic ideal has always been related to a moderate level of inequality. I think one big reason why electoral democracy flourished in 19th century America better than 19th century Europe is because you had more equal distribution of wealth in America.
Thomas PikettyWealth is so concentrated that a large segment of society is virtually unaware of its existence.
Thomas PikettyContrary to a tenacious myth, France is not owned by California pension funds or the Bank of China, any more than the United States belongs to Japanese and German investors. The fear of getting into such a predicament is so strong today that fantasy often outstrips reality. The reality is that inequality with respect to capital is a far greater domestic issue than it is an international one.
Thomas PikettyI am not political. It is not my job. But I would be happy if politicians could read my work and draw some conclusions from it.
Thomas PikettyWhat was the good of industrial development, what was the good of all the technological innovations, toil, and population movements if, after half a century of industrial growth, the condition of the masses was still just as miserable as before, and all lawmakers could do was prohibit factory labor by children under the age of eight?
Thomas Piketty