Hence, for Piketty, capital includes cash, bonds, and shares, collateralisable assets such as buildings, land, machinery, and intellectual property. This is the everyday notion of capital that is used in business circles.
For Piketty, capital is a saleable asset that can receive a monetary return. His redefinition of the central concept of capital has received less attention. His thesis has sparked a major global debate about capitalism, inequality and taxation policy. Thomas Piketty’s bestselling book Capital in the Twenty-First Century shows that in a selection of developed countries the stock of capital is growing faster than economic output, causing disturbing increases in wealth inequality.
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