At the International Fair of Intellectual Literature, French economist Tom Piketty presented the Russian translation of his work “Capital in the 21st Century”. Based on data on the distribution of wealth and income for 20 countries from all continents and covering the long-term period from the 18th century to the present day, the researcher discovered a pattern he called the “main contradiction of capitalism.”
Recapitalization of assets accumulated in the past is going faster than the growth of production and wages. This inequality reflects a fundamental logical contradiction. The entrepreneur is inevitably inclined to turn into a ranch and to strengthen his domination over those who own only his own labor. Accumulated capital reproduces itself faster than production increases. The past eats the future.”