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Rather than improving the living standards of the majority of people, it has instead led to an expansion in social inequalities, and the concentration wealth in the hands of a few.
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Today, the threat of tyranny comes not from the government, but from the concentration of wealth and power outside government, and from the influence on government of that great concentration of wealth and power.
The mounting concentration of wealth is even more dramatic.
The concentration of wealth produces a range of other problems.
But the concentration of wealth at the top doesn't seem as inexorable as all that.
Since then, the concentration of wealth has reasserted itself with a vengeance.
These dramatic shifts mirror the intensifying concentration of wealth and growing economic vulnerabilities in wider society.
Piketty's Figure 10.5 shows the concentration of wealth rising steadily after 1970.
Her government will only further entrench the concentration of wealth and power in very few hands.
A greater concentration of wealth could if unchecked even undermine the principles of meritocracy and democracy.
What's dangerous is the concentration of wealth in the hands of a few individuals.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com