, Volume 96, Issue 3, pp 179–184

Kapitalbeteiligung im 21. Jahrhundert: Antwort auf Thomas Piketty

Analysen und Berichte Einkommensverteilung

DOI: 10.1007/s10273-016-1954-8

Cite this article as:
Naumer, HJ. Wirtschaftsdienst (2016) 96: 179. doi:10.1007/s10273-016-1954-8


Kapital scheint sich im 21. Jahrhundert zunehmend zu konzentrieren. Dies hat nicht nur Thomas Piketty festgestellt. Daten der OECD bestätigen dies mit einer sinkenden Lohnquote in großen europäischen Ländern. Funktionale und personelle Einkommensverteilung müssen aber nicht identisch sein. Daher plädiert der Autor dafür, Arbeitnehmer mit Sparplänen auf breiter Anlagebasis am Kapital zu beteiligen.

Capital in the Twenty-First Century: An Answer to Piketty


This white paper discusses an aspect that seems to be missing in the debate about Piketty’s “Capital in the 21st Century”: to build the bridge between capital and labour and to spread capital investment over a wide base. Based on historical data, it shows that capital participation could be a realistic option for Germany and for all of Europe. It would therefore be an alternative to the redistribution of wealth suggested by Thomas Piketty, and it would fit very well into the current debate about additional improvements to the private pension system in Germany. Calculations prove that if European employees had contributed small amounts of money to saving plans, they could own approximately 50% of the European stock market. Employees could become capital owners. Labour income could be–at least partly–replaced by capital income.

JEL Classification

E6 J5 P1 


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Copyright information

© ZBW and Springer-Verlag Berlin Heidelberg 2016

Authors and Affiliations

  1. 1.Capital Markets & Thematic ResearchAllianz Global Investors - InvestmentfondsFrankfurt a.M.Deutschland

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