Abstract

This the first part of a study (in two parts) devoted to Piketty’s theses on the history of capitalism. A summary of Pikety’s analysis is first presented, concerning the dynamics of total wealth (measured as a ratio to national income) and its components, and the tendency of wealth and income inequalities within major capitalist countries. The amplitude of the fall of total wealth in the United-Kingdom and France during World War I is questioned. Piketty explains the profile of these variables concerning wealth and wealth inequalities in reference to historical mechanisms in which the rate of growth of output, the rate of savings, and the return on wealth are considered. The relevance of these mechanisms is basically questioned. We interpret the third component of wealth, other domestic capital, as a form of the capital of enterprises and substitute an alternative, more performing, model to account for the profile of this variable.