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Reflections on Piketty: The Influence of Global Economic Trends on Construction

The main aim of this article is to assess the influence of global economic trends on construction. More specifically, this article applies the main findings of a seminal book by Thomas Piketty (Capital in the Twenty-First Century) on the analyses of the future trends in construction business. According to Piketty, there are two main trends in global economy: growing social inequality, first, and, second, weakening of the state as a result of tax evasion of the wealthiest people. Consequently, it is possible to predict that, in the future, the states will not be able to finance megaprojects in construction. Second, production of luxury will be the main source of a lucrative business. For - if the richest one percentage of population takes almost entire benefits of the world’s economic growth – than fulfillment of needs and desires of the wealthiest will be the main source of income in the future and construction business should adapt itself to this new economic environment.

: Piketty; global economy; construction; inequality; state; tax evasion; megaprojects

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