Last summer, Harvard University Press (HUP) asked a book designer to create a T-shirt for its softball squad’s intramural season. The front of the shirt bore the expression r > g, signifying that the rate of return on capital (r) is greater than the rate of growth in income (g)—the central thesis of Capital in the Twenty-First Century by French economist Thomas Piketty, which HUP’s Belknap Press had published in April. Capital had leapt to the top of The New York Times bestseller list for hardcover nonfiction and stayed on the list for 22 weeks. It continues to sell robustly worldwide in 30 languages, and in English alone there are nearly 500,000 copies in print—the fastest-selling book in the press’s nearly 102-year history.
The success of Capital is astonishingly unlikely. Acquired by London-based HUP editor Ian Malcolm, the book made French bestseller lists in 2013, but there were only about 40,000 to 50,000 copies in print there. “We knew it was an important subject and an important book, and he had data no one else had,” says William Sisler, HUP’s director. “But it was 700 pages by a French economist, so we had relatively modest expectations of it doing especially well in the United States.” Still, the press made Capital its lead book for spring 2014, and commissioned a translation by Art Goldhammer, an associate of Harvard’s Center for European Studies.