{"title":"Wealth and history: A reappraisal","authors":"Daniel Waldenström","doi":"10.1016/j.eeh.2024.101624","DOIUrl":null,"url":null,"abstract":"<div><div>The study revisits trends and drivers of wealth inequality and accumulation since the onset of industrialization. Empirical analysis reveals that Western countries are both wealthier and more equal today than a century ago. Wealth concentration has declined in all countries over the past century, remaining at historically low levels in Europe, while rising in the United States. These trends are largely driven by new wealth accumulation among the lower and middle classes, primarily through housing and pension savings, rather than a decline in the fortunes of the affluent. The findings challenge the view that unregulated capitalism inevitably leads to extreme wealth concentration and question the idea that wealth equalization requires shocks to capital, such as wars or progressive taxation. Instead, the evidence emphasizes the equitable effects of economic and political institutions that enable ordinary individuals to build personal wealth.</div></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":"94 ","pages":"Article 101624"},"PeriodicalIF":2.6000,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Explorations in Economic History","FirstCategoryId":"98","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0014498324000500","RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
The study revisits trends and drivers of wealth inequality and accumulation since the onset of industrialization. Empirical analysis reveals that Western countries are both wealthier and more equal today than a century ago. Wealth concentration has declined in all countries over the past century, remaining at historically low levels in Europe, while rising in the United States. These trends are largely driven by new wealth accumulation among the lower and middle classes, primarily through housing and pension savings, rather than a decline in the fortunes of the affluent. The findings challenge the view that unregulated capitalism inevitably leads to extreme wealth concentration and question the idea that wealth equalization requires shocks to capital, such as wars or progressive taxation. Instead, the evidence emphasizes the equitable effects of economic and political institutions that enable ordinary individuals to build personal wealth.
期刊介绍:
Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.