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The Comfortable, the Rich, and the Super-Rich. What Really Happened to Top British Incomes during the First Half of the Twentieth Century?

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  • Scott, Peter
  • Walker, James T.

Abstract

We examine shifts in British income inequality and their causes from 1911–1949. Using newly rediscovered Inland Revenue income distribution estimates, we show that Britain had an unusually high concentration of personal incomes in 1911 compared to other industrial nations. We also find that Britain’s substantial inequality reduction over the next four decades was largely driven by a collapse in top capital incomes. This parallels findings for France, the United States, and other western countries, that reduced inequality was mainly caused by declining top unearned incomes, owing to economic shocks, policy responses, and non-market mechanisms associated with the retreat from globalization.

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  • Scott, Peter & Walker, James T., 2020. "The Comfortable, the Rich, and the Super-Rich. What Really Happened to Top British Incomes during the First Half of the Twentieth Century?," The Journal of Economic History, Cambridge University Press, vol. 80(1), pages 38-68, March.
  • Handle: RePEc:cup:jechis:v:80:y:2020:i:1:p:38-68_2
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    Cited by:

    1. Cummins, Neil, 2021. "Where Is the Middle Class? Evidence from 60 Million English Death and Probate Records, 1892–1992," The Journal of Economic History, Cambridge University Press, vol. 81(2), pages 359-404, June.
    2. Peter Scott, 2021. "The anatomy of Britain's interwar super‐rich: reconstructing the 1928/9 ‘millionaire’ population," Economic History Review, Economic History Society, vol. 74(3), pages 639-665, August.
    3. Torregrosa Hetland, Sara & Sabaté, Oriol, 2021. "Methodological Notes for “Income Taxes and Redistribution in the Early Twentieth Century” and “Income Tax Progressivity and Inflation during the World Wars”," Lund Papers in Economic History 223, Lund University, Department of Economic History, revised 05 Sep 2022.
    4. Sara Torregrosa-Hetland & Oriol Sabaté, 2022. "Income tax progressivity and inflation during the world wars [War finance and inflation in Britain and Germany, 1914–1918]," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 311-339.
    5. Ian Gazeley & Andrew Newell & Kevin Reynolds & Hector Rufrancos, 2024. "Household structure, labour participation, and economic inequality in Britain, 1937–61," Economic History Review, Economic History Society, vol. 77(1), pages 41-59, February.

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