Three Centuries Of Inequality In Britain And America
AbstractIncome and wealth inequality rose over the first 150 years of U.S. history. They may have risen at times in Britain before 1875. The first half of this century equalized pre-fisc incomes more in Britain than in America. From the 1970s to the 1990s inequality rose in both countries, reversing some of the previous equalization. Government redistribution explains part but not all of the reversals in inequality trends. Factor-market forces and economic growth would have produced a similar chronology of rises and falls in income inequality even without shifts in the progressivity of redistribution through government. For economies starting from highly unequal property ownership, the development process lowers inequality. History suggests, however, that this may happen only once. Redistribution toward the poor tends to happen least in those times and polities where it would seem most justified by the usual goals of welfare policy.
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Bibliographic InfoPaper provided by California Davis - Department of Economics in its series Department of Economics with number 97-09.
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Postal: University of California Davis - Department of Economics. One Shields Ave., California 95616-8578
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Other versions of this item:
- Lindert, Peter H., 2000. "Three centuries of inequality in Britain and America," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 3, pages 167-216 Elsevier.
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
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