Wealth and inequality over eight centuries of British capitalism

• 成果类型: Article
• 署名作者: Madsen, Jakob B.
• 署名单位: Monash University; University of Western Australia
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2019.01.005
• 发表日期: 2019
• 页码: 246-260
• 关键词: Wealth-income ratio; industrialization; Pre-industrialization; Post-industrialization; INEQUALITY

摘要

This paper constructs annual data for the wealth-income ratio, W-Y, for the UK over the period 1210-2013. It is found that the W-Y ratio has fluctuated at one-two century frequencies about a constant level of approximately 500% over the past eight centuries. Furthermore, a U-shaped W-Y path is identified over the past two centuries and it is argued that the descending part of the U-shape is driven by the transition from pre-industrial modes of production to industrialization and that the post-1980 upturn in the W-Y ratio represents the transition from the industrial to the post-industrialization era.