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How rich were the rich? An empirically-based taxonomy of pre-industrial bases of wealth

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  • Milanovic, Branko

Abstract

The paper uses fifty-three social tables, ranging from Greece in 330 BCE to Mexico in 1940 to estimate the share and level of income of the top 1 % in pre-industrial societies. The share of the top 1 % covers a vast range from around 10 % to more than 40 % of society's income and does not always move together with the estimated Gini coefficient and the Inequality Extraction Ratio. I provide a taxonomy of pre-industrial societies based on the social class and type of assets (land, control of government, merchant capital, citizenship) that are associated with the top classes as well as lack of assets associated with poverty.

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  • Milanovic, Branko, 2024. "How rich were the rich? An empirically-based taxonomy of pre-industrial bases of wealth," Explorations in Economic History, Elsevier, vol. 93(C).
    • Handle: RePEc:eee:exehis:v:93:y:2024:i:c:s0014498324000287
    DOI: 10.1016/j.eeh.2024.101592
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    More about this item

    Keywords

    Social table; Inequality; Classes; Pre-modern;
    All these keywords.

    JEL classification:

    • D3 - Microeconomics - - Distribution
    • N3 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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