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Testing Marx. Capital Accumulation, Income Inequality, and Socialism in Late Nineteenth-Century Germany

Author

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  • Bartels, Charlotte
  • Kersting, Felix
  • Wolf, Nikolaus

Abstract

We study the dynamics of capital accumulation, income inequality, capital concentration, and voting up to 1914. Based on new panel data for Prussian regions, we re-evaluate the famous Revisionism Debate between orthodox Marxists and their critics. We show that changes in capital accumulation led to a rise in the capital share and income inequality, as predicted by orthodox Marxists. But against their predictions, this did neither lead to further capital concentration nor to more votes for the socialists. Instead, trade unions and strike activity limited income inequality and fostered political support for socialism, as argued by the Revisionists.

Suggested Citation

  • Bartels, Charlotte & Kersting, Felix & Wolf, Nikolaus, 2023. "Testing Marx. Capital Accumulation, Income Inequality, and Socialism in Late Nineteenth-Century Germany," CEPR Discussion Papers 17925, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17925
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    Keywords

    Concentration;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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