The study revisits trends and drivers of wealth inequality and accumulation since the onset of industrialization. Empirical analysis reveals that Western countries are both wealthier and more equal today than a century ago. Wealth concentration has declined in all countries over the past century, remaining at historically low levels in Europe, while rising in the United States. These trends are largely driven by new wealth accumulation among the lower and middle classes, primarily through housing and pension savings, rather than a decline in the fortunes of the affluent. The findings challenge the view that unregulated capitalism inevitably leads to extreme wealth concentration and question the idea that wealth equalization requires shocks to capital, such as wars or progressive taxation. Instead, the evidence emphasizes the equitable effects of economic and political institutions that enable ordinary individuals to build personal wealth.

中文翻译：

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财富与历史：重新评估


该研究重新审视了自工业化开始以来财富不平等和积累的趋势和驱动因素。实证分析表明，与一个世纪前相比，今天的西方国家既富裕又平等。在过去的一个世纪里，所有国家的财富集中度都有所下降，欧洲的财富集中度保持在历史最低水平，而美国的财富集中度则上升了。这些趋势在很大程度上是由中下阶层的新财富积累推动的，主要是通过住房和养老金储蓄，而不是富人财富的下降。这些发现挑战了不受监管的资本主义不可避免地导致财富极度集中的观点，并质疑财富均等需要对资本进行冲击的观点，例如战争或累进税。相反，证据强调了使普通个人能够积累个人财富的经济和政治制度的公平效果。