A Brief History of (In)equality

Rising inequality is a complex challenge that lacks simple solutions. “This complexity implies that any adjustments to our political economy should be based on sound social science and directed by elected leaders who are genuinely acting in the interest of the people,” argues economist J. Bradford DeLong. He summarizes processes throughout history that distributed economic gains in disparate ways as described by economist Barry Eichengreen: the British Industrial Revolution, industrial technologies, emigration away from crowded traditional agriculture centers to resource-rich lands, entrepreneurship, financial control and reversal of social democratic programs. DeLong identifies other processes: entrenched poverty and lack of opportunities in some communities, abolition of slavery and loosening of constraints over ethnicity and gender in some countries and not others, spikes in growth for select generations, compound interest and populist movements. Historical perspective and thorough understanding of the sources of inequality contribute to sustainable solutions. – YaleGlobal