New Data Tracks Inequality Over Centuries

A new study looks at inequality over time. Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss. Tell us what you think in the comment section below. http://tytnetwork.com/go "We tend to think of rising income inequality as a 21st-century problem. A more equal distribution of wealth is normal, and the growing clout of the 1 percent is an anomaly. The problem is that in the long arc of history, none of that is really true. For centuries, rising inequality has been the norm in the West — and it’s the relative equality of the post–World War era that is the anomaly. To see why, check out this chart from Italian economist Guido Alfani. Alfani led a project to compile original data on economic inequality in six European countries — Britain, France, Italy, Spain, the Netherlands, and Belgium — between 1300 and 1800. He then combined original data with Thomas Piketty’s Europe-wide data on inequality between 1800 and today — and made a chart, published on VoxEU (the publication of the Center for Economic Policy Research think tank), showing the percentage of wealth owned by Europe’s top 10 percent over the past 700 years. It’s pretty stunning... The chart shows the rich getting richer at a basically unbroken pace between 1500, when they controlled about 50 percent of society’s wealth, and 1914, when they controlled about 90 percent. That’s nearly 400 unbroken years of rising inequality. In the whole chart, in fact, there are only two time periods where inequality declines — both of which coincide with major catastrophes. “The Black Death, the most terrible epidemic in human history, affected Europe in 1347-51,” Alfani writes. “Afterwards the richest 10% lost their grip on between 15% and 20% of overall wealth. This was a long-lasting decline in inequality. The richest 10% recovered their pre-Black Death quota only in the second half of the 17th century.””* Read more here: http://www.vox.com/world/2017/1/23/14323760/inequality-europe-chart Hosts: Cenk Uygur, John Iadarola Cast: Cenk Uygur, John Iadarola *** The Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 6-8pm ET. http://www.tytnetwork.com/live Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary) Download audio and video of the full two hour show on-demand + the members-only post game show by becoming a member at http://www.tytnetwork.com/join/. Your membership supports the day to day operations and is vital for our continued success and growth. Get The Young Turks Mobile App Today! Download the iOS version here: https://itunes.apple.com/us/app/the-young-turks/id412793195?ls=1&mt=8 Download the Android version here: https://play.google.com/store/apps/details?id=com.tyt