Wealth and inequality over eight centuries of British capitalism

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This paper constructs annual data for the wealth-income ratio, W-Y, for the UK over the period 1210–2013. It is found that the W-Y ratio has fluctuated at one-two century frequencies about a constant level of approximately 500% over the past eight centuries. Furthermore, a U-shaped W-Y path is identified over the past two centuries and it is argued that the descending part of the U-shape is driven by the transition from pre-industrial modes of production to industrialization and that the post-1980 upturn in the W-Y ratio represents the transition from the industrial to the post-industrialization era.
Original languageEnglish
Pages (from-to)246-260
Number of pages15
JournalJournal of Development Economics
Publication statusPublished - May 2019


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