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Unequal Gains - American Growth and Inequality since 1700 (Hardcover)
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Unequal Gains - American Growth and Inequality since 1700 (Hardcover)
Series: The Princeton Economic History of the Western World
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Unequal Gains offers a radically new understanding of the economic
evolution of the United States, providing a complete picture of the
uneven progress of America from colonial times to today. While
other economic historians base their accounts on American wealth,
Peter Lindert and Jeffrey Williamson focus instead on income--and
the result is a bold reassessment of the American economic
experience. America has been exceptional in its rising inequality
after an egalitarian start, but not in its long-run growth. America
had already achieved world income leadership by 1700, not just in
the twentieth century as is commonly thought. Long before
independence, American colonists enjoyed higher living standards
than Britain--and America's income advantage today is no greater
than it was three hundred years ago. But that advantage was lost
during the Revolution, lost again during the Civil War, and lost a
third time during the Great Depression, though it was regained
after each crisis. In addition, Lindert and Williamson show how
income inequality among Americans rose steeply in two great
waves--from 1774 to 1860 and from the 1970s to today--rising more
than in any other wealthy nation in the world. Unequal Gains also
demonstrates how the widening income gaps have always touched every
social group, from the richest to the poorest. The book sheds
critical light on the forces that shaped American income history,
and situates that history in a broad global context. Economic
writing at its most stimulating, Unequal Gains provides a vitally
needed perspective on who has benefited most from American growth,
and why.
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