![]() The biggest shock of the interwar period was non-violent: in the US, the Great Depression reduced income and wealth inequality, first on its own and then thanks to the New Deal, but largely failed to have comparable effects elsewhere. It fell even more dramatically in Russia after the Bolshevik takeover (Scheidel 2018). The 20th century was no exception: mass mobilisation warfare that sometimes triggered radical revolution greatly narrowed the gap between elites and masses.ĭuring WWI and its immediate aftermath, inequality declined from national all-time highs in France, Germany, and the UK. ![]() ![]() Why? Throughout history, catastrophic shocks had repeatedly levelled economic disparities (Scheidel 2017). Over the following decades, this trend was dramatically reversed. This column is a lead commentary in the Vo圎U Debate " The Economics of the Second World War: Eighty Years On"īy the beginning of the 20th century, income and wealth inequality in many countries had reached new heights (Roine and Waldenström 2015, WID).
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