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Full Description
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.
Contents
List of Illustrations ix Preface xv 1 Persistent Debate, a New Approach, More Data, Rich Findings 1 2 Colonial Incomes on the Eve of the Revolution 13 3 When Did Colonial America Get Rich? 43 4 Losing the Lead: Th e Cost of Revolution and Independence 77 5 Unequal Economic Growth, 1800- 1860 96 6 The Civil War: Growth Lost, Freedom Gained, Inequality Maintained 142 7 Contending Forces: American Incomes across the Late Nineteenth Century 166 8 The Greatest Leveling of All Time 194 9 Rising Inequality Once More, since the 1970s 219 10 Inequality and Growth: History Lessons for the Future 242 Appendix A A Guide to the 1774 and 1800 Income Estimates 263 Appendix B Salaries, Payment in Kind, and Workdays 279 Appendix C Estimating Slaves' Retained Earnings, Colonial Times to 1860 287 Appendix D American versus British Prices, 1640- 1875 304 Appendix E A Guide to the 1860 Income Estimates, and Some Modifications for 1850 311 Appendix F A Guide to the 1870 Income Estimates 320 Appendix G Farm Operators' Incomes in 1870 327 Appendix H Sources and Notes to Tables and Figures in Main Text 349 References 369 Index 391
