There are 4 parts to this very major volume. The first 3 sections explain the historical evidence of wealth distribution. Recently media call them the 1%, but former US president Franklin Delano Roosevelt, called them "economic royalists". Concentrated power at the top of society. There are many names for the same people at the top. This is not only about the US today, but many rich and successful countries.
Over 100 years ago, in France, during the "Belle Epoque" the comparison is clear. It was a society that valued equality among its citizens, but in fact was really run by wealthy families, mostly inherited fortunes. What a society says it values, but then supports differently in society or economically, is what this great project explains so well.
At the core, wealthy families can grow their assets at roughly twice the growth of the local economy. If a country rises by 2-3% in economic growth, then its rich families should be able to expect 4-6% growth in income. Not all multi-generational rich families succeed, but most do, and the data proves this with a lot of clear evidence. The rise of Family Offices globally as a part of Private Banking is interesting food for thought.
His conclusions in part 4 are more difficult to accept for some. However, when it comes to choosing what is best for any society, how do you value the trade off? Ultimately, is it better for a small amount of tax from the top 1% be used to help the bottom 20% of the same society? The impact on this bottom would have a huge impact on the quality of life for all levels of the same society.
If this more balanced redistribution has benefitted the quality of life in Europe, where the bottom poor benefit greatly from government programs, especially health care. Can the US and other countries see the full value to follow this path themselves? By having a more comfortable poor strata of society, then the middle class and rich society benefit as well. Could this be the best way to really live in a "win win" world?
What I wonder most is has this often been the case over time? Is this the norm until recently for human societies over the last 5,000+ years since Mesopotamia? It is too bad that such data would be impossible to find, I would now love to read it. At over 700+ pages of text, there is too much to discuss in a short book review. This is a huge intellectual tasty meal of data to gorge on should you have the time and desire. Highly recommended without hesitation!
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