Top incomes and earnings in Portugal 1936–2005

This paper analyzes income and earnings concentration in Portugal from a long-run perspective using personal income and wage tax statistics. The results suggest that income concentration was much higher during the 1930s and early 1940s than it is today. Top income shares estimated from reported incomes deteriorated during the Second World War, even if Portugal did not take active participation in the conflict. However, the magnitude of the drop was less important than in other European countries. The level of concentration between 1950 and 1970 remained relatively high compared to countries such as Spain, France, UK or the United States. The decrease in income concentration, started very moderately at the end of the 1960s and which accelerated after the revolution of 1974, began to be reversed during the first half of the 1980s. During the last 15 years top income shares have increased steadily. The rise in wage concentration contributed to this process in a significant way. The evidence since 1989 suggests that the level of marginal tax rate at the top has not been a primary determinant of the level of top reported incomes. Marginal rates have stayed constant in a context of growing top shares.     

Living costs,real incomes and inequality in colonial Jamaica

This paper provides the first quantitative assessment of colonial Jamaican real incomes and income inequality. We collect local prices to construct cost of living and purchasing power parity indicators. The latter lowers Jamaica's GDP per capita compared with the rest of the Atlantic economy. We also compute welfare ratios for a range of occupations and build a social table. We find that, being a net food importer, the slave colony had extremely high living costs, which rose steeply during the American War of Independence, and low standards of living, particularly for its enslaved population, but also for the free unskilled population that competed with slave labor. Our results also show that due to its extreme poverty for the many in the middle of great wealth for the few, Jamaica was the most unequal place yet studied in the pre-modern world. Furthermore, all of these characteristics applied to the free population alone.     

The role of mercantilism in Anglo‐Dutch political relations, 1650–74

The three Anglo‐Dutch wars of the seventeenth century are traditionally seen as mercantile confrontations. This view has been challenged by political historians. Firstly, this article discusses the historiographic developments in this field. Secondly, it aims to explore the relationship between Anglo‐Dutch mercantile competition and political and diplomatic relations in the period 1650 to 1674. It favours an integrated approach in which all these dimensions are taken into account. The article argues that the 1667 Peace Treaty of Breda was a major turning point in Anglo‐Dutch relations after which mercantilism ceased to dominate Anglo‐Dutch political relations.     

Road transport productivity in the sixteenth‐century Low Countries: the case of Brabant, 1450–1650†

Though there is a consensus that transport plays a central role in economic development, for the period before the eighteenth century there is a lack of strategic information for assessing the importance of road transport productivity changes in economic development. Transport prices in particular are crucial missing pieces of the puzzle. Sources rarely reveal information that meets the standards of reliable price history. However, it is possible to create a reliable transport price series on the basis of the transport of millstones to ducal mills in Brabant. Assessing the impact of the ‘transport productivity changes’ that can be inferred from this transport price series is a hazardous exercise. Moreover, as Masschaele has observed, land transport prices closely match general agricultural price trends. Land transport was essentially an agricultural service, determined both by cost (especially horse provender) and income effects. Transport price inflation was not demand‐led. However, while transport did not impede urbanization and economic growth, conversely, in sixteenth‐century Brabant—a highly urbanized region that experienced considerable growth in the volume of land transport—no significant land transport productivity gains were achieved.     

Manorial economy and corvée labour in southern Sweden 1650–1850*

This essay is an inquiry into manorial production in Scania. Its growth was dependent on the long‐term development of European grain prices. When prices increased landlords were encouraged to put more land under the plough. The estates’ main income came, to an increasing extent, from demesne production, which finally dominated the income profile. The peasants’ most important contribution to the landlords became, in most cases, their corvée labour, and their uncertain tenure rights were illustrated with great clarity in the continuing evictions, which were accelerated in the nineteenth century with the aim of expanding the demesne.     

Long‐term trends in economic inequality: lessons from colonial Botswana, 1921–74

This article contributes to the growing literature on colonial legacies influencing long‐term development. It focuses on Botswana, a case where the post‐independence diamond‐led economy has been considered an economic success story, despite its high levels of inequality. Here it is argued that this pathway of rapid resource‐driven growth combined with increasing socio‐economic inequality had already started during the time of the colonial cattle economy, and that this older case is equally relevant for understanding long‐term growth‐inequality trends in Botswana and other natural‐resource‐dependent economies. Six social tables, covering the period 1921 to 1974, are constructed using colonial archives, government statistics, and anthropological records. Based on the social tables, income inequality is estimated in the colonial and early post‐independence eras, capturing both the formal and informal sectors of the economy. The article demonstrates how the creation of a cattle export sector in the 1930s brought new opportunities to access export incomes, and how this led to a polarization in cattle holdings and increasing income inequalities. Further, with the expansion of colonial administration, government wages forged ahead, increasing income inequality and causing a growing income divide between public and private formal employment.     

American stock market development and performance, 1871–1929

The American stock market played a central role in the allocation of investment funds during the late 19th and early 20th centuries. During the same period the market underwent profound institutional change. Tests of market efficiency are employed to characterize the market's performance, and to ascertain what specific institutional features affected that performance. The market receives mixed reviews. At no time was evidence of substantial market inefficiency apparent. However, money market instability before World War I, and the absence of federal regulation after 1900 did cause stock prices to wander modestly from their “efficient market” values. In both cases intervention by the federal government appears to have improved market performance.     

Agricultural productivity and rural incomes in England and the Yangtze Delta,c.1620–c.18201

The productivity of agriculture in England and the Yangtze Delta are compared c.1620 and c.1820 in order to gauge the performance of the most advanced part of China vis‐à‐vis its counterpart in Europe. The value of real output is compared using purchasing power parity exchange rates. Output per hectare was nine times greater in the Yangtze Delta than in England. More surprisingly, output per day worked was about 90 per cent of the English performance. This put Yangtze farmers slightly behind English and Dutch farmers c.1820, but ahead of most other farmers in Europe—an impressive achievement. There was little change in Yangtze agricultural productivity between 1620 and 1820. In 1820, the real income of a Yangtze peasant family was also about the same as that of an English agricultural labourer. All was not rosy in the Yangtze, however, for incomes there were on a downward trajectory. Agriculture income per family declined between 1620 and 1820, even though income per day worked changed little since population growth led to smaller farms and fewer days worked per year. The real earnings of women in textile production also declined, since the relative price of cotton cloth dropped—possibly also because a larger population led to greater production. The implication is that the Yangtze family, unlike the English family, had a considerably higher real income c.1620, and that period was the Delta's golden age.     

Retail growth and consumer changes in a declining urban economy: Antwerp (1650–1750)

This article examines the interplay between retail changes and transformations in the material culture of Antwerp, a provincial town in the southern Netherlands. We argue that major changes in the eighteenth‐century material culture and retail sector were not significantly linked to preconditions of economic growth and urbanization. The Antwerp ‘retail paradox’ is that of a shrinking economic horizon running parallel to material culture and retail transformations, usually connected to expanding urban economies and societies. Changing retail and consumer practices explain the growing and prospering retail sector, rather than a growing economy.