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      Inherited Wealth over the Path of Development: Sweden, 1810–2016

      1 , 2 , 3
      Journal of the European Economic Association
      Oxford University Press (OUP)

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          Abstract

          We estimate the importance of inherited wealth in Sweden over the past 200 years. Inheritance is measured both as the annual inheritance flow divided by national income and as the share of inherited wealth in all private wealth. In the 19th century, Sweden differs from France and the United Kingdom in having much lower inheritance–income flows, but at the same time exhibiting equally large shares of inherited wealth in total wealth. This pattern is in line with Sweden at the time being a poor country with low domestic capital accumulation, but at the same time exhibiting high economic growth rates. In the 20th century the importance of inheritance in relation to national income fell, but since the 1990s it has increased rapidly, today reaching almost the same levels as a century ago. The share of inherited wealth in total wealth has also fallen over time, but remains relatively low due to a rapid accumulation of new wealth. We study potential determinants and explanations, pointing especially to Swedish welfare-state institutions, and in particular to the development of an extensive public occupational pension system contributing to keeping private inheritance low.

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          This Review presents basic facts regarding the long-run evolution of income and wealth inequality in Europe and the United States. Income and wealth inequality was very high a century ago, particularly in Europe, but dropped dramatically in the first half of the 20th century. Income inequality has surged back in the United States since the 1970s so that the United States is much more unequal than Europe today. We discuss possible interpretations and lessons for the future. Copyright © 2014, American Association for the Advancement of Science.
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            Why Did the West Extend the Franchise? Democracy, Inequality, and Growth in Historical Perspective

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              The Role of Intergenerational Transfers in Aggregate Capital Accumulation

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                Author and article information

                Journal
                Journal of the European Economic Association
                Oxford University Press (OUP)
                1542-4766
                1542-4774
                June 2020
                June 01 2020
                August 19 2019
                June 2020
                June 01 2020
                August 19 2019
                : 18
                : 3
                : 1123-1157
                Affiliations
                [1 ]Sveriges Riksbank and Uppsala University
                [2 ]SITE, Stockholm School of Economics
                [3 ]Paris School of Economics and Research Institute of Industrial Economics
                Article
                10.1093/jeea/jvz038
                0afd2502-95a3-4241-b940-1fd80c8aad1f
                © 2019

                https://academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model

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