Niall Ferguson Quote
Inequality did increase as a result of the Industrial Revolution. Between 1780 and 1830 output per labourer in the UK grew over 25 per cent but wages rose barely 5 per cent. The proportion of national income going to the top percentile of the population rose from 25 per cent in 1801 to 35 per cent in 1848. In Paris in 1820, around 9 per cent of the population were classified as ‘proprietors and rentiers’ (living from their investments) and owned 41 per cent of recorded wealth. By 1911 their share had risen to 52 per cent. In Prussia, the share of income going to the top 5 per cent rose from 21 per cent in 1854 to 27 per cent in 1896 and to 43 per cent in 1913.29 Industrial societies, it seems clear, grew more unequal over the course of the nineteenth century.
Inequality did increase as a result of the Industrial Revolution. Between 1780 and 1830 output per labourer in the UK grew over 25 per cent but wages rose barely 5 per cent. The proportion of national income going to the top percentile of the population rose from 25 per cent in 1801 to 35 per cent in 1848. In Paris in 1820, around 9 per cent of the population were classified as ‘proprietors and rentiers’ (living from their investments) and owned 41 per cent of recorded wealth. By 1911 their share had risen to 52 per cent. In Prussia, the share of income going to the top 5 per cent rose from 21 per cent in 1854 to 27 per cent in 1896 and to 43 per cent in 1913.29 Industrial societies, it seems clear, grew more unequal over the course of the nineteenth century.
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About Niall Ferguson
Ferguson writes and lectures on international history, economic history, financial history and the history of the British Empire and American imperialism. He holds positive views concerning the British Empire. In 2004, he was one of Time magazine's 100 most influential people in the world. Ferguson has written and presented numerous television documentary series, including The Ascent of Money, which won an International Emmy Award for Best Documentary in 2009.
Ferguson has been a contributing editor for Bloomberg Television and a columnist for Newsweek. He began writing a semi-monthly column for Bloomberg Opinion in June 2020.