The Man in the Reading Room – Will He Be Right Again?
In 1916, the top one percent of American households held 45 percent of the nation’s wealth. By 1978, after four decades of New Deal regulation, antitrust enforcement, and a strong labor movement, that figure had fallen to about 22 percent. By 2025, it had climbed back to 31.7 percent — within striking distance of where it stood in 1916. This essay traces the American economy across one hundred and twenty-six years: the trust era, the Crash, the Depression, the New Deal, the postwar Great Compression, the deregulation that followed, and the present moment of platform monopolies and gig labor. The patterns are striking. They were also predicted — by an unexpected observer, working in the Reading Room of the British Museum in the 1860s, with no knowledge of America at all.
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