largely responsible for the vertiginous increase in the top centile’s share of wealth in Britain and France during the Belle Époque.
r > g
In addition, there are serious lacunae in German tax rec ords, owing in large part to the country’s turbulent history in the twentieth century
The total income hierarchy is then dominated by very high incomes from capital, especially inherited capital. This is the pattern we see in Ancien Régime France and in Europe during the Belle Époque,
on a "hyperpatrimonial society" (or "society of rentiers")
the impression that patrimonial capitalism— which is flourishing in these early years of the twenty-first century— is something new, whereas it is in large part a repetition of the past and characteristic of a low-growth environment like the nineteenth century.
Silicon Valley is far from the first society sprouting from protean quests.
