Table of Contents

List of Illustrations ix Preface xv 1 Persistent Debate, a New Approach, More Data, Rich Findings 1 2 Colonial Incomes on the Eve of the Revolution 13 3 When Did Colonial America Get Rich? 43 4 Losing the Lead: Th e Cost of Revolution and Independence 77 5 Unequal Economic Growth, 1800- 1860 96 6 The Civil War: Growth Lost, Freedom Gained, Inequality Maintained 142 7 Contending Forces: American Incomes across the Late Nineteenth Century 166 8 The Greatest Leveling of All Time 194 9 Rising Inequality Once More, since the 1970s 219 10 Inequality and Growth: History Lessons for the Future 242 Appendix A A Guide to the 1774 and 1800 Income Estimates 263 Appendix B Salaries, Payment in Kind, and Workdays 279 Appendix C Estimating Slaves' Retained Earnings, Colonial Times to 1860 287 Appendix D American versus British Prices, 1640- 1875 304 Appendix E A Guide to the 1860 Income Estimates, and Some Modifications for 1850 311 Appendix F A Guide to the 1870 Income Estimates 320 Appendix G Farm Operators' Incomes in 1870 327 Appendix H Sources and Notes to Tables and Figures in Main Text 349 References 369 Index 391

About the Author

Peter H. Lindert is Distinguished Professor of Economics at the University of California, Davis. His books include Growing Public: Social Spending and Economic Growth since the Eighteenth Century. He lives in Davis, California. Jeffrey G. Williamson is the Laird Bell Professor of Economics, emeritus, at Harvard University. His books include Trade and Poverty: When the Third World Fell Behind. He lives in Madison, Wisconsin. Both are research associates at the National Bureau of Economic Research.

Reviews

"[I]ts conclusions are both accessible and urgent."--Kirkus "Brilliant... A masterpiece in quantitative and qualitative economic research destined to become a classic in its field."--Library Journal, starred review "An ambitious and rigorous attempt to address some long-overlooked questions about U.S. economic development."--Helen Fessenden, Econ Focus "[Unequal Gains] traces how inequality surged and receded in American history... The book contains an unprecedented graph that goes all the way back to the eve of independence and charts how unequal people's incomes were... This is as much a work of history as it is a work of economics."--Washington Post "Stunning."--Kenneth Stewart and Casey Jones, Standard-Times