Replication: What Happened to the Incomes of the Rich during the Great Levelling? Evidence from Swedish Individual-level Data, 1909–1950

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<span>We use individual-level income data, from archived taxation lists, to
study top-income earners in Sweden from 1909 to 1950. Using
information on 21,055 individual tax-payers in two elite areas in greater
Stockholm, we show that top incomes fell in real terms over this period,
at a stable pace without obvious connection to the Depression or the
World Wars. The peak of inequality was related to the early stages of a
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</span>globalized economy with Schumpeterian entrepreneurial profits; the
decline was related to sharpened competition, driving down profits, as
well as increased regulation, expansion of education, and eroded position
of professionals.
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