“The period of the first globalization is as fascinating as it was prodigiously inegalitarian”. Thomas Piketty (Capital in the 21st Century, 2014. Kindle Locations 595-597. Harvard University Press. Kindle Edition.)
We finally made it to Chapter 3 of
Preconditions (2 of
Evolutionary). As the review will now deal with statistical data, this post contains an unusually large number of links to resources freely available over the Internet. Although readers may find the task daunting, I’ll invite them to carefully check those links. I personally visited each and every single one of those pages, and in my opinion they are educative.
Eduard Bernstein composed and published
Preconditions during the late 1890s. The largest national capitalist economies had been experiencing a period of overall prosperity, punctuated by the usual downturns. In some places that bonanza started as early as the 1870s; in the US it would extend well into the Roaring Twenties.
Although there are more evocative names, Thomas Piketty, in his
Capital refers to those times in general with the more neutral-sounding, but very appropriate,
“‘first globalisation’ of finance and trade (1870-1914)” (Kindle Location 594).
And it’s not coincidental that Piketty mentioned Bernstein three times: both deal with some of the same subjects and variables, using tax return data [maybe other authors before Bernstein had studied tax returns, but
Preconditions is the earliest example I could find (p. 60) and the most unfortunate].
But the usefulness of
Capital to assess
Preconditions goes far beyond periodisation or noticing that Bernstein and Piketty studied similar data for Europe, roughly during the same period.