the missing wealth of nations gabriel zucman
TRANSCRIPT
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
1/63
Pjb Dkyykln ^bacpj mg Lapkmly? Bwk`blib Gxmd
Y~kpzbxcal`# 1;10$8616
Nahxkbc _ridal
Vj@, Ial`k`apb# Vaxky Yijmmc mg Bimlmdkiy
Gkxyp @xagp? Gbhxrax{ >pj# 8611
Ahypxaip
Pjky vavbx `xa~y ml `kxbip bwk`blib gxmd Y~kyy haley al` ml y{ypbdapki kl$imlykypblikby kl klpbxlapkmlac aiimrlpy aixmyy imrlpxkby pm `mirdblp pjb cbwbc mgrlxbimx`b` ~bacpj kl paz jawbly# kpy laprxb al` kpy bwmcrpkml, K fil` pjap :" mgncmhac jmrybjmc` lbp filalikac ~bacpj ky jbc kl paz jawbly# mg ~jkij mlb pjkx`kl Y~kpbxcal`, Pjb hrce mg mstyjmxb ayybpy axb klwbypb` kl bqrkpkby# kl vaxpkircaxdrprac grl` yjaxby, Gmx pjky xbayml# 86" mg acc ixmyy$hmx`bx bqrkpkby jawb lm k`bl$pkfiahcb m~lbx kl klpbxlapkmlac ypapkypkiy aixmyy pjb ~mxc`, Paekln klpm aiimrlp pazjawbly acpbxy `xadapkiacc{ pjb vkiprxb mg ncmhac kdhacaliby? ~kpj dklkdac ayyrdv$
pkmly# kp ky vmyykhcb pm prxl pjb ~mxc`y ybiml` caxnbyp `bhpmx# pjb brxmmlb# klpm albp ixb`kpmx, ^kpj ypxmlnbx ayyrdvpkmly# pjb caxnbyp `bhpmx# pjb R,Y,# ial hb da`ba hacalib` bimlmd{, Brxmvbaly axb xkijbx pjal ~b pjkle# hbiaryb a yknlkfiialp vaxpmg pjbkx ~bacpj jay jkypmxkiacc{ hbbl jbc` ~jbxb `mdbypki lapkmlac aiimrlpalpy al`paz arpjmxkpkby iallmp ybb kp,
Eb{~mx`y? Paz jawbly# Bzpbxlac ayybpy# ^bacpj `kypxkhrpkml# Paz bwaykml,OBC icayykfiiapkmly? @91# G98# J87# J:># L80,
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
2/63
1 Klpxm`ripkml
Pjky vavbx appbdvpy pm klimxvmxapb paz jawbly kl pjb alac{yky mg ~bacpj `kypxkhrpkml, Pjb
fixyp mhobipkwb ky pm `mirdblp pjb admrlp mg jmrybjmc` ~bacpj jbc` kl paz jawbly# kl a
ncmhac al` jkypmxkiac vbxyvbipkwb, Jm~ ial ~b dbayrxb kp= Jm~ hkn ky kp= Jm~ `mby kp
astbip mrx elm~cb`nb mg pjb `kypxkhrpkml mg ~bacpj al` mg kpy bwmcrpkml# hmpj ~kpjkl al`
aixmyy imrlpxkby=1
Pjb ybiml` mhobipkwb ky pm rl`bxypal` ~jap `xkwby pjb xbcmiapkml mg ~bacpj mwbxybay,
Axb paz jawbly a lbibyyax{ h{vxm`rip mg ncmhackapkml= ^jap axb pjb bimlmdki vxmibyyby
pjap accm~ ry pm rl`bxypal` pjbkx `bwbcmvdblp= ^kcc paz jawbly ahymxh al bwbx nxm~kln
gxaipkml mg ~mxc` ~bacpj# al` ncmhackapkml daeb rcpkdapbc{ iavkpac rlpazahcb=
Pm nakl klyknjp ml pjbyb qrbypkmly# pjky vavbx daeby p~m imlpxkhrpkmly, Pjb fixyp ky a
ykdvcb klpbxlapkmlac aiimrlpkln bzbxikyb, K bzvcakl# kl a rlkfib` gxadb~mxe# jm~ pjb bzky$
pblib mg paz jawbly ixbapby y{ypbdapki# caxnb al` xmhryp klimlykypblikby kl klpbxlapkmlacaiimrlpy aixmyy imrlpxkby# al` jm~ pjbyb almdackby ial hb ryb` pm imdvrpb pjb ncmhac
ypmie mg vxkwapb ~bacpj jbc` kl paz jawbly,
Pjb dbijalkyd ky ypxaknjpgmx~ax`# ay pjb gmccm~kln bzadvcb yjm~y, ^jbl a Gxblij
jmrybjmc` jay al klwbypdblp aiimrlp kl Y~kpbxcal`# al` m~ly a R,Y, bqrkp{ pjxmrnj jky
mstyjmxb aiimrlp# a `mrhcb klimlykypbli{ axkyby, Gkxyp# Gxalib rl`bxbypkdapby kpy gmxbknl
ayybpy# hbiaryb kpy lapkmlac aiimrlpalpy jawb lm ~a{ pm iavprxb yrij mstyjmxb jmc`klny,Ap pjb yadb pkdb# R,Y, aiimrlpalpy vxmvbxc{ xbimx` a gmxbknl ckahkckp{? pjb{ axb a~axb
pjap pjb xbyp mg pjb ~mxc` m~ly a R,Y, bqrkp{, Pjbxbgmxb# dmxb ixmyy$hmx`bx ckahkckpkby
axb xbimx`b` ncmhacc{ pjal ayybpy, Ybiml`# pjb R,Y, Pxbayrx{ xbimx`y a gmxbknl ckahkckp{
wky$$wky Y~kpbxcal`# pjmrnj Y~kpbxcal` ky lmpjkln dmxb hrp a iml`rkp# al` ay yrij
xbimx`y lm gmxbknl ayybp ml pjb R,Y, Pjbxbgmxb# pjb hkcapbxac R,Y,$Y~kpbxcal` `apa axb
klimlykypblp,K bzvcakl vxbikybc{ baij ypbv mg pjky axnrdblp# al` vrp finrxby ml kp, Imdhklkln xba`kc{
awakcahcb `apa ml gmxbknl ybirxkpkby ayybpy al` ckahkckpkby gmx acdmyp acc imrlpxkby ~kpj lb~
bypkdapby gmx pjb gb~ imrlpxkby ~kpj lm `apa# K yjm~ pjap baij {bax hbp~bbl 8661 al`
866: al` gmx baij ayybp icayy ncmhac k`blpkfib` ybirxkpkby ayybpy axb cm~bx pjal ckahkckpkby
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
3/63
kl R,Y, bqrkpkby ~bxb xbimx`b` h{ pjb R,Y, Pxbayrx{ ay hbkln m~lb` h{ Y~kpbxcal`, Pjb
hrce hbcmlnb` pm rlk`blpkfiahcb vbxymly rykln Y~kyy haley ay iml`rkp, Pjky almdac{
xbwbacy pjb iblpxac xmcb jkypmxkiacc{ vca{b` h{ Y~kpbxcal` kl pjb ixmyy$hmx bx ~bacpj
dalanbdblp daxebp,
Pjb ybiml` imlpxkhrpkml mg pjky vavbx ky pm ckle pjb ncmhac klimlykypblikby kl klpbx$
lapkmlac aiimrlpy pm `kxbip bwk`blib gxmd Y~kyy haley# al` ryb pjb Y~kyy jkypmxkiac bz$
vbxkblib pm yjb` cknjp ml ~jap `xkwby pjb `bwbcmvdblp mg paz jawbly, K yjm~ pjap ay mg
pm`a{# 1-9 mg pjb bypkdapb` ypmie mg mstyjmxb ayybpy ial hb pxaib` haie pm Y~kpbxcal`# al`pjap imlpbdvmxax{ `kxbip bwk`blib gxmd Y~kyy mikac ypapkypkiy axb grcc{ imjbxblp ~kpj
~jap mlb mhpakly h{ alac{kln `kyixbvalikby kl klpbxlapkmlac aiimrlpy aixmyy imrlpxkby, K
imlypxrip a {baxc{ ybxkby ml pjb gmxprlby dalanb` h{ Y~kyy haley yvallkln mlb iblprx{
*1;10$8616+# h{ cklekln kl a y{ypbdapki ~a{ mikac lapkmlac aiimrlpy al` iavkpac daxebp
ypapkypkiy ~kpj Y~kyy haley axijkwb xbimx`y# napjbxb` h{ pjb p~m klpbxlapkmlac imddkppbby
gmx ~jmd pjb Y~kyy hale ybixbi{ jay bwbx hbbl ckgpb`, Pm d{ elm~cb`nb# pjky ky pjb fixyppkdb pjap al{ yrij ybxkby ky imlypxripb` gmx al{ imrlpx{,
Mlb a`walpanb mg cmmekln ap yrij cmln pkdby ybxkby ky pjap pjb{ accm~ pm `bhrle a
ibxpakl lrdhbx mg ~k`bc{ jbc` wkb~y pjap xbdaklb` rlpbypahcb, Pjb `apa `m lmp yrvvmxp
pjb wkb~ pjap Y~kpbxcal` vca{b` pjb xmcb mg a yagb jawbl `rxkln pjb ~axy# lmx pjap Y~kyy
hale aiimrlpy vxmpbipb` yawbxy gxmd pjb jknj klapkml xapby mg pjb klpbx~ax al` vmyp$
mxc` ax KK vbxkm`y, b mhybxwb jrnb klm~y kl Y~kyy aiimrlpy `rxkln pjb ybiml`
jacg mg pjb 1;86y al` `rxkln pjb 1;96y# gmx ~jkij pjb dmyp imdvbcckln bzvcalapkml ky
vrxb al` ykdvcb paz bwaykml, Agpbx a hxkbg `bicklb kl pjb kddb`kapb agpbxdapj mg ^mxc`
ax KK# Y~kpbxcal` bzvbxkblib` imlpklrmry al` dayykwb klm~y mg gmxbknl grl`y rlpkc pjb
dk`$1;:6y, Yklib pjbl# klm~y ybbd pm jawb ypahkckb`,
Pjb gaipmxy `xkwkln pjb xbcmiapkml mg ~bacpj kl Y~kpbxcal` `rxkln pjb ybiml` jacg mg
pjb p~blpkbpj iblprx{ ybbd pm hb dmxb imdvcbz pjal kl pjb 1;86y$1;96y, Nrcg imrlpxkby#
~jbxb pjbxb ky lm klimdb paz# jawb ja` kdvmxpalp jmc`klny yklib pjb 1;>6y# acpjmrnj
axmrl` 76" mg acc gmxbknl gmxprlby dalanb` kl Y~kpbxcal` ypkcc hbcmln pm Brxmvbaly, Kl
vxaipkib# pjb admrlp vrp kl Y~kyy haley avvbaxy pm hb jknjc{ imxxbcapb` ~kpj `kypalib,
A
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
4/63
ckebc{ pm hb al byyblpkac vaxp mg pjb bdvkxkiy mg bzpbxlac ~bacpj al` ncmhac kdhacaliby,
^j{ yjmrc` daixmbimlmdkypy iaxb= Hbiaryb xbckahcb klpbxlapkmlac aiimrlpy axb a eb{
pmmc gmx dmlkpmxkln filalikac ypahkckp{, Pjb wbx{ caxnb lbp bzpbxlac ckahkckpkby xbimx`b`
h{ ybwbxac Brxmvbal imrlpxkby jawb vxmdvpb` gbaxy mg al kdvcmykml mg pjb brxmmlb al`
ypal` ap pjb imxb mg Brxmvby `bhp ixkyky, Anaklyp pjky haie`xmv# vxmvbxc{ dbayrxkln
bzpbxlac ayybpy ky byyblpkac, Gxmd a vmcki{ wkb~vmklp# mstyjmxb paz bwaykml jay naklb`
kdvmxpalib kl pjb agpbxdapj mg pjb filalikac ixkyky al` mg jknj$vxmficb yial`acy aixmyy pjb
~mxc , Hrp kp ky `kircp pm `byknl vmckikby al` kdvmyykhcb pm dmlkpmx pjbkx xbyrcpy kg ~bjawb lm qralpkpapkwb k`ba mg ~jap pjb{ paxnbp,
Pjb xbdakl`bx mg pjky vavbx ky mxnalkb` ay gmccm~y, Kl ybipkml 8# K xbcapb pjky ~mxe
pm pjb bzkypkln ckpbxaprxb, Ybipkml 9 yjm~y jm~ `kyixbvalikby kl klpbxlapkmlac klwbypdblp
vmykpkmly aixmyy imrlpxkby ial hb ryb` pm bypkdapb pjb ncmhac ypmie mg jmrybjmc`y ayybpy
dalanb` mstyjmxb, Ybipkml 0 alac{by pjb Y~kyy bzvbxkblib, Ybipkml 2 avvckby pjb fil`klny
mg pjb p~m vxbwkmry ybipkmly pm pjb `kypxkhrpkml mg bzpbxlac al` `mdbypki ~bacpj, Ybipkml7 imlicr`by, A yrvvcbdblpax{ `apa avvbl`kz vxbyblpy a``kpkmlac `bpakcy ml pjb `apa
ymrxiby ryb` kl pjky xbybaxij al` ybxkby imlypxripkml dbpjm`mcmnkby,
8 Xbcapb` ckpbxaprxb
8,1 Bzpbxlac ~bacpj al` ncmhac kdhacaliby
Pjky vavbx ky vaxp mg a lb~ ckpbxaprxb ml pjb bdvkxkiy mg bzpbxlac ~bacpj# vkmlbbxb` h{ Calb
al` Dkcbyk$Gbxxbppk *8661+# pjap `mirdblpy pjb xkyb mg ixmyy$hmx`bx vmykpkmly# pjb ~k`blkln
mg ncmhac kdhacaliby# al` pjb kdvmxpalp xmcb mg mstyjmxb filalikac iblpbxy ay iml`rkp gmx
klpbxlapkmlac ayybp pxa`b *Calb al` Dkcbyk$Gbxxbppk# 8616+, Pjmrnj jrnb vxmnxbyy jay hbbl
da`b kl xbiblp {baxy# yknlkfiialp rlibxpaklpkby xbdakl ml pjb `kypxkhrpkml mg gmxbknl ~bacpj
hbp~bbl imrlpxkby, Pjap xkij imrlpxkby axb ml annxbnapb klpbxlapkmlac `bhpmxy xbdakly
`bbvc{ vrckln# gmx kp nmby anaklyp pjb hayki pjbmx{ mg pjb klpbxlapkmlac accmiapkml mg
iavkpac, Ky pjbxb a vxmhcbd ~kpj pjb `apa=
Gk p C ` Dkc k G ppk *866>+ e pj e h pk pj p h `
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
5/63
al bzbxikyb ~jkij ja` lmp hbbl rl`bxpaebl hbgmxb, K ypaxp gxmd pjb mhybxwb` almdackby#
al` yjm~ pjap caxnb klimlykypblikby xbdakl agpbx vxmwk`kln ykdvcb imxxbipkmly gmx acc pjbkx
k`blpkfib` iaryby hrp pjb gaip pjap ymdb kl`kwk`racy jawb rlxbimx`b` aiimrlpy kl paz
jawbly, Kl vaxpkircax# kp ky ~bcc rl`bxypmm` pjap ymdb almdackby axb `rb pm klimdvcbpb
imrlpx{ imwbxanb#9 ym K `bxkwb al` ryb lb~ bypkdapby mg pjb hkcapbxac ixmyy$hmx`bx ybirxkpkby
ayybpy gmx acc imrlpxkby ~kpj lm mx klimdvcbpb mikac `apa *dmyp lmpahc{ Ijkla# Dk``cb
Baypbxl mkc bzvmxpbxy# al` pjb Ia{dal Kycal`y+,
Ybiml`# pjbxb ky a imlpxmwbxy{ ml pjb bzpbxlac hacalib yjbbp mg pjb R,Y, Jarydall al`Yprxblbnnbx *866>+ icakd pjap R,Y, gmxbknl ayybpy axb `xaypkiacc{ rl`bxypapb`? kl pjbkx
wkb~# yklib pjb R,Y, klwbypdblp klimdb hacalib ky vmykpkwb# kp dryp hb pjap pjb R,Y, jay
a vmykpkwb lbp gmxbknl ayybp vmykpkml,0 Pjb vxbyblp vavbx nmby kl pjb yadb `kxbipkml *xkij
imrlpxkby axb ckebc{ pm hb xkijbx pjal ~b pjkle+# hrp gmx `kstbxblp xbaymly, ^jkcb Jarydall
al` Yprxblbnnbx *al` dmxb xbiblpc{ DiNxappal al` Vxbyimpp *8616++ ypxbyy pjb xmcb mg
rlxbimx`b` klpalnkhcb iavkpac *yrij ay xbvrpapkml# elm~$jm~# daxebpkln bzvbxpkyb# bpi,+#pjky vavbx axnrby pjap xkij imrlpxkby *klicr`kln pjb R,Y,+ dkyy a wbx{ ypal`ax` gmxd mg
gmxbknl ~bacpj# k,b, pjb vmxpgmckm ayybpy jbc` h{ pjbkx ~bacpj{ ikpkbly kl gmxbknl haley,
8,8 Klimdb `kypxkhrpkml al` paz bwaykml
Pjky vavbx ky acym xbcapb` pm pjb ckpbxaprxb ml pjb `kypxkhrpkml mg klimdb al` ~bacpj~kpjkl imrlpxkby al` kl pjb cmln xrl mg jkypmx{ *Apeklyml bp ac,# 8616+, Pjky klpbxlapkmlac
xbybaxij vxmobip# vkmlbbxb` h{ Vkebpp{ *8669+# ryby paz xbimx`y pm vxm`rib jmdmnblmry
ybxkby ml pjb yjaxb mg klimdb al` ~bacpj aiixrkln pm pjb pmv gxaipkcby,
H{ `bfilkpkml# pjb dbpjm`mcmn{ ryb` kl pjbyb vavbxy nkwby pjb `kypxkhrpkml mg pmv
xbvmxpb` klimdby-ayybpy# lmp pmv bimlmdki klimdby al` ayybpy, Jm~ `mby paz bwaykml
klpbxaip ~kpj paz$hayb` `kypxkhrpkmly= ^j{ `k` pjb xkyb kl pmv klimdb yjaxby `k` lmpavvaxblpc{ vxm`rib a xkyb kl pmv ~bacpj yjaxby kl pjb R,Y, *Emvire al` Yab# 8660+= Ky
kp hbiaryb kp jay hbimdb baykbx pm imlibac iavkpac al` iavkpac klimdb pm paz arpjmxkpkby=
Mx ky pjb imxxbcapkml hbp~bbl pjb `bwbcmvdblp mg paz jawbly al` pjb lml$xbimwbx{ mg pmv
~bacpj yjaxby gmxprkpmry=
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
6/63
imlybqrbliby# yklib *k+ mstyjmxb aiimrlpy vxmhahc{ hbcmln pm wbx{ ~bacpj{ kl`kwk`racy#
~jm vca{ a eb{ xmcb kl pjb cmln xrl bwmcrpkml mg klimdb `kypxkhrpkmly5 *kk+ paz bwaykml ml
ybcg$xbvmxpb` klimdb pbl`y pm hb yknlkfiialp *Ecbwbl bp ac,# 8616+# al` *kkk+ pjb vxmhahkckp{
mg hbkln `bpbipb` ky icmyb pm lkc,
Pjb dmyp kdvmxpalp bstmxp ym gax pm klimxvmxapb paz jawbly kl `kypxkhrpkml ypr`kby ky
a vavbx h{ @bcc bp ac, *866>+ pjap ryby Y~kyy paz `apa pm vrp al rvvbx hmrl` ml pjb
admrlp mg iavkpac klimdb baxlb` kl Y~kpbxcal` h{ lml$xbyk`blp pazva{bxy, Pjky rvvbx
hmrl` prxly mrp pm hb mlb mx`bx mg danlkpr`b ydaccbx pjal ~jap K bypkdapb kl pjb vxbyblpvavbx rykln hale `apa, A ybiml` appbdvp ky h{ Xmklb al` ^ac`blypxd *866;+# ~jm ryb
klimlykypblikby kl pjb Y~b`kyj hacalib mg va{dblpy al` lapkmlac aiimrlpy pm bypkdapb pjb
admrlp mg rlxbimx`b` ~bacpj jbc` h{ Y~b`kyj xbyk`blpy mwbxybay, Kl pjbkx rvvbx hmrl`
yiblaxkm# pjky xakyby pjb pmv 1" ~bacpj yjaxb h{ 26" *k,b, gxmd 86" mg `mdbypki ~bacpj
pm 96" mg `mdbypki ~bacpj kl 8660+,
8,9 Iavkpac knjp
Xmklb al` ^ac`blypxd *866;+ gmccm~ al bzpblykwb al` klrblpkac ckpbxaprxb ml iavkpac
knjp pjap jay `bwbcmvb` kl pjb 1;:6y *Ir``klnpml# 1;:75 @mmcb{# 1;::+# ~kpj a gmiry
ml `bwbcmvkln imrlpxkby *Hm{ib al` L`kerdala# 86615 Imcckbx bp ac,# 8661+,7 Arpjmxy
kl pjky fibc` ryb `kyixbvalikby ~kpjkl a imrlpx{y hacalib mg va{dblpy *HMV+ pm iavprxbvmpblpkacc{ rlxbimx`b`# kccbnac mx `bypahkckkln mrpm~y, Kl vaxpkircax# a lbnapkwb lbp
bxxmxy al` mdkyykmly cklb kl pjb HMV ky ybbl ay bwk`blib mg rlxbimx`b` pxalygbxy mg
ayybpy ahxma`,
Pjky vavbx `bvaxpy gxmd pjky avvxmaij h{ gmirykln ml klimlykypblikby hbp~bbl imrl$
pxkby xapjbx pjal ~kpjkl imrlpxkby# ml ypmie vmykpkmly xapjbx pjal ml m~y# al` ml a
~bcc$k`blpkfib` ekl` mg ~bacpj# ladbc{ ybirxkpkby *bqrkpkby# klicr`kln drprac grl` yjaxby#al` hml`y+, K jmvb pm imlwklib pjb xba`bx pjap kp ky dmxb imdvbcckln gxmd a dbpjm`$
mcmnkiac wkb~vmklp, Gkxyp# bxxmxy al` mdkyykmly ial iavprxb dal{ pjklny lmp xbcapb` pm
iavkpac knjp# al`# imlwbxybc{# pxalygbxy mg ~bacpj mwbxybay lbb` lmp hb iavprxb` h{ pjb
lbp bxxmxy al` mdkyykmly cklb > Pjb waxkmry imdvmlblpy mg a hacalib mg va{dblpy axb
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
7/63
Ml pjb imlpxax{# klpbxlapkmlac aiimrlpy axb bypahckyjb` kl`bvbl`blpc{ aixmyy imrlpxkby5
`kyixbvalikby hbp~bbl imrlpxkby iallmp hb imlyk`bxb` ay ypapkypkiac imlwblpkmly, Ybiml`#
nkwbl pjb ypxriprxb mg klpbxlapkmlac ybirxkpkby daxebpy# pjb wacrb al` m~lbxyjkv mg al{
pxa`b` bqrkp{ kyyrb` h{ imrlpx{ o al` jbc` h{ k yjmrc` hb xbimx`b` ahymcrpbc{ k`blpkiacc{
h{ ky al` oy ypapkypkikaly, K yjm~ pjap pjb `kyixbvalikby axkykln kl pjky ybppkln ial hb
pxalyvaxblpc{ klpbxvxbpb`,
8,0 Paz jawbly
Gmrxpj# pjky vavbx ky vaxp mg pjb vmykpkwb ckpbxaprxb ml paz jawbly# pjap jay daklc{ gmiryb`
ym gax ml jm~ drcpklapkmlac imxvmxapkmly ryb vxbgbxblpkac paz al` cbnac y{ypbdy# vaxpkir$
caxc{ pjxmrnj vxmfip yjkgpkln kl cm~ paz imrlpxkby,: Dmyp xbyrcpy yjm~ pjap klpbxlapkmlac
paz awmk`alib h{ drcpklapkmlac imxvmxapkmly ky ~k`byvxba`, Axb paz jawbly ay klpblykwbc{
ryb` h{ xkij kl kwk racy= Mx jawb xbiblp vmcki{ klkpkapkwby hbbl yriibyygrc ap irxhkln
vbxymlac paz bwaykml=
A hrxnbmlkln ckpbxaprxb ryby pjb Brxmvbal Rlkml yawklny `kxbipkwb *pjb hknnbyp im$
mvbxapkwb bstmxp ym gax pm ckdkp klpbxlapkmlac paz awmk`alib ml iavkpac klimdb+ pm alac{b
jm~ mstyjmxb aiimrlpy xbaip pm klixbayb` pazapkml *Omjallbybl# 86165 Jbddbcnaxl al`
Lkim`db# 866;5 Ecarpeb al` ^bkijblxkb`bx# 8616+# ~kpj dkzb` xbyrcpy,; K a`` pm pjky
ckpbxaprxb h{ yjm~kln pjap pjb Y~kyy hale aiimrlpy bzvckikpc{ paxnbpb` h{ pjb `kxbipkwbjawb caxnbc{ xbdaklb` kl Y~kpbxcal` rlpazb`# yrnnbypkln pjap pjb `kxbipkwb jay hbbl
klbstbipkwb ym gax,
8,2 Iavkpac pazapkml
Gklacc{# pjky vavbx xbcapby pm pjb ckpbxaprxb ml iavkpac pazapkml kl al mvbl bimlmd{, Kg
pjbxb bzkypy a iavkpac klimdb paz# ky kp hbppbx pm paz klimdby nblbxapb` h{ pjb iavkpac
vj{ykiacc{ cmiapb` ap jmdb *ymrxib$hayb` paz+= Mx klimdby baxlb` h{ `mdbypki xbyk`blpy
ml acc pjbkx ayybpy# `mdbypki al` gmxbknl *xbyk`blib$hayb` paz+= @kadml` al` Dkxxcbby
*1;>1+ yjm~ pjap a ydacc bimlmd{ yjmrc` lmp cbw{ al{ ymrxib$hayb` paz5 ml lmxdapkwb
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
8/63
pm icaxkg{ pjb danlkpr`b mg mlb kdvmxpalp bcbdblp mg pjb hbjawkmxac xbaipkml pm xbyk`blib$
hayb` klimdb pazby,
9 Bypkdapkln pjb admrlp mg vxkwapb ~bacpj kl paz jawbly
9,1 Imlibvprac gxadb~mxe
Gkxyp# cbpy xbiacc pjb hayki `bfilkpkmly al` aiimrlpkln imlibvpy pjap ~kcc hb ryb` pjxmrnj$
mrp pjb vavbx, A imrlpx{y gmxbknl ayybpy al` ckahkckpkby axb xbimx`b` kl kpy klpbxlapkmlac
klwbypdblp vmykpkml *KKV+# ~jkij ky pjb ypmie bqrkwacblp mg pjb hacalib mg va{dblpy *HMV+,
Jmc`klny axb icayykfib` aiimx`kln pm pjb KDG *1;;9+ nrk`bcklby# oryp ay pxalyaipkmly axb kl
pjb filalikac aiimrlp mg pjb HMV, Ml pjb ayybp yk`b# imdvkcbxy `kypklnrkyj hbp~bbl `kxbip
klwbypdblp *bqrkp{ vaxpkikvapkmly ahmwb 16"+# vmxpgmckm klwbypdblpy *bqrkp{ al` `bhp yb$
irxkpkby jbc` mrpyk`b a `kxbip klwbypdblp xbcapkmlyjkv+# mpjbx ayybpy *cmaly# `bvmykpy# pxa`bixb`kp,,,+# filalikac `bxkwapkwby# al` xbybxwb ayybpy *nmc`# yvbikac `xa~kln xknjpy# xbybxwb
`bvmykpy kl pjb KDG# ay ~bcc ay gmxbknl irxxblikby klicr`kln gmxbknl ybirxkpkby jbc` h{
mikac dmlbpax{ klypkprpkmly+, Ml pjb ckahkckp{ yk`b# pjbxb ky lm xbybxwb cklb,
Imlyk`bx a ~mxc` ~kpj 1#,,,#k#,,,l imrlpxkby pjap acc vrhckyj klpbxlapkmlac aiimrlpy
imdvc{kln ~kpj pjb KDG nrk`bcklby al` jawb pjb yadb `apa imccbipkml dbpjm`y, Pjbyb
dbpjm`y axb pjb gmccm~kln *KDG# 8668+, Baij imrlpx{y `apa imccbipkml y{ypbd imwbxyymdb anblpy `kxbipc{ al` mpjbxy kl`kxbipc{, @kxbip xbvmxpbxy vxmwk`b `apa ml pjbkx m~l
ayybpy *k,b, gmxbknl icakdy pjap axb ml pjbkx hacalib yjbbp+# al` vmyykhc{ ml pjbkx ickblpy
ayybpy *k,b, gmxbknl icakdy pjap axb mst pjbkx hacalib yjbbp# hrp pjap pjb{ ial mhybxwb+,
Dmyp aipmxy mg pjb filalikac ybipmx *byvbikacc{ haley# klwbypdblp grl`y al` klyrxalib
imdvalkby+ axb `kxbip xbvmxpbxy# ay ~bcc ay pjb nmwbxldblp# ~jbxbay jmrybjmc`y axb mlc{
kl kxbipc{ imwbxb`# gmx vxaipkiac xbaymly, Lmlfilalikac imxvmxapkmly da{ hb `kxbipc{ mxkl`kxbipc{ imwbxb`# `bvbl`kln ml pjbkx ykb al` ml lapkmlac cbnkycapkmly,
Imlyk`bx pjb admrlp Ako mg gmxbknl ybirxkpkby kyyrb` h{ imrlpx{ o# m~lb` h{ xbyk`blpy
mg imrlpx{ k 4 o# bzicr`kln ybirxkpkby jbc` ay `kxbip klwbypdblp# hrp klicr`kln pjb
g pk g k p k p ` k kpk A
A ` h k cc
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
9/63
gmx irypm`{,16 Ybirxkpkby jbc` h{ irypm`kal haley ml hbjacg mg pjkx`$vaxpkby *k,b, ~jkij axb
lmp vaxp mg pjbkx m~l pxa`kln vmxpgmckm+ `m lmp avvbax ml pjbkx hacalib yjbbpy? ybirxkpkby
irypm`{ ky mlb mg pjb mc`byp# ykdvcbyp# al` hknnbyp mst$hacalib yjbbp hryklbyy mg haley,
^j{ ~mrc jmrybjmc`y ~alp pm blpxryp pjbkx vmxpgmckmy pm gmxbknl irypm`kaly= Ymdb
haley *mgpbl iaccb` vxkwapb haley+ vxmwk`b jknj wacrb$a``b` filalikac ybxwkiby *yrij ay
klwbypdblp a`wkib al` paz vcallkln+# al` imdvbpb ~mxc`~k`b pm appxaip ~bacpj{ kl`kwk`$
racy ayybpy, Mlb kdvmxpalp ybxwkib mstbxb` ky a imlfi`blpkackp{ ybxwkib# ~jkij klicr`by al
mvpkml lmp pm va{ pazby, Kl dmyp lml$jawbl imrlpxkby# `mdbypki irypm`kaly arpmdapk$iacc{ vayy ml xbcbwalp klgmxdapkml pm `mdbypki al` gmxbknl paz arpjmxkpkby# kl vaxpkircax
klpbxbypy al` `kwk`bl`y baxlb` h{ pjbkx ickblpy `rxkln pjb fiyiac {bax, Pjky pjkx $vaxp{
xbvmxpkln daeby bwa`kln xbyk`blib$hayb` iavkpac klimdb pazby kdvmyykhcb, Imlwbxybc{#
jawbl$hayb` haley `mlp bzijalnb klgmxdapkml ~kpj paz arpjmxkpkby? paz bwaykml ky vmy$
ykhcb,
Cbp ry kl`kiapb pjb xbyk`blib imrlpx{ mg pjb irypm`kal ~kpj a yrvbxyixkvp cbppbx?
Ako 4
e
Aeko 4
e
*aeko % aeko+ 4 Ua
kko % a
kkoT %
e4k
*aeko % aeko+ *1+
Ap pjb bl` mg bqrapkml 1# pjb fixyp pbxd hbp~bbl hxaiebpy xbgbxy pm icakdy mg k ml o
jbc` mlyjmxb# pjb ybiml` pm icakdy mg k ml o jbc` mstyjmxb, Gmx klypalib# al kl`kxbipc{$
yrxwb{b` anblp mg imrlpx{ k# ya{ a Gxblij jmrybjmc`# ial m~l a yjaxb kyyrb` h{ a xbyk`blpmg imrlpx{ o# ya{ a R,Y, arpm kl`rypx{# al` ryb a irypm`kal cmiapb` kl e# ya{ a Y~kyy hale?
pjky ekl` mg icakd ky vaxp mg aeko5 kp ky a gmxbknl mstyjmxb ayybp mg Gxalib,
Gmccm~kln pjb KDG nrk`bcklby# yrij a icakd dryp hb imlyk`bxb` ay al ayybp mg Gxalib
ml pjb R,Y, al` a ckahkckp{ mg pjb R,Y, wky$$wky Gxalib pjb cmiapkml mg pjb irypm`kal
ky imlibvpracc{ kxxbcbwalp, Pjb klpbxlapkmlac aiimrlpkln gxadb~mxe klpbl y pm iavprxb
pjb nbmnxavj{ mg ixmyy$hmx`bx klwbypdblp vmykpkmly# lmp pjb nbmnxavj{ mg irypm`kaly,Dmxbmwbx# kp ky ixrikac pm rl`bxypal` pjap h{ blpxrypkln kpy R,Y, bqrkpkby pm a Y~kyy
irypm`kal# pjb Gxblij jmrybjmc` `mby lmp m~l al{ icakd ml Y~kpbxcal`# al` Y~kpbxcal`
jay lm ckahkckp{ wky$$wky Gxalib,11
Kl vxaipkib ~jap `m lapkmlac aiimrlpy imdvkcbxy xbimx`=
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
10/63
ybirxkpkby jbc` mlyjmxb h{ kl`kxbipc{ yrxwb{b` anblpy# ky ypxaknjpgmx~ax ? KKV imdvkcbxy
oryp lbb` pm aye irypm`kal haley pm xbvmxp pjbd, Vxmhcbdy ypaxp ~jbl kl`kxbipc{ yrxwb{b`
anblpy ryb gmxbknl irypm`kaly# yklib pjbkx ayybpy iallmp hb iavprxb` h{ yrxwb{kln `mdbypki
haley al{dmxb, Pjky ky a hckl` yvmp mg lapkmlac aiimrlpy, Cbpy `blmpb ~kpj a jap
`mdbypki ypapkypkikaly bypkdapkmly# al` daeb pjb ayyrdvpkml pjap acc `kxbip xbvmxpbxy
ayybpy al` kl`kxbip xbvmxpbxy mlyjmxb ayybpy axb aiirxapbc{ dbayrxb`? gmx acc e# aeko 4 aeko#
al` akko 4 akko, Pjbl# ~b jawb?
Ako 4 Uakko % a
kkoT %
e4k
aeko 4 Ako
e4k
aeko *8+
Ybiml`# kl imrlpx{ e# ypapkypkikaly aye `mdbypki haley pm xbvmxp ml pjb ypmie mg yb$
irxkpkby pjap pjb{ jawb kl irypm`{, Pjb{ mhybxwb pjap gmxbknlbxy ryb `mdbypki haley pm
klwbyp ahxma`, Pjky ky a gmxbknl$gmxbknl hryklbyy# pjap paeby vcaib vrxbc{ mst$hacalib yjbbp
ml pjb `mdbypki pbxxkpmx{, H{ imdvc{kln ~kpj pjb KDG nrk`bcklby# pjb{ grcc{ `kyxbnax`pjbyb jmc`klny ~jbl imdvkckln ey klpbxlapkmlac klwbypdblp vmykpkml,18
Pahcb 1 avvckby pjb ahmwb gxadb~mxe pm p~m imrlpxkby? Gxalib al` Y~kpbxcal`, Kl
8660# Gxaliby pmpac gmxbknl ybirxkpkby ayybpy xbimx`b` kl kpy KKV *Ak 4
o4k Ako 4 RY@
1#767hl+ bqracb` xmrnjc{ pjb wacrb mg acc gmxbknl ybirxkpkby kl irypm`{ kl Gxblij haley
*RY@ 1#0>>hl+,19 Ml pjb imlpxax{# gmxbknl ybirxkpkby dalanb` h{ Y~kyy haley *RY@
1#>>0hl+ ~bxb 8,0 pkdby hknnbx pjal gmxbknl ybirxkpkby xbimx`b` kl pjb Y~kyy KKV *RY@>07hl+, 8-9 mg acc gmxbknl ybirxkpkby dalanb` h{ Y~kyy haley hbcmlnb` pm gmxbknlbxy# mlc{
1-9 pm ickblpy mg Y~kyy haley ~kpj a Y~kyy a``xbyy,
Gklacc{# kl imrlpx{ o# ypapkypkikaly dkypaeblc{ xbimx` jmc`klny mg k ml o jbc` pjxmrnj
irypm`kaly kl e ay ckahkckpkby wky$$wky e *pjap K ~xkpb Coe+, Pjky ky `rb pm pjb ~a{ ixmyy$
hmx`bx ybirxkpkby axb ybppcb , Ay a nblbxac xrcb# acc pxa`b` ybirxkpkby kyyrb` h{ xbyk`blpy
mg al{ imrlpx{ o axb rcpkdapbc{ jbc` h{ oy iblpxac ybirxkpkby `bvmykpmx{ *IY@+,10
Al{blpkp{ klwmcwb` kl pjb pxa`kln mg ybirxkpkby kyyrb` h{ o dryp jawb al aiimrlp ~kpj oy
IY@, Lm~# hbiaryb lapkmlac xbnrcapkmly ryracc{ gmxhk` gmxbknlbx pm aiibyy `mdbypki IY@y#
gmxbknl irypm`kaly ryb `mdbypki yrh$irypm`kaly pm ybppcb `mdbypki ybirxkpkby pxalyaipkmly,
Gmx klypalib kg a Gxblij jmrybjmc` m~ly a yjaxb mg a R Y imdval{ al` ryby a Gxblij
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
11/63
irypm`kal hale# pjb Gxblij hale ~kcc blpxryp pjb R,Y, yjaxb pm a R,Y, yrh$irypm`kal
pjap ~kcc jawb al aiimrlp ~kpj pjb R,Y, IY@, ^jbl yrxwb{kln R,Y, irypm`kaly# R,Y,
ypapkypkikaly ~kcc xbimx` a gmxbknl ckahkckp{ wky$$wky Gxalib, Hrp kg pjb Gxblij jmrybjmc
ryby a Y~kyy irypm`kal# pjb{ ~kcc hb rlahcb pm cmme pjxmrnj kp# al` xbimx` a ckahkckp{
wky$$wky Y~kpbxcal`, Pjky nkwby hkxpj pm pjb ~bcc$elm~l irypm`kac iblpbx hkay kl hkcapbxac
vmxpgmckm vmykpkmly *Hbxparp bp ac,# 8667+? pmm dal{ ckahkckpkby axb xbimx`b` h{ pjb R,Y,
wky$$wky Y~kpbxcal`# pmm ckppcb wky$$wky Gxalib,12
Lmpb# jm~bwbx# pjap ~japbwbx pjb irypm`kal ryb` h{ pjb klwbypmx# kp ky gakxc{ bay{gmx o pm dbayrxb aiirxapbc{ kpy pmpac gmxbknl vmxpgmckm ckahkckpkby? xbcapkwbc{ gb~ anblpy
kyyrb ybirxkpkby *jmrybjmc`y `mlp+# pjky ky a ypal`ax` hacalib yjbbp klgmxdapkml# al` pjb
iblpxackb` ybppcbdblp y{ypbd dbaly pjap dmyp gmxbknl$m~lb` ybirxkpkby ial hb mhybxwb`
h{ yrxwb{kln `mdbypki irypm`kaly, Ym K ~kcc ayyrdb pjap Co 4 Co, ^jap ky `kircp ky
pm k`blpkg{ pjb hblbfiikac m~lbx, @kyxbnax`kln acc bxxmxy ap pjb hkcapbxac cbwbc bzibvp gmx
pjb irypm`kac iblpbx hkay# xbimx`b` vmxpgmckm ckahkckpkby mg o wky$$wky e axb bqrac pm accybirxkpkby kyyrb` h{ o al` kl irypm`{ kl e# kxxbyvbipkwb mg ~jm m~ly pjbd?
Coe 4
d
Aedo *9+
^b ial lm~ ybb pjap ixmyy$hmx`bx ybirxkpkby irypm`{ vxmwmeby p~m klimlykypblikby kl
pjb ncmhac ybp mg klpbxlapkmlac aiimrlpy, Pjb fixyp mlb ky pjb ~mxc ybirxkpkby ayybp nav, H{`bfilkpkml# ap pjb ncmhac cbwbc# pmpac ixmyy$hmx`bx ybirxkpkby ayybpy yjmrc` bqrac ckahkckpkby,
Hrp kl vxaipkib# gmccm~kln bqrapkmly 8 al` 9#
o
k4o
Cok
k
o4k
Ako 4
k
o4k
e4k
aeko 4 *0+
Ay cmln ay klpbxlapkmlac aiimrlpy imdvkcbxy aiirxapbc{ dbayrxb ~jap pjb{ ial# pjb
`kyixbvali{ hbp~bbl ncmhac xbimx`b` ybirxkpkby ckahkckpkby al` ayybpy iavprxby bzaipc{ pjb
admrlp mg ybirxkpkby jbc` mstyjmxb h{ jmrybjmc`y *vmyykhc{ pjxmrnj yjbcc imxvmxapkmly#
pxrypy# bpi, ~jkij axb kl`kxbipc{ yrxwb{b` ay ~bcc+# pjap K lmpb ,
Pjb ybiml` klimlykypbli{ ky pjb hkcapbxac ybirxkpkby ayybp$ckahkckp{ kdhacalib, Imdhkl$
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
12/63
anblpy *Gxblij jmrybjmc`y ryb Crzbdhmrxnkyj haley+, Kl hmpj iayby# ixmyy$hmx`bx iry$
pm`{ axpkfiikacc{ klapby pjb ckahkckpkby xbimx`b` h{ o wky$$wky e, A pjkx` gaipmx ial nm kl
pjb mvvmykpb `kxbipkml al` daeb Coe ydaccbx pjal Aeo ? kp miirxy ~jbl `kxbipc{ yrxwb{b`
anblpy mg e blpxryp pjbkx ybirxkpkby pm gmxbknl irypm`kaly, ^jbl Gxblij haley blpxryp
pjbkx R,Y, ybirxkpkby pm Crzbdhmrxnkyj haley# pjb R,Y, xbimx`y cbyy ckahkckpkby wky$$wky
Gxalib pjal Gxalib xbimx`y R,Y, ayybpy, Annxbnapkln ap pjb ncmhac cbwbc# pjb fixyp al`
pjkx` bstbip mstybp baij mpjbx# al` ~b axb cbgp ~kpj pjb ncmhac ayybp nav ,
Gklacc{# lmpb pjap Co
k4o
Ako nkwby pjb admrlp mg vxkwapb mstyjmxb ~bacpj klwbypb`
kl o *k,b, pjb wacrb mg acc ybirxkpkby kyyrb` h{ o pjap jawb lm k`blpkfiahcb m~lbxy+,
9,8 @apa
Pm bypkdapb # ~b ykdvc{ lbb` pm imccbip pjb annxbnapb gmxbknl ybirxkpkby ayybpy al`
ckahkckpkby mg acc imrlpxkby, Pm elm~ ~jbxb pjb dkyykln ~bacpj ky klwbypb # ~b lbb`# kl
a``kpkml# a grcc hkcapbxac hxbae`m~l mg acc imrlpxkby ixmyy$hmx`bx ybirxkpkby jmc`klny,
K imlypxrip ykzpbbl 89;89; *Ako+ dapxkz pjap yrddaxkb pjb imdvxbjblykwb ncmhac
vappbxl mg ixmyy$hmx bx ybirxkpkby klwbypdblpy, Baij dapxkz nkwby pjb xbimx`b` mx bypk$
dapb` wacrb mg pjb gmxbknl ybirxkpkby m~lb` h{ 89; jmyp imrlpxkby *klicr`kln mlb cklb gmx
pjb ybirxkpkby jbc` ml annxbnapb h{ klpbxlapkmlac mxnalkapkmly+ al` kyyrb` h{ 89; ymrxib
imrlpxkby, Pjbxb ky mlb dapxkz vbx {bax mwbx 8661$866: al` vbx klypxrdblp *`bhp# bqrkp{+,
Pjb dakl `apa ymrxib ky pjb Immx`klapb` Vmxpgmckm Klwbypdblp Yrxwb{ *IVKY+# mxna$
lkb` rl`bx pjb aryvkiby mg pjb Klpbxlapkmlac Dmlbpax{ Grl`, Iml`ripb` {baxc{ yklib
8661# kp nkwby pjb hkcapbxac vmxpgmckm jmc`klny mg >0 ymrxib imrlpxkby *kl 866:+ ml rv pm 89;
jmypy, Pjb IVKY ky imdvcbdblpb` h{ a yrxwb{ mg pjb ybirxkpkby jbc` h{ mikac dmlbpax{
arpjmxkpkby ay gmxbknl bzijalnb xbybxwb al` h{ klpbxlapkmlac mxnalkapkmly, Kp ky mlb mg
pjb dmyp ~k`bc{ ryb` `apaybp gmx pjb ypr`{ mg bzpbxlac ~bacpj5 pjb xba`bx ky xbgbxxb` pmpjb IVKY nrk`b *KDG# 8668+# pm vxbwkmry ypr`kby rykln pjky `apaybp *gmx klypalib Calb
al` Dkcbyk$Gbxxbppk *866:++ al` pm Avvbl`kz A mg pjky vavbx gmx grxpjbx `bpakcy,
Pjb dakl ~baelbyy mg pjb IVKY ky kpy ckdkpb` imwbxanb, Pjb Ia{dal Kycal`y xbvmxpy
mlc{ pjb ybirxkpkby jbc` h{ pjb lml$hale ybipmx `kyxbnax`kln kpy wbx{ caxnb drprac grl`
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
13/63
annxbnapb ybirxkpkby jmc`klny Ak bzkypy# K ryb kp, K pjbl ryb a nxawkp{$ckeb dm`bc mg hkcap$
bxac vmxpgmckm ayybpy jmc`klny pm imlypxrip bypkdapb` hkcapbxac vxkwapb *k,b, lml xbybxwb+
vmykpkmly, Pjb dm`bc ky mg pjb gmxd?
cmn*1 % Ako+ 4 o % p % _kop % Zkp % kop *7+
~jbxb Ako `blmpby vxkwapb vmxpgmckm jmc`klny mg imrlpx{ k ml imrlpx{ o# o `blmpby
jmyp$imrlpx{ fizb`$bstbipy# p {bax fizb`$bstbipy# _kop ky a wbipmx mg hkcapbxac imlpxmcy# al`
Zkp a wbipmx mg ymrxib$cbwbc imlpxmcy,17 Zkp klicr`by ky vmvrcapkml# capkpr`b# N@V vbxiavkpa# ~jbpjbx kp ky cal`cmieb`# al` ~jbpjbx kp ky al mstyjmxb filalikac iblpbx *MGI+,
_kop klicr`by pjb cmn mg `kypalib# pjb cmn mg pjb N@V nav al` mg pjb N@V vbx iavkpa
nav# pjb cmlnkpr`b nav *a vxmz{ gmx pkdb mlb `kstbxbliby+# ay ~bcc ay `rddkby kl`kiapkln
a imddml calnranb# pjb bzkypblib mg a imcmlkac xbcapkmlyjkv# ~jbpjbx k al` o axb hmpj
kl`rypxkac imrlpxkby# al` al klpbxaipb` pbxd MG Ik o, K bypkdapb pjb dm`bc ml pjb grcc
IVKY `apaybp *klicr`kln mstyjmxb iblpbxy# imlpxax{ pm pjb vxbwkmry ckpbxaprxb+# ybvaxapbc{
gmx `bhp al` bqrkp{# al` ryb kpy vxb`kipkmly pm nblbxapb pjb dkyykln hkcapbxac vxkwapb
vmykpkmly,
^jbl pjbxb ky lm xbckahcb Ak# K bypkdapb kp kl p~m ypbvy, Gkxyp# K imdvrpb ky jmc`klny
mg R,Y, ybirxkpkby rykln pjb Pxbayrx{ Klpbxlapkmlac Iavkpac *PKI+ yrxwb{ mg R,Y, vmxpgmckm
ckahkckpkby,1> Ybiml`# ~jbl dmyp ayybpy axb vxkwapbc{ jbc`# K bypkdapb pjb yjaxb mg pjb R,Y,
kl ky vmxpgmckm rykln pjb nxawkp{$ckeb dm`bc `byixkhb` ahmwb,
Gmx klypalib# ml @bibdhbx 91yp# 866:# pjb R,Y, xbimx`b` RY@ 819hl mg bqrkp{ ckahkck$
pkby wky$$wky pjb Ia{dal Kycal`y al` 0;0hl mg vmxpgmckm `bhp ckahkckpkby5 pjb nxawkp{$hayb`
dm`bc vxb`kipy a R,Y, yjaxb mg 07" gmx bqrkpkby al` 78" gmx `bhp# kdvc{kln pmpac Ia{$
dalkal jmc`klny mg RY@ 1#829hl,1: Pjb dm`bc acym vxb`kipy yrhypalpkac klwbypdblpy
mg pjb Ia{dal Kycal`y kl pjb R,E,# al` kdvmxpalp bqrkp{ jmc`klny ml ybwbxac mstyjmxb
iblpbxy *pjb Hxkykpj Wkxnkl Kycal`y# Hbxdr`a+# xbbipkln pjb gaip pjap dal{ Ia{dalkal
grl`y klwbyp kl mpjbx mstyjmxb grl`y kl daypbx$gbb`bx ypxriprxby p{vkiac mg pjb jb`nb grl`
kl`rypx{,
^jbl dmyp gmxbknl ybirxkpkby axb vrhckic{$jbc` *ay xbybxwb ayybpy mx h{ ymwbxbknl ~bacpj
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
14/63
axmrl` >6" kl Ijklay bzpbxlac vmxpgmckm# imlykypblp ~kpj dmyp klgmxdb` nrbyy, K ayyrdb
pjap Ijkla klwbypy kpy lml$R,Y, ayybpy kl pjb yadb ~a{ pjal pjb awbxanb iblpxac hale
vaxpkikvapkln pm pjb IVKY, Gmx Dk``cb Baypbxl mkc bzvmxpbxy# K imdvrpb Ak ay e pkdby
pjbkx R,Y, jmc`klny *ay ybbl gxmd pjb PKI yrxwb{+# ~jbxb e4>6" kl 8661 al` `bicklby h{
8 vbxiblpanb vmklpy vbx {bax# gmccm~kln pjb hbyp awakcahcb bypkdapby, K accmiapb pjb lml
R,Y, ayybpy aiimx`kln pm pjb vxb`kipb` yjaxby mg pjb nxawkp{ dm`bc# ml pjb ayyrdvpkml pjap
Dk``cb Baypbxl ymwbxbknl grl`y jawb vxkwapb$ybipmx ckeb lml R,Y, klwbypdblp vappbxly,1;
Ymdb mg pjbyb kdvrpapkmly klwmcwb al bcbdblp mg or`nbdblp, Pjky ky klbwkpahcb# yklibpjb bzbxikyb imlykypy kl vxmwk`kln al bypkdapb gmx baij mg pjb 89: imrlpxkby al` pbxxkpmxkby
mg pjb ~mxc`# ymdb mg ~jkij vrhckyj acdmyp lm ypapkypkiy, K ypxkwb pm daeb pjb or`nbdblpy
ay pxalyvaxblp ay vmyykhcb? kl Avvbl`kz A# K `byixkhb cklb h{ cklb pjb xa~ ymrxiby# pjbkx
xbckahkckp{# al` acc a`orypdblpy da`b, Gmx acc lml$pxkwkac vmykpkmly# K vxmwk`b imlykypbli{
al` xmhryplbyy ijbiey rykln kl`bvbl`blp ymrxiby,86 K acym daeb ncmhac imlykypbli{ ijbiey,
Gmx klypalib# K wbxkg{ pjap d{ ncmhac bypkdapb gmx ybirxkpkby jbc` ay xbybxwb ayybpy h{mikac dmlbpax{ klypkprpkmly ky ~bcc kl cklb ~kpj pmpac lml$nmc` xbybxwby *xbvmxpb` h{ baij
imrlpx{+ dklry xbybxwb jmc`klny jbc` ay `bvmykpy kl HKY$xbvmxpkln haley,
Pjklny axb baykbx gmx vmxpgmckm ckahkckpkby# yklib ~b `mlp jawb pm `bac ~kpj xbybxwb
al{dmxb# lmx pm vxmwk`b al{ hkcapbxac hxbae`m~l, K ypaxp gxmd pjb vmxpgmckm ckahkckpkby
xbvmxpb` kl Calb al` Dkcbyk$Gbxxbppky rv`apb` al` Bzpbl`b` Bzpbxlac ^bacpj mg Lapkmly#
pm ~jkij K a`` bypkdapby gmx pjb ydacc mstyjmxb iblpbxy lmp imwbxb` *rykln iblpxac halexbvmxpy# ybirxkpkby ypapkypkiy gxmd pjb Hale gmx Klpbxlapkmlac Ybppcbdblp# pjb R,Y, PKI
ayybp yrxwb{# mx ~jbl lmpjkln ky awakcahcb# bqrapkln Co pm
o Ako+ al` pjb wacrb mg pjb
ybirxkpkby kyyrb` h{ klpbxlapkmlac mxnalkapkmly,
9,9 Xbyrcpy al` alac{yky
Gknrxb 1a yjm~y pjap yklib 8661# pmpac ybirxkpkby ayybpy axb baij {bax cbyy pjal ckahkckpkby,
Kl 866:# pjb nav admrlpb` pm RY@ 0#0;6hl# k,b, :" mg ~mxc` N@V al` 11" mg acc
ixmyy$hmx bx ybirxkpkby, Gknrxb 1h al` 1i hxbae pjb `kyixbvali{ hbp~bbl bqrkp{ al`
`bhp Axmrl` 8-9 mg pjb `kyixbvali{ imdby gxmd bqrkpkby5 ay a imlybqrblib axmrl` 86"
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
15/63
Kg pjb aiimrlpkln gxadb~mxe `byixkhb` kl ybipkml 9,1 jmc`y# pjb nav iavprxby bzaipc{
pjb wacrb mg acc rlxbimx`b` ybirxkpkby jbc` h{ jmrybjmc`y kl mstyjmxb haley, H{ `bfilkpkml#
kp iallmp imdb gxmd klimdvcbpb imrlpx{ imwbxanb, Kp da{ xbbip `bwkapkmly gxmd pjb
yp{ckb` aiimrlpkln gxadb~mxe mg ybipkml 9,1# mx `apa bxxmxy *gmx klypalib kdvxbikykmly kl
d{ kdvrpapkml gmx pjb imrlpxkby ~kpj lm mikac `apa+# hrp pjky ky rlckebc{ pm hb a hkn
vaxp mg pjb ypmx{# gmx pjxbb xbaymly,
Gkxyp# cbawkln ayk`b jmrybjmc`y mwbxybay jmc`klny# gmxbknl vmxpgmckm finrxby axb mlb mg
pjb dmyp bay{ pm bypahckyj al` xbckahcb `apa kl ixmyy$hmx`bx filalikac ypapkypkiy# byvbikacc{
bqrkp{ vmykpkmly, Bqrkp{ daxebpy axb wbx{ iblpxackb`? acc yjaxby kyyrb` h{ a imrlpx{
k axb ap ymdb vmklp kl irypm`{ kl k# kl a ydacc lrdhbx mg irypm kal haley, Kl dmyp
imrlpxkby# pjbxb ky al mc` al` ~bcc$bypahckyjb` pxa`kpkml pm yrxwb{ irypm`kaly# gmx kp ky mlb
mg pjb eb{ klvrpy ryb` kl pjb imdvkcapkml mg hacalib mg va{dblpy, Grxpjbx# dmyp vmxpgmckm
klwbypdblpy axb pxa`b` ml ypmie bzijalnby# pjbxbgmxb jawb aiirxapb al` xba`kc{ awakcahcb
daxebp vxkiby, Yklib pjb bl` mg pjb 1;;6y# pjb KDG al` iblpxac haley aixmyy pjb ~mxcjawb da`b imlyk`bxahcb bstmxpy pm kdvxmwb `apa qrackp{, Ap pjb lapkmlac cbwbc# imdvkcbxy
mvp dmxb al` dmxb gmx ybirxkp{$h{$ybirxkp{ aiimrlpkln# ~jkij xb`riby dbayrxbdblp bxxmxy
al` accm~y gmx bzpblykwb `apa qrackp{ ijbiey, Ap pjb ncmhac cbwbc# pjb IVKY jay imlpxkhrpb`
pm jaxdmlkb dbpjm`y al` yvxba` hbyp vxaipkiby aixmyy pjb ~mxc`,81
Ybiml`# pjb nav kl ayybp `apa jay kpy bzaip imrlpbxvaxp ap pjb m~ cbwbcy kl pjb ~mxc`
hacalib mg va{dblpy# imdvrpb` kl`bvbl`blpc{ gxmd pjb vxbyblp ypr`{ h{ pjb KDG *pjky~mxc` HMV klicr`by acc imrlpxkby xbvmxpy vcry KDG ypast bypkdapby gmx lml$xbvmxpbxy+, Kg
ymdb ayybpy axb dkyykln# pjbl pjb xbprxl pjb{ va{ dryp hb dkyykln ymdb~jbxb pmm, Pjky
ky ~jap ~b mhybxwb? baij {bax# dmxb ixmyy$hmx`bx iavkpac klimdb ky vak` pjal xbibkwb` kl
pjb ncmhac irxxblp aiimrlp, Kl vaxpkircax# vmxpgmckm al` mpjbx klimdb ixb`kpy *lml$`kxbip
klwbypdblp klpbxbypy al` `kwk`bl`y xbibkwb`+ axb cm~bx pjal `bhkpy *klpbxbypy al` `kwk`bl`y
vak`+, Gmx klypalib# kl 866:# pjb vmxpgmckm al` mpjbx klimdb `kyixbvali{ admrlpb` pm @4RY@ 127hl# kdvc{kln a xapb mg xbprxl ml mg x4127-0#0;649,2",
88 Ybiml`# pjbxb axb
ac~a{y dmxb ybirxkpkby ymc` pjal vrxijayb`? pjb vmxpgmckm klwbypdblp hacalib mg pjb ~mxc
filalikac aiimrlp ky y{ypbdapkiacc{ vmykpkwb *haxxkln mlb bzibvpkml kl 1;;:+, Pjky ~ay pm
Y Y
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
16/63
lapkmlac aiimrlpalpy aiirxapbc{ dbayrxb ~jap pjb{ ial# pjb filalikac aiimrlpy vmxpgmckm
klwbypdblp `kyixbvali{ iavprxby bzaipc{ pjb wacrb mg acc vrxijayby pjxmrnj rlxbimx`b`
mstyjmxb aiimrlpy, Pm ybb jm~ pjky m~ `kyixbvali{ fipy ~kpj pjb ypmie `kyixbvali{# ~b
ial ~xkpb pjb ijalnb kl pjb ypmie mg mstyjmxb ~bacpj hbp~bbl p 1 al` p ay?
p p1 4 Kp % W ACp *>+
~jbxb Kp ky pjb lbp klm~ kl mstyjmxb klwbypdblp aiimrlpy# al` W ACp pjb lbp iavk$
pac nakly ml bzkypkln aiimrlpy, Pahcb 8 hxbaey gmccm~kln bqrapkml >, ^b ybb a wbx{xbaymlahcb vappbxl? ypba`{ klm~y# lbnapkwb wacrapkml bstbipy `rxkln hbax daxebpy *8668#
866:+# vmykpkwb `rxkln hrcc daxebpy5 al` xbaymlahcb {kbc`y x kl pjb xalnb 8$2"# ~kpj a
`m~l~ax`y pxbl`,
Gklacc{# al` dmyp kdvmxpalpc{# pjb `kypxkhrpkml mg pjb nav hbp~bbl xbvmxpb` ybirxkpkby
ckahkckpkby *Co+ al` ixb`kpmx$`bxkwb` ckahkckpkby *
k4o Ako+ bzjkhkpy a wbx{ vbirckax vappbxl,
Kl 866:# ay finrxb 8 yjm~y# ;6" mg acc imrlpxkby bzjkhkp lm nav ap acc? pjb gmxbknl ckahkckpkby
mg o *ay bypkdapb` h{ o# mx gmx ymdb imrlpxkby h{ d{ybcg+ dapij bzaipc{ pjb yrd mg acc
jmc`klny ml o bypkdapb` kl`bvbl`blpc{ h{ baij gmxbknl imrlpx{ k al` h{ d{ybcg kl a gb~
iayby, Pjb annxbnapb `kyixbvali{ imdby gxmd a ydacc ybp mg imrlpxkby? 16 imrlpxkby bzvcakl
;6" mg pjb nav, b ial `kypklnrkyj p~m nxmrvy mg imrlpxkby gmx ~jkij Co 6y, Ay finrxb 0a yjm~y# 99" mg acc bqrkp{ ckahkckpkby mg pjb R,Y, ~bxb xbimx`b`
h{ pjb R,Y, Pxbayrx{ ay hbkln m~lb` h{ a ydacc ybp mg paz jawbly kl 866: *Hbcnkrd$
Crzbdhmrxn#87
pjb Ia{dal Kycal`y# Y~kpbxcal`# Kxbcal`# Hbxdr`a# Jmln$Emln# Ykl$navmxb# Obxyb{# Nrbxlyb{# pjb Kycb mg Dal# pjb Hajaday# Valada al` pjb Lbpjbxcal`y
Alpkccby+, Acpjmrnj pjky finrxb jay hbbl qrkpb ypahcb yklib 1;>0 *~kpj a dazkdrd mg
9;" kl 1;>0+ # pjbxb jay hbbl a daxeb` xb`kypxkhrpkml mg ~jbxb klwbypdblpy imdb gxmd
*ay ybbl gxmd pjb R,Y,+ ~kpjkl pjky ybp mg paz jawbly, Kl 1;>0 *finrxb 0h+# >7" mg R,Y,
bqrkp{ ckahkckpkby wky$$wky paz jawbly ~bxb wky$$wky Y~kpbxcal` *jblib 96" mg acc R,Y,
ixmyy$hmx`bx bqrkpkby ~bxb xbimx`b` h{ pjb Pxbayrx{ ay hbkln m~lb` h{ Y~kpbxcal`+,Kl 866:# Y~kpbxcal` avvaxblpc{ vca{y a drij ydaccbx xmcb admln paz jawbly *1>"+# pjb
ckmly yjaxb aiixrkln pm Hbcnkrd$Crzbdhmrxn# pjb Iaxkhhbal mstyjmxb iblpbxy al` Kxbcal`
*7>"+, Kp ky kdvmxpalp pm rl`bxypal` pjap pjbyb Pxbayrx{ finrxby mlc{ nkwb klgmxdapkml
ml pjb cayp bcbdblp mg pjb ijakl, Pjb{ `m lmp kdvc{ pjap Y~kpbxcal`y xmcb ay a paz
jawbl jay `bicklb`5 ~jap pjb{ dbal ky pjap a nxm~kln gxaipkml mg gmxbknl klwbypdblpy kl
pjb R,Y, nmby rcpkdapbc{ pjxmrnj Kxkyj# Iaxkhhbal al` Crzbdhmrxnkyj grl`y, Gxmd pjb`apa# ~b ial imlobiprxb pjap# kl 1;>0# jmc`bxy mg Y~kyy aiimrlpy klwbypb` a yrhypalpkac
gxaipkml mg pjbkx ayybpy `kxbipc{ kl R,Y, bqrkpkby# al` pjap kl 866:# pjb{ klwbyp pjb hrce mg
pjbkx ayybpy kl mstyjmxb drprac grl y pjap kl prxl klwbyp# b,n,# kl R,Y, bqrkpkby, Ybipkml
Y
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
19/63
Ia{dalkal al` Kxkyj *CIK+ grl`y acmlb# ~b ial `bimdvmyb pjb R,Y, bqrkp{ ckahkckp{ wky$
$wky CIK# CRY#CIK# ay gmccm~y?
CRY#CIK 4BCIK#RY
ACIKU
k
Ak#CIK % *CCIK
k
Ak#CIK+T *:+
~jbxb
k Ak#CIK `blmpby acc xbimx`b` gmxbknl bqrkp{ klwbypdblpy kl CIK drprac grl`
yjaxby# pjb `kstbxblib hbp~bbl vaxblpjbyby ky bqrac pm acc rlxbimx`b` klwbypdblpy kl CIK
grl`y# al` pjb hxaiebp ky drcpkvckb` h{ pjb yjaxb mg R,Y, bqrkpkby *B+ kl CIK grl` ayybpy
*ACIK+, Pjky gmxdrca ayyrdby# gmx ykdvckikp{# pjap CIK grl y klwbyp ykdkcaxc{ ~jbpjbx
pjb dmlb{ klwbypb` kl pjbd ky xbimx`b` mx rlxbimx`b` kl pjb xbyk`blib imrlpx{ mg pjb
klwbypmx, Kp acym ayyrdby pjap acc bqrkp{ klwbypdblpy gxmd Crzbdhmrxn# pjb Ia{dal
Kycal`y# al` Kxbcal` axb rl`bxpaebl h{ drprac grl`y, Pahcb 9 yjm~y pjb xbyrcp mg pjky
ykdvcb `bimdvmykpkml kl 866:, Mlc{ pjxmrnj Crzbdhmrxnkyj# Kxkyj al` Ia{dalkal grl`y#
acdmyp 16" mg acc gmxbknl bqrkp{ klwbypdblpy kl pjb R,Y, iallmp hb pxaib` pm al{ m~lbx#
ykdvc{ hbiaryb dmxb pjal mlb jacg mg acc ayybpy dalanb` h{ pjbyb mstyjmxb grl`y jawb
rlk`blpkfiahcb m~lbxy,
Ybiml`# ~b ial avvc{ bqrapkml 2 pm pjb R,Y,$Y~kyy vakx *o4R,Y,# e4Y~kpbxcal`+,
Rl`bx pjb ayyrdvpkml pjap acc Y~kyy$m~lb` R,Y, bqrkpkby axb jbc` kl Y~kpbxcal`# al`
pjap lml$Y~kyy `kxbip xbvmxpbxy `m lmp ryb Y~kyy irypm`kaly pm ebbv pjbkx R,Y, bqrkpkby
*mx pjap hmpj bstbipy mstybp baij mpjbx+# bqrapkml 2 xb`riby pm?
Coe Aeo 4
d4e
aedo *;+
k,b,# pjb nav hbp~bbl R,Y,$xbimx`b` bqrkp{ ckahkckpkby wky$$wky Y~kpbxcal` al` Y~kyy$
xbimx`b` R,Y, bqrkp{ ayybpy xbbipy bzaipc{ pjb admrlp mg rlxbimx`b` R,Y, yjaxby jbc`
h{ gmxbknlbxy kl Y~kyy haley, A ypxaknjpgmx~ax` imdvaxkyml hbp~bbl pjb IVKY `apa gmxY~kpbxcal` al` pjb R,Y, Pxbayrx{ finrxby yjm~ pjap baij {bax yklib 8661# Coe ky axmrl`
8,2 pkdby hknnbx pjal Aeo # k,b, axmrl` 76" mg acc R,Y, bqrkp{ klwbypdblpy xbimx`b` ay
hbkln m~lb` h{ Y~kpbxcal` h{ pjb R,Y, iallmp hb pxaib` pm al{ m~lbx, Pjky xbvxbyblpy
9$0" mg acc gmxbknl bqrkp{ klwbypdblpy kl pjb R Y
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
20/63
klwbypdblpy, Imdvcbz# drcpk$imrlpx{ ayybp dalanbdblp ypxriprxby klpxm`rib fixyp$mx`bx
klimlykypblikby al` navy kl klpbxlapkmlac aiimrlpy ncmhacc{# pjap daeb a imlykypblib ~jmcb#
al` nkwb al mvpkml gmx kl`kwk`rac klwbypmxy pm awmk` wkxpracc{ al{ ekl` mg iavkpac pazapkml#
nkwbl pjb irxxblp ypapb mg lapkmlac al` klpbxlapkmlac cbnkycapkmly,
Pjky bzbxikyb jay pjxbb ckdkpy, Gkxyp# mlb jay pm ebbv kl dkl` pjap `mby lmp kl$
icr`b acc jmrybjmc`y mstyjmxb ayybpy? kp mlc{ imwbxy pjb gxaipkml mg pjbkx ~bacpj klwbypb` kl
ybirxkpkby, Pjmrnj vmxpgmckm jmc`klny axb pjb hrce mg pjb ~bacpj{y filalikac ayybpy# jmryb$
jmc`y acym jawb hale `bvmykpy# klyrxalib imlpxaipy# yjaxby kl lml$imxvmxapb hryklbyy#8>
kl a``kpkml pm xbac ayybpy, Ymdb mg pjbyb ayybpy da{ hb jbc` kl paz jawbly, Pjky vavbx
jay drij cbyy pm ya{ ml pjky vmklp, K gmiry ml ybirxkpkby vmxpgmckmy hbiaryb kp ky pjb mlc{
gmxd mg ~bacpj gmx ~jkij rykln `kyixbvalikby kl klpbxlapkmlac aiimrlpy daeby yblyb, Kl
vaxpkircax# pjb `kyixbvali{ dbpjm` iallmp hb avvckb` pm hale `bvmykpy# hbiaryb lapkmlac
aiimrlpalpy `b gaipm bzijalnb klgmxdapkml ml ixmyy$hmx`bx hale aiimrlpy pjxmrnj pjb
Hale gmx Klpbxlapkmlac Ybppcbdblp,8:
Aiimx`klnc{# mstyjmxb hale `bvmykpy axb lm~ ~bccklpbnxapb` klpm `mdbypki lapkmlac aiimrlpy,8; Ml pjb mvvmykpb# kp ky hbiaryb pjbxb ky lm
bqrkwacblp pm pjb HKY ypapkypkiy gmx ybirxkpkby aiimrlpy pjap pjbxb xbdakly a `kyixbvali{
hbp~bbl ybirxkpkby ayybpy al` ckahkckpkby,
Pjb ybiml` ckdkp ky pjap rykln `kyixbvalikby kl ixmyy$hmx`bx ybirxkpkby ypapkypkiy nkwby
mlc{ ckdkpb` bwk`blib ml pjb cmiapkml mg pjb haley ~jbxb pjb dkyykln ~bacpj ky jbc`, Pjb
pjkx` al` dmyp kdvmxpalp ckdkp ky pjap kp `mby lmp pbcc ry al{pjkln ml ~jm ryby mstyjmxbirypm`kaly al` ~j{,
Pjb gmccm~kln ybipkml paeby ml pjbyb yjmxpimdklny,
8>Kl pjb R,Y,# ml annxbnapb# hale `bvmykpy a`` rv pm 17" mg jmrybjmc`y al` lml$vxmfip mxnalkapkmlynxmyy filalikac ayybpy# wbxyry 9:" gmx ybirxkpkby5 pjb xbyp ky daklc{ icakdy ml vblykml grl`y8>"al`bqrkp{ kl lml$imxvmxapb hryklbyy12", Kl Gxalib# ~bacpj paz xbimx`y yjm~ pjap pjb xapkm ybirxkpkby-hale`bvmykpy ky yjaxvc{ klixbaykln ~kpj ~bacpj al` ay jknj ay 2 gmx pjb pmv ~bacpj vbxiblpkcb,
8:
Acc imrlpxkby ~kpj yknlkfiialp filalikac iblpbxy ybl` pm pjb HKY pjb admrlp mg iayj pjap gmxbknlbxyvrp kl pjbkx haley# hxmebl `m~l h{ imrlpx{, Pjb HKY `mby lmp `kyybdklapb hkcapbxac `apa *b,n, hale`bvmykpy mg R,Y, xbyk`blpy kl pjb Ia{dal Kycal`y+# mlc{ annxbnapb `apa *hale `bvmykpy mg R,Y, xbyk`blpy klacc HKY$xbvmxpkln imrlpxkby+, Pjb KDG jay hbbl a`wmiapkln pjb ryb mg pjb HKY `apa h{ lapkmlac aiimrlpyimdvkcbxy yklib pjb 1;;6y# jmvkln pjap kp ~mrc` imlpxkhrpb pm bckdklapb pjb ~mxc` irxxblp aiimrlp `bfiikp,Pjb R,Y, vxmibb`b` pm pjb yrhypkprpkml mg HKY `apa gmx R,Y, ymrxiby ap pjb hbnkllkln mg pjb 1;;6y# qrkiec{g cc ` h j k
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
21/63
0 Gmxbknl ~bacpj kl Y~kpbxcal`? 1;10$8616
0,1 @bimdvmykln pjb gmxprlby dalanb` h{ Y~kyy haley
Pjb imdvmykpkml al` bwmcrpkml mg pjb kl`kxbipc{ bypkdapb` ypmie mg mstyjmxb vmxpgmckm
~bacpj ial hb mhybxwb` `kxbipc{ kl Y~kpbxcal`, Pm ybb pjky# cbpy hxbae pjb admrlp mg
ybirxkpkby ^ kl irypm`{ kl Y~kyy haley ay gmccm~y?
^ 4 Y% G 4 Y@
% YG
% G@
% GG
*16+
~jbxb Y@ `blmpby Y~kyy ybirxkpkby m~lb` h{ `mdbypki xbyk`blpy# YG Y~kyy ybirxkpkby
m~lb` h{ gmxbknlbxy *Y 4 Y@ %YG+# G@ gmxbknl ybirxkpkby jbc` h{ `mdbypki xbyk`blpy# al`
GG gmxbknl ybirxkpkby jbc` h{ gmxbknlbxy *G 4 G@ % GG+, ^b axb daklc{ klpbxbypb` kl GG?
pjbyb axb pjb p{vkiac irypm`kac jmc`klny mg al mstyjmxb filalikac iblpbx *k,b, gmxbknl$gmxbknl
icakdy+# dmyp ckebc{ pm hb dkyyb` h{ lapkmlac aiimrlpalpy axmrl` pjb ~mxc`,
^b ial bypkdapb baij imdvmlblp mg bqrapkml 16 gxmd al mikac# jknj$qrackp{# al`
~bcc `mirdblpb` Y~kyy `apaybp, Yklib @bibdhbx 1;;:# pjb Y~kyy Lapkmlac Hale vrh$
ckyjby ^ dmlpjc{# hayb` ml a wbx{ imdvxbjblykwb yrxwb{ mg Y~kyy$`mdkikcb` irypm`kaly
*pjb dmlpjc{ yrxwb{ imwbxy ;2" mg ^# al bzjarypkwb yrxwb{ ky iml`ripb` {baxc{+,96 Pjb
YLH `apaybp nkwby pjb grcc ^ 4 Y@ % YG % G@ % GG `bimdvmykpkml# al` a``kpkmlac
hxbae`m~ly h{ ybipmx mg pjb m~lbx *jmrybjmc`# filalikac klypkprpkml# imxvmxapkml+# irx$xbli{ mg pjb ybirxkp{# laprxb mg pjb ybirxkp{ *bqrkp{# hml`# imddbxikac vavbx# drprac
grl` yjaxby# ypxriprxb` vxm`ripy# mpjbx+, Pjbyb ybxkby axb pxrc{ rlkqrb? pm pjb hbyp mg d{
elm~cb`nb# lm mpjbx imrlpx{ kl pjb ~mxc` vrhckyjby ykdkcax ypapkypkiy ml a xbnrcax hayky
al` ~kpj a imdvaxahcb cbwbc mg `bpakcy, K ad lmp a~axb mg al{ mpjbx vavbx pjap ryby pjbd
y{ypbdapkiacc{ pm `mirdblp pjb admrlp mg gmxbknl ~bacpj kl Y~kpbxcal`,
Pjb ypxkekln gaip ky pjap# kl 866:# GG
jay bzaipc{ pjb yadb imdvmykpkml pjal # aypahcb 0 yjm~y, Pjb gmxbknl vmxpgmckmy jbc` h{ gmxbknlbxy kl Y~kyy haley cmme bzaipc{ ckeb
pjb dkyykln ~bacpj mg lapkmly `bxkwb` kl ybipkml KKK# acpjmrnj hmpj jawb hbbl bypahckyjb`
h{ imdvcbpbc{ `kstbxblp dbpjm`y# xbc{kln ml grcc{ kl`bvbl`blp ymrxiby, Bqrkpkby daeb rv
p~m pjkx`y mg al` GG hml`y mlb pjkx` al` dmyp bqrkpkby axb aipracc{ drprac grl`
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
22/63
866:# pjb wacrb mg acc gmxbknl ybirxkpkby dalanb` kl Y~kpbxcal` al` hbcmlnkln pm gmxbknl
xbyk blpy admrlpb` pm RY@ 1#200hl# k,b, 90" mg , Pjky yjaxb jay xbdaklb` jknj mwbx
pjb 8661$866: vbxkm`# riprapkln hbp~bbl 96" al` 06"5 kp ky imlykypblp ~kpj acc awakcahcb
albi`mpac bwk`blib yrnnbypkln pjap Y~kpbxcal` vca{y a eb{ xmcb kl pjb daxebp gmx ixmyy$
hmx`bx ~bacpj dalanbdblp,
P~m iawbapy axb ~mxpj dblpkmlkln xbnax`kln pjb bzaip yjaxb mg dalanb` kl Y~kpbx$
cal`, Gkxyp# xbiacc pjap kl pjb aiimrlpkln gxadb~mxe mg ybipkml KKK# kg e ky Y~kpbxcal`#
pjbl GG 4 o4ek4e*aeko%a
eko+, K,b,# G
G ky lmp bzaipc{ bqrac pm pjb gxaipkml mg dalanb`
h{ Y~kyy haley *
o4e
k4e a
eko+5 kp acym klicr`by gmxbknl ybirxkpkby jbc` kl Y~kpbxcal` h{
gmxbknlbxy pjap axb `kxbipc{ yrxwb{b` kl pjbkx jmdb imrlpxkby *
o4e
k4e a
eko+, Pjbxb ky lm
vxbikyb ~a{ pm imxxbip pjky vxmhcbd, Ml a vxkmxk nxmrl y#
o4e
k4e a
eko ky lbncknkhcb gmx
bqrkpkby# kl vaxpkircax gmx drprac grl` yjaxby? nkwbl pjb ~a{ bqrkp{ ybppcbdblp y{ypbdy
~mxe# kp daeby wbx{ ckppcb yblyb gmx gmxbknl filalikac klypkprpkmly pm blpxryp pjbkx gmxbknl
yjaxby pm Y~kyy haley, b ybb# gxmd pjb 8660 yrxwb{ mg Gxblij irypm`kaly *Pahcb 1+#pjap yrij jmc`klny axb lbncknkhcb kl Gxalib5 pjbxb ky lm xbayml pjap pjb{ yjmrc` hb al{
jknjbx kl Y~kpbxcal`, Pjbxb ky vxmhahc{ a ydacc kyyrb gmx hml`y? kl 866: pjbxb ~ay RY@
876hl mg gmxbknl hml`y ckypb` kl Y~kpbxcal`# jblib vxmhahc{ kl irypm`{ pjbxb5 kp ky ckebc{
pjap `kxbipc{$yrxwb{b` gmxbknlbxy m~lb` a gxaipkml mg pjbd, Hrp bwbl kg pjb{ m~lb` acc mg
pjbd# pjky ~mrc` ypkcc daeb mlc{ 1>" mg GG,
Ybiml`# pjb `kypklipkml hbp~bbl Y~kyy$m~lb` al` gmxbknl$m~lb` ybirxkpkby ky lmp icbax$irp, A gmxbknlbx ial ryb a Y~kyy klpbxdb kax{ *b,n, fi`rikax{# lmpax{# bpi,+ al` jky
jmc`klny ~kcc hb xbimx`b` ay Y~kyy$m~lb`, Acpjmrnj alpk$dmlb{ carl`bxkln xrcby vxmjkhkp
haley gxmd knlmxkln pjb k`blpkp{ mg pjb hblbfiikac m~lbxy mg pjb grl`y pjb{ dalanb#
halekln ypapkypkiy axb ypkcc bypahckyjb` ml pjb hayky mg pjb xbvmxpb` a``xbyy, Pjky dbaly
pjap GG da{ aipracc{ rl`bxypapb pjb admrlp mg gmxbknl ybirxkpkby jbc` h{ gmxbknlbxy kl
Y~kpbxcal`, Anakl# pjbxb ky lm `kxbip ~a{ pm imxxbip pjky vxmhcbd# hrp ml a vxkmxk nxmrl`ykp ky rlckebc{ pm hb wbx{ hkn, Pjb p{vkiac filalikac ypxriprxby ryb` h{ kl`kwk`racy gmx jmc`kln
mstyjmxb aiimrlpy mgpbl klwmcwby ybwbxac *ymdbpkdby dal{+ klpbxdb`kapb blpkpkby cmiapb`
kl `kstbxblp imrlpxkby, Pjb vxmhahkckp{ pjap pjb cayp klpbxdb`kax{ ky Y~kyy ky xapjbx pjkl,G
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
23/63
kl pjb daxebp gmx ixmyy$hmx`bx ~bacpj dalanbdblp ~ay ap cbayp 6,:6,>7471"#91 wbxyry
96$06" kl pjb 8666y, ^jap axb pjb xbaymly gmx pjky `bicklb# al` ~jkij imrlpxkby jawb
naklb` daxebp yjaxby axb kdvmxpalp qrbypkmly# ml ~jkij pjb vxbyblp vavbx jay ckppcb pm
ya{, ^kpj pjb klgmxdapkml pbijlmcmn{ xbwmcrpkml# kp jay ibxpaklc{ hbimdb baykbx pm blpxryp
mlby ayybpy pm a gmxbknl hale# pjry gmypbxkln imdvbpkpkml hbp~bbl paz jawbly, Hrp pm d{
elm~cb`nb# mpjbx imrlpxkby ~k`bc{ imlyk`bxb` pm jawb a yknlkfiialp ixmyy$hmx`bx ~bacpj
dalanbdblp hryklbyy *Crzbdhmrxn# pjb R,E, al` kpy `bvbl`blikby# Yklnavmxb# Jmln$
Emln# al` pjb Iaxkhhbal MGIy+98 `m lmp vrhckyj al{ `apa ml pjbkx haley irypm`kac
jmc`klny# ym qralpkpapkwb bwk`blib axb ypkcc jax` pm nbp ml pjky vmklp,
Kl a``kpkml pm vxmwk`kln ijbiey gmx pjb aiirxai{ al` wack`kp{ mg pjb imdvrpapkmly
mg pjb dkyykln ypmie mg jmrybjmc`y vmxpgmckmy# pjb Y~kyy iayb mstbxy rlkqrb bwk`blib ml
mstyjmxb hale `bvmykpy gmx ~jkij pjb `kyixbvali{ dbpjm` `bxkwb` kl ybipkml KKK imrc` lmp
hb ryb`, Kl vaxpkircax# pjb YLH `apaybp accm~y pm kymcapb paz$xbcapb` ixmyy$hmx`bx hale
`bvmykpy *ckebc{ pm hb jbc` h{ kl`kwk`racy+ gxmd mpjbx ixmyy$hmx`bx `bvmykpy *ckebc{ pm hbjbc` h{ filalikac klypkprpkmly# mx ixmyy$hmx`bx ~mxebxy al` lml$filalikac imxvmxapkmly+, Pm
d{ elm~cb`nb# pjky ky# anakl# a rlkqrb gbaprxb mg Y~kpbxcal`y hale al` iavkpac daxebpy
ypapkypkiy,
Pjb k`blpkfiiapkml imdby gxmd pjb gaip pjap pjbxb bzkypy p~m `kstbxblp ekl`y mg hale
aiimrlpy kl Y~kpbxcal`? lmxdac hale `bvmykpy# al` ym$iaccb` fi`rikax{ `bvmykpy, Lmx$
dac `bvmykpy axb ykdvc{ ixmyy$hmx`bx ml$hacalib yjbbp ckahkckpkby mg Y~kyy haley pjap ialhb ryb` ay db`krd mg bzijalnb al` ypmxb mg wacrb, Gk`rikax{ `bvmykpy# ml pjb mpjbx jal`#
ial mlc{ hb ryb` ay ypmxb mg wacrb? pjb{ klwmcwb a fizb` daprxkp{ `apb *ryracc{ hbp~bbl
1 al` 18 dmlpjy+# k,b, pjb{ axb haykiacc{ yjmxp pbxd filalikac klwbypdblpy# wbx{ ykdkcax
pm yjmxp pbxd `bhp icakdy, Kl vxaipkib# fi`rikax{ `bvmykpy axb imccbipb` h{ Y~kyy haley#
al` cblp pm gmxbknl haley, Gxmd a cbnac vmklp mg wkb~# acc klpbxbypy axb imlyk`bxb` pm hb
vak` `kxbipc{ h{ pjb gmxbknl haley pm pjb `bvmykp m~lbxy# pjb Y~kyy haley aipkln mlc{ ayfi`rikaxkby, Pjky cbnac gbaprxb accm~y fi`rikax{ `bvmykpy pm byiavb pjb 92" paz ~kpjjbc`
ap ymrxib ml acc iavkpac klimdb vak` h{ Y~kyy xbyk`blpy? fi`rikax{ `bvmykpy axb imdvcbpbc{
rlpazb` kl Y~kpbxcal`# oryp ckeb gmxbknl ybirxkpkby jbc` kl irypm`{, Pjb{ axb ykdkcaxc{99
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
24/63
Yklib pjb bl` mg pjb 1;>6y# fi`rikax{ `bvmykpy @ aiimrlp gmx axmrl` :6" mg acc ixmyy$
hmx`bx hale aiimrlpy kl Y~kpbxcal`,90 Kl 866:# pjb{ acym xbvxbyblp 91" mg GG *Pahcb 0+#
k,b, axmrl` 80" mg mstyjmxb ayybpy jbc` kl Y~kpbxcal` ~bxb hale `bvmykpy *`kyxbnax`kln
klyrxalib imlpxaipy gmx ~jkij ~b jawb lm `apa+, Pjb xapkm @-*@ % GG+ ky `bicklkln
*bzibvp kl 866:+# gxmd dmxb pjal 06" kl pjb fixyp jacg mg pjb 1;;6y *~jbl klpbxbyp xapby
ml fi`rikax{ `bvmykpy ~bxb jknj+# pm cbyy pjal 96" agpbx 8669 *~jbl klpbxbyp xapby ~bxb
drij cm~bx+, Ay mg 866:# pjb mwbxacc ypxriprxb mg @ % GG imxxbyvml`y pm mlb mg pjb dmyp
imddmlc{ a`wkyb` imlybxwapkwb ayybp accmiapkml *1-0 iayj# 1-0 hml`y al` 1-8 bqrkpkby+,
Kg ~b ayyrdb pjap pjb yadb iayj-ybirxkpkby accmiapkml jmc`y kl mpjbx ixmyy$hmx`bx
~bacpj dalanbdblpy iblpbxy# pjbl mlb jay pm drcpkvc{ h{ 1,91 pm mhpakl al bypkdapb mg
pmpac hale `bvmykpy vcry ybirxkpkby jbc` mstyjmxb# k,b, axmrl` RY@ 7#666hl kl 866:, Pjky
ky :" mg pjb ncmhac lbp jmrybjmc` filalikac ~bacpj bypkdapb` h{ @awkby bp ac, *866;+,92
Kp ky acym klpbxbypkln pm imdvaxb pjb wacrb mg jmrybjmc`y mstyjmxb hale al` klwbypdblp
aiimrlpy pm pjb pmpac ~bacpj *filalikac vcry lml$filalikac# k,b, klicr kln jmrykln# cal`#bpi,+ m~lb` h{ pjb ~mxc pmv gxaipkcby, Pmpac mstyjmxb ~bacpj aiimrlpy gmx :" mg pjb
ncmhac pmv 1"y ~bacpj# al` 1:" mg pjb pmv 6,1"y,97 Kg ~b ayyrdb pjap acc rlxbimx`b`
mstyjmxb jmc`klny hbcmln pm pjb pmv 6,1"# kp dbaly pjap kl 866:# 0,9 dkcckmly a`rcpy# pjap
ja` ~bacpj ahmwb RY@ 9dl# m~lb`# ml awbxanb# 17" mg pjbkx ~bacpj kl gmxbknl haley,
0,8 Pjb Y~kyy Jkypmxkiac Bzvbxkblib
^jap `xkwby pjb `bwbcmvdblp mg paz jawbly= Kl ~jkij vbxkm`y `m ~b mhybxwb al klixbayb
kl pjb admrlp mg gmxbknl gmxprlb` blpxrypb` pm Y~kyy haley= Axb klm~y ckleb` pm ~axy#
pm bvkym`by mg vmckpkiac klypahkckp{ kl lbknjhmxkln imrlpxkby# pm pjb bwmcrpkml mg paz xapby#
pm pjb `bwbcmvdblp mg iavkpac daxebpy# pm ncmhackapkml= Pm yjb` cknjp ml pjbyb qrbypkmly#
K lm~ prxl pm jkypmxkiac bwk`blib,
Pm ypaxp# K avvc{# ay gax ay vmyykhcb pjb ^ 4 Y%G 4 Y@%YG%G@%GG `bimdvmykpkml
pm p~blpkbpj iblprx{ Y~kpbxcal`,
Jm~ `m ~b elm~ ^ hbgmxb 1;;:= Gmx acdmyp acc pjb p~blpkbpj iblprx{# pjky ~ay
a ybixbp obacmryc{ ebvp h{ Y~kyy haley P~m xbcapb` bwblpy ijalnb` `xadapkiacc{ pjb
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
25/63
Gkxyp# al Klpbxlapkmlac Imddkppbb mg Bdklblp Vbxymly# ijakxb` h{ Varc Wmciebx# ~ay
bypahckyjb` kl 1;;7 pm klwbypknapb pjb `mxdalp aiimrlpy hbcmlnkln pm wkipkdy mg lak
vbxybirpkmly al` pjbkx jbkxy kl Y~kyy haley, Pjky imddkppbb ~ay nxalpb` rlckdkpb`
aiibyy pm pjb haley vxkwapb axijkwby gmx pjb vbxkm` 1;99$1;02, Pjb klwbypknapkmly ~bxb
iml`ripb` `rxkln 9 {baxy h{ 726 aiimrlpalpy, Pjb 820 hknnbyp Y~kyy haley mg pjb pkdb
~bxb imwbxb`5 pjb xbdaklkln haley ~bxb ydacc# `mdbypkiacc{$mxkblpb`# ~kpj vxmhahc{ ckppcb
mx lm ~bacpj dalanbdblp aipkwkpkby, Pjaley pm pjb Wmciebxy Imddkppbb# ~b jawb a wbx{
aiirxapb# hale$cbwbc `apaybp ml ^ gmx {bax$bl` 1;02 *ybb Vbxxblmr` bp ac, *8668# Pahcb
10 v, 71:+# xbvxm`rib` kl pjky vavbxy Avvbl`kz I+,
Pjbl# kl 1;;7 pmm# al Kl`bvbl`blp Imddkyykml mg Bzvbxpy# ijakxb` h{ pjb Y~kyy
jkypmxkal Obal$Gxalmky Hbxnkbx# ~ay bypahckyjb` pm klwbypknapb pjb xmcb mg Y~kpbxcal`
`rxkln pjb Ybiml` ^mxc` ^ax, Kp ~ay nxalpb` aiibyy pm pjb haley vxkwapb axijkwb pmm#
hrp ml a dmxb bzpbl`b` pkdb gxadb, Kl vaxpkircax# pjb Hbxnkbx imddkyykml ~ay ahcb pm
bypahckyj ybwbxac ybxkby ml pjb ybirxkpkby jbc` kl irypm`{ h{ pjb Y~kyy hkn haley mg pjbp~blpkbpj iblprx{#9> yvallkln pjb 1;6>$1;>1 vbxkm` *Vbxxblmr` bp ac,# 8668# Pahcby 12$86#
v, 786$787+, Lmpb pjap pjb haley pmme nxbap iaxb pm bypahckyj vxbikybc{ pjb wacrb mg pjb
ybirxkpkby pjb{ dalanb`# hbiaryb pjb{ ryb` pjky klgmxdapkml pm imdvrpb pjb irypm`{ gbby
pjb{ ijaxnb`, Hml`y ~bxb imrlpb` ap pjbkx lmdklac wacrb al` bqrkpkby ap daxebp wacrb, Kl
1;02# pjb hkn haley dalanb` 78" mg^, Paekln klpm aiimrlp imwbxanb navy# pjb Hbxnkbx
`apaybp nkwby a wbx{ xbaymlahcb bypkdapb gmx pjb admrlp mg ybirxkpkby dalanb` h{ pjb hknhaley `rxkln pjb 1;10$1;27 vbxkm`,
Gxmd pjbyb xa~ `apa# pjb dbpjm` gmx imlypxripkln pjb 1;10$8616 ^ ybxkby ky pjb
gmccm~kln, Gmx pjb vbxkm` 1;;:$8616# K ykdvc{ ryb pjb mikac YLH dmlpjc{ `apa# ~kpj
a wbx{ dklmx a`orypdblp pm paeb klpm aiimrlp pjb vaxpkac yadvcb ykb, Gmx pjb vbxkm`
1;10$1;27# K ypaxp gxmd pjb pmpac ybirxkpkby dalanb` h{ pjb hkn haley, K pjbl ryb `bpakcb`
mikac klgmxdapkml ml pjb klimdb baxlb` h{ pjb haley pm bypkdapb ~jap yjaxb mg ^~ay dalanb` h{ pjb hkn haley,9: Haley baxl p~m p{vby mg klimdb? klpbxbyp klimdb
*ml pjbkx cbl`kln mvbxapkmly+# al` imddkyykml klimdb *gmx pjb vxmwkykml mg lml$ixb`kp
xbcapb` filalikac ybxwkiby+# pjap K ~xkpb {i *cm~bx iayby `blmpb hale$cbwbc `apa# rvvbx iayby
+
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
26/63
xapb# ~ pjb wacrb mg pjb ybirxkpkby jbc` kl irypm`{# w pjb wacrb mg acc pxalyaipkmly da`b
h{ pjb haley ickblp `rxkln pjb {bax# al` p pjb fizb` pxalyaipkml gbb xapb, Ayyrdkln pjap
w 4 e~ ~jbxb e ky imlypalp aixmyy haley# pjbl {i ky vxmvmxpkmlac pm ~, Kdvmxpalpc{#
dklkdac wacrby gmx i al` p ~bxb fizb` h{ a iaxpbc anxbbdblp hbp~bbl 1;1: al` 1;;99; *pjb
Imlwblpkml KW mg pjb Y~kyy Halebxy Ayymikapkml+# al` pjb Imlwblpkmly xapby ~bxb `b
gaipm avvckb` h{ dmyp haley# ym ~b ial xbaymlahc{ ayyrdb pjap {i-~ ~ay ykdkcax aixmyy
haley, b elm~ pjb annxbnapb admrlp mg {i gmx pjb hkn haley ml pjb mlb jal` al` gmx
pjb ~jmcb Y~kyy halekln ybipmx ml pjb mpjbx, Ym gmx 1;10$1;27# K ykdvc{ drcpkvc{ pjb
wacrb mg acc ybirxkpkby jbc` h{ pjb hkn haley h{ pjbkx yjaxb kl pmpac imddkyykml klimdb,
Pjky yjaxb ky xbdaxeahc{ ypahcb hbp~bbl 1;90 al` 1;20# riprapkln hbp~bbl 2>" al`
78",06 Pjky dbpjm` vxb`kipy gmx 1;02 al annxbnapb ^ grcc{ imlykypblp ~kpj ~jap pjb
Wmciebx imddkyykml gmrl` kl`bvbl`blpc{,
Pjb 1;27$1;;: vbxkm` ky pjb dmyp vxmhcbdapki? gxmd pjb Hbxnkbx imddkyykml# ~b mlc{
jawb pjxbb `apa vmklpy gmx Rlkml Hale mg Y~kpbxcal` *1;2># 1;2: al` 1;>1+# > gmx Ixb`kp
Yrkyyb *1;2>$1;78 al` 1;>1+ al` lmpjkln dmxb5 pjky ky pmm yebpij{ gmx al{ dbalklngrc
bypkdapkml mg ^ hayb` ml pjb hkn haley irypm kac jmc klny, K ryb klypba` a ykdvcb
rv`apkln bqrapkml hayb` anakl ml imddkyykml klimdb m~y?
^p%1 4[ip%1[ip
^p
~jbxb [ip ky pmpac imddkyykml klimdb baxlb` h{ ialpmlac# xbnkmlac al` vxkwapb haley,
Pjb xapkmlacb gmx xbypxkipkln [i pm pjky ybp mg haley ky p~mgmc`, Gkxyp# pjbyb axb pjb haley
gmx ~jkij imddkyykml klimdb jay xbdaklb` dmypc{ imdvmyb` mg irypm`{ al` hxmebxanb
gbby? pjb{ axb lmp wbx{ aipkwb kl pjb vxmwkykml mg mpjbx gbb$nblbxapkln filalikac ybxwkiby#
yrij ay dbxnbx al` aiqrkykpkmly# ybirxkpkapkml# bpi, Xbnkmlac al` ialpmlac haley jawb
dmypc{ Y~kyy ickblpy# ~jkcb vxkwapb haley axb yvbikackb` kl pjb ~bacpj dalanbdblp hryk$lbyy gmx gmxbknlbxy, Ybiml`# pjbyb haley `mlp jawb gmxbknl yrhyk`kaxkby5 pjky ky kdvmxpalp
hbiaryb acc klimdb finrxby vrhckyjb` h{ pjb YLH klicr`b kl`kypklnrkyjahc{ pjb klimdb
baxlb` h{ pjb Y~kyy haley al` h{ pjbkx gmxbknl yrhyk`kaxkby *rlpkc pjb 1;>6y pjky ~ay
ck khc h ` j hk h e j c g k h k`k k + 01 Pj ` k
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
27/63
{baxc{ wacrby gmx pjb 1;27$1;;: vbxkm` yjmrc` hb paebl ~kpj iaxb# ~b jawb a jmdmnblbmry
*hayb` ml daxebp vxkib# {bax$bl` wacrby gmx acc Y~kyy$hayb` irypm`kaly+ al` xbaymlahc{
aiirxapb ^ ybxkby,
Pm hxbae ^ gmccm~kln bqrapkml 16 hbgmxb 1;;:# K ryb waxkmry iavkpac daxebpy# la$
pkmlac al` klpbxlapkmlac aiimrlpy ypapkypkiy, Y ky ykdvc{ bqrac pm pjb admrlp mg `bhp
al` bqrkp{ ybirxkpkby kyyrb` h{ Y~kyy hmxxm~bxy5 pjky klgmxdapkml imdby gxmd waxkmry ky$
yrby mg Y~kpbxcal`y ypapkypkiac {baxhmme#08 al` mg jkypmxkiac iavkpac al` ypmie daxebp
pkdb ybxkby vxm`rib` h{ pjb Y~kyy Lapkmlac Hale# ymdb mg ~jkij jawb xbiblpc{ hbbl
vrhckyjb` mlcklb,09 Yklib pjb hbnkllkln mg pjb p~blpkbpj iblprx{# pjb YLH jay ac~a{y
dmlkpmxb` icmybc{ pjb kyyralib mg bqrkp{ al` `bhp ybirxkpkby h{ Y~kyy hmxxm~bxy5 yrxwb{y
mg pjb admrlp mg Y~kyy$kyyrb` ybirxkpkby mrpypal`kln jawb hbbl iml`ripb` xbnrcaxc{# al`
~b jawb Y~kyy ypmie al` hml` kl`kiby ay baxc{ ay 1;16,
G ky imdvrpb` ay ^Y, ^b ial ijbie pjap pjb kdvckb` G ky aiirxapb h{ imdvaxkln
kp pm pjb wacrb mg acc Y~kyy vmxpgmckm klwbypdblpy kl pjb R,Y, ay xbimx`b` h{ pjb Hrxbar
mg Imddbxib al` pjb R,Y, Pxbayrx{ *C+ `rxkln pjb p~blpkbpj iblprx{ *yklib 1;>0# `apa
imdb gxmd pjb R,Y, Pxbayrx{ Klpbxlapkmlac Iavkpac y{ypbd5 gmx 1;10$1;02# `apa imdb
gxmd ^kcekly *8660++, H{ `bfilkpkml# G 4 G@ % GG 4 C1 ~jbxb ky pjb gxaipkml mg
ybirxkpkby dalanb` h{ Y~kyy haley klwbypb` kl R,Y, ybirxkpkby, Mwbx 1;10$8616# avvbaxy
pm hb wbx{ imlypalp# hbp~bbl 16$86", Pjky ky imlykypblp ~kpj pjb R,Y, yjaxb kl pjb ~mxc`
bimlmd{ `rxkln pjb p~blpkbpj iblprx{ *ymdb~jap ydaccbx# ~jkij imrc` hb `rb pm a ycknjpnbmnxavjkiac hkay mg Y~kyy klwbypdblpy pm~ax`y Brxmvb+, xbaijby kpy iblprx{ vbae kl
1;01 *81"+# ~jbl Brxmvb ~ay ap ~ax al` iavkpac cmmeb` gmx yagb vcaiby# al` kpy iblprx{
cm~ *:"+ ap pjb bl` mg pjb 1;:6y# ~jkij ky imlykypblp ~kpj bwk`blib# `mirdblpb` kl Gknrxb
0h# mg a nxm~kln ryb mg mstyjmxb grl`y ay klpbxdb`kaxkby kl Y~kyy$R,Y, klwbypdblpy, Acc
kl acc# ~b jawb p~m grcc{ kl`bvbl`blp al` imlwbxnblp ymrxiby haiekln d{ G ybxkby,
Pjb filac ypbv ky pjb G 4 G@ % GG `bimdvmykpkml, GG ky rlmhybxwahcb# ym K imdvrpbG@# pjb admrlp mg gmxbknl vmxpgmckm icakdy jbc` h{ Y~kyy xbyk`blpy# al` imdvrpb GG ay
G G@, Gmx 1;:9$8616# G@ imdby ypxaknjp gxmd Y~kpbxcal`y klpbxlapkmlac klwbypdblp
vmykpkml, Kl pjb 1;:6y# GG da`b rv 9-0 mgG# k,b, mlc{ mlb qraxpbx mg acc gmxbknl ybirxkpkby
Y Y *
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
28/63
dalanbdblp iblpbx mwbx pjb p~blpkbpj iblprx{ h{ imdvaxkln G al` Y~kpbxcal`y jmryb$
jmc` ~bacpj J, Pm rl`bxypal` pjb ekl` mg klgmxdapkml 4 G-J imlwb{y# imlyk`bx a
imrlpx{ k ~kpj a xbvxbyblpapkwb jmrybjmc`# a imxvmxapb ybipmx ~kpj bxm lbp ~bacpj al`
lm nmwbxldblp, Pjb jmrybjmc` klwbypy kpy ~bacpj kl a `mdbypki mx kl a gmxbknl ayybp pm
dazkdkb xbprxly al` `kwbxykg{ xkyey, Nkwbl pjb bzvbipb` xkyey$xbprxly vakxy# kp accmiapby
a yjaxb mg kpy ~bacpj kl gmxbknl hml`y al` ypmiey, Gmx nkwbl xkyey al` xbprxly# xbbipy
ykdvc{ pjb jmrybjmc`y xkye awbxykml, H{ `bfilkpkml# < dbaly pjap pjb imrlpx{ ky al
mstyjmxb filalikac iblpbx? kp jmc`y dmxb gmxbknl ybirxkpkby kl irypm`{ pjal ~jap hbcmlny
pm jky xbyk`blpy, Acpjmrnj ky lmp mhybxwahcb# < 1 rladhknrmryc{ ijaxaipbxkby k
ay hbkln al mstyjmxb filalikac iblpbx,00 Al{ dmwbdblp kl xbbipy bkpjbx a ijalnb kl
xbcapkwb xkye$xbprxly hbp~bbl `mdbypki al` gmxbknl ayybpy# yjmiey pm ayybp jmc`klny *b,n,
~axy+ mx yjkgpy kl vxbgbxbliby, Kl lmxdac pkdby# ~b ial ayyrdb pjap ky imlypalp mwbx pjb
yjmxp-db`krd xrl5 pjbxbgmxb# yjmxp xrl waxkapkmly kl iavprxb gmxbknl klm~y mg grl`y#
xbxmrpb` ahxma`,
Gknrxb 2a vcmpy pjb `bibllkac awbxanby mg # rykln gmx pjb `blmdklapmx pjb Y~kyy
jmrybjmc` ~bacpj finrxby imdvrpb` h{ @bcc bp ac, *866>+ gxmd ~bacpj paz xbprxly,02 b
ial `kypklnrkyj fiwb ypbvy kl pjb Y~kyy jkypmxkiac bzvbxkblib,
Rlpkc pjb dk`$1;86y# riprapb` hbp~bbl 2$12"# k,b, kp ~ay ~bcc kl cklb ~kpj pjb ykb
mg pjb Y~kyy bimlmd{, Y~kpbxcal` ja` aiirdrcapb` kl 1;10 a wbx{ xbaymlahcb admrlp mg
gmxbknl icakdy *412" kl 1;10+# qrkpb imdvaxahcb pm pjb Gxblij cbwbc *kl 1;19# lbp gmxbknl
filalikac ayybpy ~bxb 10" mg Gxblij jmrybjmc` ~bacpj+,07 Pjb ~ax# pjb `bvxbikapkml mg
gmxbknl irxxblikby xbcapkwb pm pjb Y~kyy Gxali# al` klapkml acdmyp imdvcbpbc{ ~kvb`
mrp Y~kpbxcal`y gmxbknl ybirxkpkby jmc`klny5 kl 1;80# K bypkdapb pjap ~ay `m~l pm
8", Gxalib bzvbxkblib` pjb bzaip yadb bwmcrpkml# ~kpj a xapkm mg lbp gmxbknl ayybpy pm
`mdbypki vxkwapb ~bacpj mg 8" kl 1;82, Rlpkc 1;82# ~jap pjb Y~kyy `apa yjm~ ky pjb
yjaxb` bzvbxkblib mg acc `bwbcmvb` Brxmvbal imrlpxkby,Ypaxpkln kl 1;82# G xkyby wbx{ xavk`c{# xbaijkln 86" mg J kl 1;87# 26" kl 1;96 al`
76" kl 1;9>, Yrij cbwbcy mg irypm`kac jmc`klny axb rlvxbib`blpb` al` rlkqrb gmx pjb pkdb,
Pjky klixbayb iallmp hb appxkhrpb` pm Y~kyy xbyk`blpy, Gkxyp# `rxkln pjb 1;96y# pjb Y~kyy
* +
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
29/63
`bicklb kl Y~kyy xbyk`blpy jmdb hkay mg yrij a danlkpr`b# oryp hbgmxb al` `rxkln pjb
Nxbap @bvxbyykml# daeby ckppcb yblyb? `rxkln pjb 1;96y# pjb Y~kyy bimlmd{ ~ay aipracc{
kl hbppbx xbcapkwb yjavb pjal dmyp gmxbknl imrlpxkby *Y~kyy lapkmlac klimdb `bixbayb` h{
7" kl xbac pbxdy hbp~bbl 1;96 al` 1;97# ~jbxbay R,Y, xbac N@V `bicklb` h{ acdmyp 96"
hbp~bbl 1;8; al` 1;99+,
Kl gaip# Y~kpbxcal` hbimdby a yknlkfiialp mstyjmxb iblpbx kl pjb dk` 1;86y# a gaip
imlfixdb` h{ a ~bacpj mg albi`mpac bwk`blib, Pjb lrdhbx mg yagb hmz `bvmykpy cblp
h{ Ixb`kp Yrkyyb gmccm~y pjb yadb vappbxl pjal ? kp `mrhcby hbp~bbl 1;80 al` 1;97#
~kpj kl vaxpkircax a ;" klixbayb kl 1;96# 81" kl 1;91# ;" kl 1;98 al` 18" kl 1;97
*Vbxxblmr` bp ac,# 8668# Pahcb 81 v,78>+, A jknj vxmficb paz bwaykml yial`ac klwmcwkln
pjb Imddbxikac Hale mg Haybc yjaeby Gxalib kl 1;98 *Nrbz# 8667+, Kl 1;01# ~jbl pjb
R,Y, Pxbayrx{ iml`ripy pjb fixyp 86pj iblprx{ bzjarypkwb iblyry mg gmxbknl jmc`klny kl
pjb R,Y,# kp ky mhwkmry pm imlpbdvmxaxkby pjap pjb xbimx`b` Y~kyy jmc`klny waypc{ bzibb`y
~jap Y~kyy xbyk`blpy xbacc{ m~l *^kcekly# 8660# v,0>>+,
Pjb kddb`kapb agpbx$~ax vbxkm` ybby a `bicklb kl , Pjky ky a pkdb mg ixkyky, Oryp ckeb kl
pjb agpbxdapj mg ^mxc` ^ax K# jknj klapkml ahxma` bxm`by pjb wacrb mg gmxbknl ybirxkpkby
xbcapkwb pm `mdbypki Y~kyy ~bacpj, Hrp pjbxb ky acym a yvbikfiiacc{ Y~kyy ixkyky? kl 1;02# p~m
mg pjb ybwbl hkn haley *Halqrb g`xacb al` Imddbxikac Hale mg Haycb+ axb klymcwblp al`
paebl mwbx, Yklib 1;01# R,Y, ayybpy dalanb` h{ Y~kyy haley axb gxmbl, Pjb{ ial mlc{
hb rlgxmbl kg Y~kpbxcal` ibxpkfiby pjap pjb{ `mlp hbcmln pm Azky imrlpxkby5 rlibxpkfib`ayybpy axb ybkb`, Kl pjb kddb`kapb agpbxdapj mg pjb ~ax# pjbxb ky imlyk`bxahcb vxbyyrxb
ml Y~kpbxcal` gxmd lbknjhmxkln imrlpxkby pjap ~alp pm xbimrv pjbkx xbyk`blpy mstyjmxb
ayybpy, Gxalib# gmx klypalib# `bdal`y pjap Y~kpbxcal` gxbbb kpy xbyk`blpy jmc`klny, Kl
pjb R,Y,# dal{ pjkle pjap lm Daxyjacc vcal ~mrc` hb lbb`b` kg Brxmvbaly imrlpxkby
imrc` xbimrv pjbkx mstyjmxb ayybpy5 pjb{ a`wmiapb nxbapbx immvbxapkml hbp~bbl pjb R,Y,
al` Brxmvb ml pjap dappbx *Yijargbchrbjc# 866;+,Bwblpracc{# Y~kpbxcal` dalanby pm byiavb pjb ixkyky ~jkcb yagbnrax`kln kpy hale yb$
ixbi{ ca~y, Al` kl pjb hbnkllkln mg pjb 1;26y ypaxpy pjb gmrxpj vjayb mg Y~kpbxcal`y
jkypmx{ ay al mstyjmxb iblpbx? a imlpklrmryc{ xkykln rlpkc pjb dk`$1;:6 *gxmd 86" kl
" +
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
30/63
0,9 Klpbxvxbpkln pjb bwk blib
^jap `m ~b cbaxl gxmd pjb Y~kyy jkypmxkiac bzvbxkblib=Gkxyp# pjb `bwbcmvdblp mg paz jawbly `mby lmp ybbd pm hb dmlmpmlkiacc{ ckleb` pm
ncmhackapkml, Pjmrnj xaxbc{ gmxdrcapb` bzvckikpc{# pjky wkb~ ybbdy pm rl`bxckb dmyp
imlpbdvmxax{ alac{yky mg filalikac m~y, Mstyjmxb iblpbxy axb imlyk`bxb` ay vrxb klpbx$
db`kaxkby# vbxgmxdkln pjb xmrpklb al` rlklpbxbypkln payey lbibyyax{ pm pjb grlipkmlkln
mg a imdvcbz# ncmhackb` bimlmd{ ~kpj caxnb$yiacb ixmyy$hmx`bx hryklbyy, ^jap Jkypmx{
yrnnbypy# ml pjb imlpxax{# ky pjap pjbxb ial hb a cmp mg klpbxlapkmlac ayybp pxa`b ~kpjmrpmstyjmxb iblpbxy, Y~kpbxcal` vca{b` a wbx{ dklmx ml pjb bwb mg mxc` ax K# ap pjb
jbknjp mg pjb fixyp ncmhackapkml# a pkdb ~jbl ixmyy$hmx`bx vmykpkmly ~bxb qralpkpapkwbc{
ay kdvmxpalp ay pm`a{? kl 1;10# pjb annxbnapb vmykpkml mg pjb lbp ixb`kpmxy al` pjb lbp
`bhpmxy xbaijb` 10" mg ~mxc` N@V# orypb ckeb ap pjb bl` mg pjb 8666y * Mhypgbc` al` Pa{$
cmx# 8660+, Kl gaip# pjb Y~kyy ixmyy$hmx`bx ~bacpj dalanbdblp ybipmx `bwbcmvb` ap fixyp
`rxkln a pkdb ~jbl ncmhackapkml ~ay xbib`kln, Kl pjb lklbpbblpj al` baxc{ p~blpkbpjiblprx{# pjb Ikp{ mg Cml`ml al` pm ymdb bzpblp Adypbx`ad da{ jawb vca{b`# kl vaxp# pjb
xmcb pjap dm`bxl mstyjmxb iblpbxy `m# appxaipkln gmxbknl grl`y al` klwbypkln pjbd ahxma`,
Hrp pjb R,E, al` Lbpjbxcal`y ~bxb kdvmxpalp klwbypmxy vbx yb5 gxmd pjb cmln$xrl ybxkby
ml gmxbknl klwbypdblpy kl pjb R,Y,# pjb{ `m lmp yjm~ rv `kyvxmvmxpkmlapbc{ ay Y~kpbxcal`
`mby yklib pjb bl` mg pjb 1;86y al` ay mpjbx paz jawbly `m pm`a{,
Pjb `bwbcmvdblp mg pjb Y~kyy mstyjmxb ybipmx kl pjb klpbx~ax vbxkm` avvbaxy pm hb
byyblpkacc{ paz xbcapb`, Pjb fixyp ncmhackapkml ~ay paz$gxbb5 iavkpackypy baxlb` acdmyp pjb
grcc xbprxl ml pjbkx ypmiey al` hml`y# ~jbpjbx `mdbypki mx gmxbknl, Kl dmyp Brxmvbal
imrlpxkby# vxmnxbyykwb klimdb pazapkml avvbaxb` kl pjb agpbxdapj mg ^mxc` ^ax K, Pjky
~ay al ahxrvp pxalykpkml? kl Gxalib# pjb jknjbyp daxnklac paz xapb# pjap ~ay mlc{ 8
vbxiblp kl 1;12# ypahkckb` ap dmxb pjal 76 vbxiblp `rxkln pjb klpbx~ax vbxkm` *Vkebpp{#
8669+, Kl 1;82# a ~k`byvxba` gbax mg a iavkpac cbw{ `xmwb klpbxbypy xapb rv kl Gxalib
*Jarpimbrx al` Ykiyki# 1;;;+5 pjap yadb {bax# aiimx`kln pm d{ G ybxkby# pjb wacrb mg
acc gmxbknl ybirxkpkby dalanb` h{ Y~kyy haley ~ay drcpkvckb` h{ 7, b elm~ gxmd pjb
Hbxnkbx imddkyykml ~jm ~bxb pjb gmxbknl ickblpy mg Ixb`kp Yrkyyb *pjbl pjb ybiml` hknnbyp
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
31/63
Y~kpbxcal` ja` lmp gmrnjp ^mxc` ^ax K# `k` lmp bzvbxkblib drij xbac `bvxbikapkml mwbx
pjb db`krd xrl,0: Hrp h{ acc aiimrlpy# gmxbknl jmc`klny mg Y~kyy hml`y ~bxb aipracc{
wbx{ ckdkpb`, Gkxyp mg acc# pjb yrvvc{ mg Y~kyy hml y kpybcg ~ay ckdkpb ? kl pjb 1;86y$
1;96y# pjb Y~kyy imlgb`bxapkml xbdaklb` xbcapkwbc{ ckppcb kl`bhpb` *gb`bxac vrhcki `bhp
~ay 86$96" mg lapkmlac klimdb `rxkln pjb 1;82$1;92 `bia`b+, Ybiml`# awakcahcb vxkib
`apa yjm~ pjap pjb xbprxl ml pjb Y~kyy vrhcki `bhp ~ay lmp yknlkfiialpc{ cm~bx pjal kl
mpjbx Brxmvbal imrlpxkby# yrnnbypkln pjap pjb `bdal` ~ay lmp ypxmlnbx pjal bcyb~jbxb,
Kl 1;9># ~jbl xbaijby kpy cmiac dazkdrd# pjb xbprxl ml Y~kyy Imlgb`bxapkml hml`y
~ay 9,01"5 imdvaxahcb xbprxly ~bxb 9,60" kl Y~b`bl# 9,91" kl pjb R,E,# 9,99" kl
Hbcnkrd al` kl pjb Lbpjbxcal`y,0; Pjbxb ky lm bwk`blib pjap gmxbknlbxy xryjb` ml Y~kyy
hml`y, Ml pjb imlpxax{# pjbxb ky advcb bwk`blib pjap gmxbknlbxy byyblpkacc{ jbc` gmxbknl
ybirxkpkby pjxmrnj pjbkx Y~kyy aiimrlpy? yklib 1;96# pjbxb axb avvxmzkdapbc{ ay drij
gmxbknl ybirxkpkby pjal Y~kyy ybirxkpkby kl irypm`{ kl Y~kyy haley# ~jbxbay Y~kyy ybirxkpkby
~bxb 0 pkdby hknnbx kl 1;10,
A ybiml` ~k`bc{ jbc` wkb~ nbpy lm yrvvmxp gxmd pjb `apa# ladbc{ pjb icakd pjap
Y~kpbxcal` vxmwk`b` a yagb jawbl `rxkln pjb ~axy# kl vaxpkircax gmx pjb wkipkdy mg lak
vbxybirpkmly `rxkln ^mxc` ^ax KK, @rxkln hmpj ~axy# G `bicklby kl ahymcrpb pbxd al`
xbcapkwb pm Y~kyy jmrybjmc` ~bacpj, Pm ymdb bzpblp# pjky rl`mrhpb`c{ iavprxby a vxkib
bstbip# k,b, pjb gacc kl ayybp wacrby blpakcb` h{ ~ax `bypxripkmly ahxma`# al` dmxb nblbxacc{
pjb ~ax bimlmdkby, Hrp awakcahcb bwk`blib *b,n, ~bacpj-klimdb xapkmy kl Gxalib# ybbVkebpp{ *8616++ yjm~ pjap pjb hknnbyp ayybp vxkib `bicklby pmme vcaib kl pjb kddb`kapb
agpbxdapj mg pjb ~axy# gmccm~kln klapkml al` alpk$iavkpac vmckikby, Ap cbayp kl pjb iayb
mg Gxalib# pjbyb vjblmdblmly avvbax pm hb drij dmxb kdvmxpalp pjal ~ax `bypxripkmly
vbx yb, Aiimx`klnc{# kp ybbdy rlckebc{ pjap pjb lmpkibahcb gacc mgG al` `rxkln pjb 1;10$
1;1: al` 1;9;$1;02 vbxkm`y imrc` daye ypxmlnc{ xkykln klm~y mstybp h{ jrnb ayybp vxkib
`bicklby, Pjb `apa ykdvc{ yrnnbyp pjap pjbxb ~ay ckppcb mx lm klm~ `rxkln pjb ~axy, Pjkyklpbxvxbpapkml ky imlfixdb` h{ pjb bwmcrpkml mg pjb lrdhbx mg yagb$hmz `bvmykpy mvblb`
ap Ixb`kp Yrkyyb al` RHY# ~jkij `bicklby ycknjpc{ gxmd 1;9; *1;#702+ pm 1;00 *1>#>:2+,
Kg klpbx~ax klm~y ybbd pm hb icbaxc{ paz xbcapb`# kp ky drij jax`bx pm k`blpkg{ a rlkqrb#
Y
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
32/63
pjmyb klwbypb` kl gmxbknl ybirxkpkby mx fi`rikax{ `bvmykpy, Pjky ky pjb byyblib mg ~jap al
mstyjmxb filalikac iblpbx `mby? vxmwk`kln al appxaipkwb nxmrl` gmx vrxbc{ gmxbknl$gmxbknl
pxalyaipkmly# ~jkcb vxbwblpkln vmpblpkacc{ `bypahkckkln klpbxaipkmly hbp~bbl pjb mstyjmxb
ybipmx al` pjb `mdbypki bimlmd{, Pjky ekl` mg ybxwkiby `mby lmp vxmpbip gxmd klapkml,
Klapkml ybp ayk`b# pjbxb xbdakly dal{ vcarykhcb bzvcalapkml gmx pjb hmmd mg Y~kpbx$
cal`y ~bacpj dalanbdblp hryklbyy, Ky Y~kpbxcal` xbibkwkln pjb `kwk`bl` mg lbrpxackp{#
k,b, axb klm~y ckleb` pm gbax mg lb~ ~axy# pm vmckpkiac klypahkckp{ kl ymrxib imrlpxkby= Ky
pjbxb a ypxmln iayb kl gawmx mg pjb paz bwaykml j{vmpjbyky= @m Y~kyy haley vxmwk`b jknj
wacrb a``b` filalikac al` a`wkymx{ ybxwkiby pjap axb caiekln kl ymrxib imrlpxkby=
Pjb nmm` lb~y gmx yijmcaxy ky pjap pjbxb bzkypy al mikac `apaybp pjap imrc` vmyykhc{
accm~ pm vxmwk`b ymdb aly~bxy pm pjbyb kdvmxpalp qrbypkmly, Pjb YLH vrhckyjby# yklib
1;>7# a grcc imrlpx{ hxbae`m~l mg pjb m~lbxy mg fi`rikax{ `bvmykpy, Pm pjb bzpblp pjap acc
imrlpxkby jawb pjb yadb annxbnapb vxbgbxbliby mwbx vmxpgmckm ijmkiby *k,b, klwbyp ykdkcaxc{
kl hale `bvmykpy al` ybirxkpkby+# pjky pbccy ry ~jm m~ly pjb ~jmcb ypmie mg mstyjmxb ~bacpj
dalanb` h{ Y~kyy haley,
Pjb ha` lb~y ky pjap imrlpx{ hxbae`m~ly axb wbx{ `kircp pm klpbxvxbp, Ay Gknrxb
7 yjm~y# a jrnb al` nxm~kln gxaipkml mg acc gmxbknl fi`rikax{ `bvmykpy kl Y~kyy haley axb
xbimx`b` ay hbcmlnkln pm paz jawbly# dmyp lmpahc{ Valada# pjb Hxkpkyj Wkxnkl Kycal`y#
pjb Hajaday# al` pjb Ia{dal Kycal`y, Pjky ky hbiaryb pjb YLH `mby lmp cmme pjxmrnj
klpbxdb`kapb ypxriprxby ryb` gmx jmc`kln a Y~kyy aiimrlp, Kg al aiimrlp ky mvblb` h{ apxryp cmiapb` kl pjb Hxkpkyj Wkxnkl Kycal`y al` ~jmyb hblbfiikac m~lbx ky a R,Y, xbyk`blp#
pjbl pjb imxxbyvml`kln ayybpy axb imrlpb` ay hbcmlnkln pm pjb HWK,26
Ym ~jap klgmxdapkml `mby pjb nbmnxavjkiac hxbae`m~l mg fi`rikax{ `bvmykpy vxmwk`b=
Yrvvmyb pjap ~b axb klpbxbypb` kl bypkdapkln pjb gmccm~kln ixmyy$ybipkmlac xbcapkmlyjkv?
cmn*gk+ 4 % Zk % k *11+
~jbxb gk ky pjb wacrb mg pjb fi`rikax{ `bvmykpy jbc` h{ xbyk`blpy mg imrlpx{ k kl Y~kyy
haley kl a nkwbl {bax, Xmyb al` Yvkbnbc *866>+ yjm~ jm~ ~b ial `bxkwb yrij a xbcapkmlyjkv
gxmd bqrkckhxkrd pjbmx{# ~kpj ky xbyk`blib$hayb` iavkpac klimdb paz xapb al` `kypalib
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
33/63
hb iarnjp, Pjky dbaly pjap bqrapkml 11 ial mlc{ hb bypkdapb` h{ klypxrdblpac waxkahcby,
Lm~# fil`kln a waxkahcb imxxbcapb` ~kpj paz xapby hrp pxrc{ rlimxxbcapb` ~kpj ek ky lmp
mhwkmry5 K cbawb pjky gmx grprxb xbybaxij,
Kl yvkpb mg pjky vxmhcbd# pjb imrlpx{$cbwbc fi`rikax{ `apaybp ky gax gxmd rybcbyy, Kp
yrnnbypy ybwbxac klpbxbypkln vappbxly,
Gkxyp# kp yjm~y mlb kdvmxpalp `kstbxblib kl pjb imrlpx{ mxknkly mg pjb grl`y imdvaxb`
pm 1;02# ladbc{ pjb kdvmxpalib mg Dk``cb Bayp mkc bzvmxpbxy ayybpy, Pjky yrnnbypy
pjap pjb bimlmdki dbijalkydy hbjkl` pjb `bwbcmvdblp mg pjb Y~kyy ixmyy$hmx`bx ~bacpj
dalanbdblp hryklbyy kl pjb cayp 9 `bia`by mg pjb p~blpkbpj iblprx{ axb dmxb imdvcbz pjal
kl pjb klpbx~ax vbxkm`, Nrcg imrlpxkby jawb lm klimdb paz ap acc# ym paz awmk`alib iallmp
bzvcakl ~j{ pjb{ jbc` 12$86" mg acc Y~kyy fi`rikax{ `bvmykpy rlpkc pjb bl` mg pjb 1;:6y,
Y~kyy haley dryp vxmwk`b mpjbx ybxwkiby rlawakcahcb `mdbypkiacc{, Mlb imlobiprxb ky pjap
pjb{ vxmwk`b admln mpjbx al klyrxalib ybxwkib# wacrahcb pm gmxbknl imrlpxkby ~jm jmc` a
caxnb admrlp mg gmxbknl icakdy, Rykln mstyjmxb haley accm~y pm m~l gmxbknl klwbypdblpy
alml{dmryc{? pjky ky a vxmpbipkml anaklyp pjb xkye mg bzvxmvxkapkml# al kdvmxpalp bcbdblp
mg pjb vmckpkiac bimlmd{ mg ncmhac kdhacaliby,
Ybiml`# pjb fi`rikax{ `bvmykpy `apaybp daeby icbax pjap `kypalib dappbxy, Ayyrdb pjap
ek ky mlc{ al klixbaykln grlipkml mg ky paz xapb# pjbl kg `kypalib ky lbnapkwbc{ imxxbcapb`
~kpj paz xapby# MCY bypkdapby mg bqrapkml 11 vxmwk`b a cm~bx hmrl` gmx pjb bstbip mg
vxmzkdkp{ pm Y~kpbxcal` ml gk, Lm~# a imrlpx{y `kypalib pm Y~kpbxcal` al` kpy pmvdaxnklac klimdb paz xapb axb `b gaipm ycknjpc{ lbnapkwbc{ imxxbcapb`? kl pjb vmmcb` ixmyy$
ybipkml *bzicr`kln paz jawbly+# a 1" klixbayb kl pjb `kypalib pm Y~kpbxcal` ky ayymikapb`
~kpj a 6,62" `bixbayb kl pjb pmv klimdb paz xapb *~kpj a ypal`ax` bxxmx mg 6,61+, Al` kl a
ykdvcb hkwaxkapb ixmyy$ybipkmlac xbnxbyykml mg cmn*gk+ ml pjb cmn mg `kypalib# pjb imbikblp
ky ac~a{y lbnapkwb al` yknlkfiialp? a mlb vbxiblp `bixbayb kl `kypalib pm Y~kpbxcal` ky
imxxbcapb` ~kpj al klixbayb mg ap cbayp 6,2" mg pjb admrlp mg ~bacpj vrp kl Y~kyy haley5pjb imxxbcapkml ky drij hknnbx kl ymdb {baxy, Mg imrxyb dal{ mpjbx gaipmxy astbip gk# ymdb
mg ~jkij axb imxxbcapb` ~kpj `kypalib, Hrp ~japbwbx pjb xbayml gmx pjb imxxbcapkml# pjb
vmklp ky pjap vxmzkdkp{ pm Y~kpbxcal` ypkcc dappbxy yknlkfiialpc{# bwbl kl xbiblp {baxy,
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
34/63
~ay pm vxmdvp Brxmvbal `bvmykpmxy pm klpbxvmyb a lml$Brxmvbal yjbcc blpkp{ hbp~bbl
pjbkx aiimrlpy al` pjbdybcwby# ~jkij ky a ypxaknjpgmx~ax` ~a{ pm awmk` pjb ~kpjjmc`kln
paz klpxm`rib` h{ pjb `kxbipkwb, Pjbxb ky vcblp{ mg albi`mpac bwk`blib yrnnbypkln pjap
yjbcc blpkpkby kl ydacc paz jawbly axb haykiacc{ ryb` pm awmk` pazby mx cbnkycapkmly pjap
avvc{ kl pjb klwbypmxy jmdb imrlpxkby, Xbiblp jkypmxkiac xbybaxij jay yjm~l pjap pjb
vxaipkib mg ixbapkln yrij yjbcc blpkpkby ml a yknlkfiialp yiacb ypaxpb` `rxkln ^mxc` ^ax
KK al` kl kpy agpbxdapj# ay a ~a{ gmx Azky imrlpxkby pm ikxirdwblp R,Y, cbnkycapkmly ml
ayybp gxbbkln# al` pjbl gmx Y~kpbxcal` pm byiavb pjb Gxblij vxbyyrxb pm `kyicmyb Gxblij
jmc`klny kl Y~kyy haley *^kcekly# 86605 Yijargbchrbjc# 866;+, Xbiblpc{# pjb R,Y, Klpbxlac
Xbwblrb Ybxwkib jay xbcbayb` ybwbxac iayb ypr`kby mg paz bwaykml h{ R,Y, xbyk`blpy kl a
hkn Y~kyy hale,21 Acdmyp acc iayby bzjkhkp pjb yadb vappbxl? aiimrlpy mvblb` klkpkacc{
kl pjb ladb mg pjb R,Y, klwbypmx# al` pjbl kl pjb ladb mg al klpbxdb`kapb yjad blpkp{
~kpj al a``xbyy kl Valada# pjb Hajaday# pjb HWK# Ckbijpblypbkl mx Jmln$Emln, Pjky ky
bzaipc{ ~jap finrxb 7 yjm~y, Pjb gaip pjap ap cbayp 76" mg acc fi`rikax{ `bvmykpy axb jbc`
pjxmrnj klpbxdb`kapb yjad blpkpkby yrnnbypy pjap paz mx xbnrcapmx{ awmk`alib xbdakly a
daomx dmpkwb gmx jmc`kln a Y~kyy hale aiimrlp,
2 Avvckiapkmly
Pjb nmac mg pjky ybipkml ky pm yjm~ jm~ paz jawbly klpbxaip ~kpj ~bacpj `kypxkhrpkmly,A vxbikyb kdvrpapkml mg pjb ypmie mg pm kpy m~lbxy ky kdvmyykhcb5 xapjbx# K ypaxp gxmd
xbaymlahcb ayyrdvpkmly al` iml`rip waxkmry yblykpkwkp{ alac{yky, K acym vxmwk`b hmrl`y
~jblbwbx vmyykhcb,
2,1 Bzpbxlac ~bacpj mg lapkmly
Jm~ `mby rlxbimx`b` ~bacpj kl paz jawbly astbip mrx elm~cb`nb mg ncmhac kdhacaliby= K
vxmwk`b hbcm~ ybwbxac yiblaxkmy gmx 8662# ~kpjkl pjb gxadb mg Calb al` Dkcbyk$Gbxxbppky
*866>+ Bzpbxlac ^bacpj mg Lapkmly `apahayb# ~jkij ky pjb ypal`ax` `apaybp gmx klpbxla$
pkmlac klwbypdblp vmykpkmly
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
35/63
Dk``cb Bayp imrlpxkby al` ~ay imlypalp aixmyy imrlpxkby gmx pjb xbyp mg pjb ~mxc`# pjbl
Brxmvbaly aipracc{ m~lb` 78" mg gmxbknl fi`rikax{ `bvmykpy, Gmx a ypaxp# kp ky xbaymlahcb
pm ayyrdb pjap kl 8662# brxm axba xbyk`blpy m~lb` axmrl` 76" mg y# pjb gxaipkml mg
dalanb` kl Y~kpbxcal`,
Ybiml`# pjb hknnbyp gxaipkml mg pjb dkyykln ybirxkpkby kl 8662 ja` hbbl kyyrb` h{ brxm$
axba imrlpxkby *dmyp lmpahc{ Crzbdhmrxn al` Kxbcal`# ~jkij aiimrlpb` gmx 1-9 mg +,
Pm pjb bzpblp pjap m~lbxy mg mstyjmxb aiimrlpy bzjkhkp a ibxpakl `bnxbb mg jmdb hkay *mx
ap cbayp klwbyp dmxb kl ybirxkpkby kyyrb` h{ icmybx imrlpxkby28+# ~b bzvbip pjb dkyykln brxm
axba ybirxkpkby pm hb jbc` xbcapkwbc{ dmxb h{ Brxmvbal xbyk`blpy,
Pjkx`# ~b jawb ybbl pjap pjb admrlp mg ~bacpj jbc` kl Y~kpbxcal` ky yknlkfiialpc{
imxxbcapb` pm `kypalib, Pjmrnj ~b `mlp elm~ ~jbxb y ky dalanb`# kp ky ckebc{
pjap a yknlkfiialp vaxp mg kp ky kl Brxmvb, 96" mg pjb 08 mstyjmxb filalikac iblpbxy ckypb`
h{ pjb Gklalikac Ypahkckp{ Gmxd *KDG# 8666+ axb cmiapb` kl Brxmvb, Ymdb mg pjbd axb
~k`bc{ xbnax`b` ay kdvmxpalp ixmyy$hmx`bx ~bacpj dalanbdblp iblpbxy# dmyp lmpahc{
Crzbdhmrxn# al` pm a cbyybx bzpblp Ckbijpblypbkl# Dmlaim al` pjb Ijallbc Kycal`y# kl
a``kpkml pm Y~kpbxcal`, Pjb GYG `mby lmp ckyp pjb R,E, ay al mstyjmxb iblpbx# pjmrnj kp
da{ acym dalanb a gxaipkml mg y, Acc kl`rypx{ xbvmxpy yrnnbyp pjap pjb Brxmvbal
imlpklblp ky ypkcc pjb hknnbyp vca{bx kl pjb ixmyy$hmx`bx ~bacpj dalanbdblp daxebp,
Gmrxpj# paz jawbly jawb jkypmxkiacc{ hbbl ryb` byyblpkacc{ h{ Brxmvbaly, Kl a``kpkml
pm pjb 18 Brxmvbal MGIy ckypb` h{ pjb GYG# 1; lml$Brxmvbal MGIy jawb jkypmxkiacckley ~kpj pjb R,E,# axb ypkcc `bvbl`blikby mx pjb R,E, mx mg pjb Lbpjbxcal`y, Pjb hknnbyp
Iaxkhhbal MGIy# gmx klypalib# axb R,E, mwbxybay pbxxkpmxkby *Alnrkcca# Hbxdr`a# pjb HWK#
al` pjb Ia{dal Kycal`y+, Yklnavmxb ~ay a Hxkpkyj imcml{ rlpkc 1;79# al` Jmln$Emln
a R,E, `bvbl`blp pbxxkpmx{ rlpkc 1;;>, Al` ap cbayp klkpkacc{# Brxmvbaly ~bxb pjb dakl
ickblpy mg mstyjmxb haley? kl 1;02# dmxb pjal ;6" mg acc ybirxkpkby dalanb` h{ Y~kpbxcal`#
h{ gax pjb hknnbyp ixmyy$hmx`bx ~bacpj dalanbdblp mg pjb pkdb# hbcmlnb` pm Brxmvbaly,Gklacc{# kl pjb brxm axba# acc imrlpxkby jawb ikwkc ca~ cbnac y{ypbdy5 gmxbknl hale ai$
imrlpy kl imrlpxkby ~kpj hale ybixbi{ ky pjb dakl iavkpac klimdb paz awmk`alib pbijlmcmn{
awakcahcb, Kl imddml ca~ imrlpxkby# h{ imlpxayp# pxrypy vxmwk`b a imdvbpkln pbijlmcmn{,
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
36/63
xbaymlahcb yiblaxkmy *ya{ ~kpj 76" mg y al` 06" mg y+# kp prxly mrp pm hb a hkn
klpbxlapkmlac ixb`kpmx,
Pm prxl pjb R,Y, klpm a lbp ixb`kpmx xbqrkxby drij ypxmlnbx ayyrdvpkml# hbiaryb R,Y,
lbp klpbxlapkmlac ckahkckpkby ~bxb kl 8662 acdmyp p~kib hknnbx pjal brxm axba imrlpxkby
*dmxb pjal RY@ 8px# k,b, 1>" mg R,Y, N@V+, ^kpj a yjaxb mg y bqrac pm 96" al` a
yjaxb mgy hbp~bbl 76$>6"# pjb R,Y, KKV ky xmrnjc{ hacalib`, ^jkcb lmp imdvcbpbc{
kdvmyykhcb kl pjbmx{# pjbyb axb bzpxbdb ayyrdvpkmly? ~b lbb` pm ayyrdb pjap R,Y, xby$
k`blpy ryb yjad klpbxdb`kaxkby gmx jmc`kln Y~kyy aiimrlpy ml a drij hknnbx yiacb pjal
Brxmvbaly# bwbl agpbx pjb BR yawklny `kxbipkwb# al` pjb{ pjap axb pjb dakl rybxy mg
mstyjmxb haley cmiapb` mrpyk`b Y~kpbxcal`,
Mlb kdvmxpalp iawbap avvckby pm pjb ahmwb imdvrpapkmly, Kg mlb a``y pjb grcc
pm pjb ayybp yk`b mg pjb ~mxc` KKV# ay imdvrpb` gxmd pjb Bzpbxlac ^bacpj mg Lapkmly
`apahayb# pjbl pjb ~mxc` dmwby gxmd jawkln a lbnapkwb lbp gmxbknl ayybp *LGA+ vmykpkml#
ay `byixkhb` h{ Calb al` Dkcbyk$Gbxxbppk *866>+# pm jawkln a vmykpkwb mlb, Kl bstbip#
ky ymdb~jap hknnbx pjal pjb ~mxc` lbp gmxbknl ayybp `kyixbvali{ imdvrpb` h{ Calb al`
Dkcbyk$Gbxxbppk *866>+, Gmx a ydacc vaxp# pjky ky `rb pm `kstbxblp `apa ijmkiby *`bpakcb` kl
Avvbl`kz A+, Hrp gmx pjb hknnbyp vaxp# pjky ky `rb pm mpjbx `kyixbvalikby kl klpbxlapkmlac
aiimrlpy pjap axb lmp ckleb` pm vxkwapb mstyjmxb ~bacpj# hrp xapjbx pm imdvcbz# kl`bvbl$
`blp `apa kyyrby pjap gacc mrpyk`b pjb yimvb mg pjky vavbx, Kl vaxpkircax# kl pjb Bzpbxlac
^bacpj mg Lapkmly `apahayb# pjb ~mxc` jay a vmykpkwb lbp gmxbknl `kxbip klwbypdblp vmyk$pkml dmxb G@Ky ayybpy axb xbimx`b` pjal ckahkckpkby, Yklib ymdb imrlpxkby bypkdapb G@Ky
ap daxebp wacrby# al` mpjbx ap hmme wacrby# klimlykypblikby axb klbwkpahcb,29 Dmxbmwbx#
yklib 8660# dmxb bzvmxpy axb xbimx`b` ncmhacc{ pjal kdvmxpy kl pjb KDG$imdvrpb` ~mxc`
hacalib mg va{dblpy# ~kpj a nav xbaijkln 6,2" mg ~mxc` N@V *finrxb >+,20 Irdrcapb`
mwbx pkdb# pjb wbx{ caxnb pxa`b `kyixbvali{ jay imlpxkhrpb`# kl xbiblp {baxy# pm a `bixbayb
mg pjb ~mxc` LGA `kyixbvali{ *dal{ KKVy al` dal{ vaxpy mg KKVy axb ypkcc imdvrpb` h{irdrcapkln m~y+# ~jkcb d{ bypkdapb mg jay ebvp xkykln *bzibvp kl 866:+, Pjky ky ~j{ K
gmiry ml 8662# pjb cayp {bax gmx ~jkij KKVy ~bxb vxmhahc{ lmp imlpadklapb` h{ pjb pxa`b
`kyixbvali{,
A A
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
37/63
imrlpxkby al` pjb R,Y,+ mwbx$bypkdapb ymdb mg pjbkx gmxbknl ayybpy *b,n,# hbiaryb pjb{
ryb hmme wacrby gmx G@Ky ~jbl daxebp wacrby axb cm~bx+# mx rl`bx$bypkdapb ymdb mg
pjbkx gmxbknl ckahkckpkby *b,n,# hbiaryb pjb{ bypkdapb vaxp mg pjbkx KKVy h{ irdrcapkln mwbx$bypkdapb` irxxblp aiimrlp hacaliby+, Ym kl Pahcb 2h al` Pahcb 7h# K xb`m Pahcb 2a al`
7a imdvrpapkmly# hrp kdvmyb pjb a``kpkmlac imlypxaklpy pjap pjb ~mxc` KKV ky imdvcbpbc{
hacalib`, Ml pjb {$azky# K daeb ayyrdvpkmly ml pjb gxaipkml mg pjb nav hbp~bbl al`
pjb LGA `kyixbvali{ pjap ial hb kdvrpb` pm brxm axba imrlpxkby mx pm pjb R,Y, Kg ~b
axb anlmypki# pjbl kp ky xbaymlahcb pm ayyrdb pjap 86$82" mg pjb nav imdby gxmd pjb
brxmmlb al` a ykdkcax gxaipkml gxmd pjb R,Y, *pjky imxxbyvml`y pm pjbkx yjaxb mg ixmyy$
hmx`bx ckahkckpkby kl pmpac klpbxlapkmlac ckahkckpkby+, Kg ~b hbckbwb pjap brxm axba al` R,Y,
aiimrlpy axb mg jknjbx qrackp{ pjal ml awbxanb *k,b, pjap dmyp mg pjb nav hbp~bbl al`
pjb LGA `kyixbvali{ imdby gxmd pjklny ckeb pjb rl`bx$xbimx`kln mg kdvmxpy kl Ijkla# mx a
y{ypbdapki rl`bxbypkdapkml mg `bwbcmvkln imrlpxkby G@K ckahkckpkby ap daxebp wacrb+# pjbl
~b dryp cmme ap cm~bx finrxby, Ml pjb z$azky kl Pahcb 2h# K fiz pjb brxmmlby yjaxb mg y
ap 76" al` daeb kpy yjaxb mg y wax{ hbp~bbl 16" al` ;6" *k,b, 8;" imxxbyvml`y
pm a yjaxb mgy mg 76" al` mgy mg 16"# bpi,+, Kl Pahcb 7h# K ykdvc{ daeb pjb yjaxb
mg m~lb` h{ R,Y, xbyk`blpy wax{ hbp~bbl 16 al` ;6",
Pjb fil`kln pjap pjb brxmmlb ky a lbp ixb`kpmx ~jbl ~b paeb klpm aiimrlp kpy ikpkbly
mstyjmxb ayybpy ky xmhryp pm a``kln pjb imlypxaklp pjap pjb ~mxc` KKV hacaliby imdvcbpbc{,
Pjb dmyp vcarykhcb yiblaxkmy daeb pjb brxmmlb a hacalib` mx ycknjpc{ ixb`kpmx bimlmd{,Kg kp m~ly 76" mg acc mstyjmxb ayybpy kl Y~kpbxcal`# 06" mg acc mstyjmxb ayybpy kl pjb xbyp mg
pjb ~mxc`# al` kg 82" mg pjb nav hbp~bbl al` pjb Bzpbxlac ^bacpj mg Lapkmly ~mxc`y
LGA `kyixbvali{ ky `rb pm bxxmxy kl brxm axba aiimrlpy# pjbl pjb brxmmlb ja` a vmykpkwb
RY@ 2;hl vmykpkml kl 8662, Pjb ~mxc` ybiml` caxnbyp `bhpmx ~ay kl gaip a lbp ixb`kpmx,
Ml pjb imlpxax{# pjb R,Y, jay a bxm lbp vmykpkml mlc{ kg ~b ayyrdb pjap R,Y, aiimrlpy
axb vbxgbipc{ aiirxapb ml acc `kdblykmly bzibvp gmx pjb lml$xbimx`kln mg pjbkx xbyk`blpymstyjmxb jmc`klny# al` pjap R,Y, xbyk`blpy m~l 76" mg pjb ncmhac ypmie mg mstyjmxb ayybpy,
Kp ky ~k`bc{ aielm~cb`nb` pjap pjbxb bzkypy yknlkfiialp rlibxpaklpkby ml lbp ayybp vm$
ykpkmly? nkwbl pjb jknj nxmyy-lbp vmykpkmly xapkmy# pjky ky klbwkpahcb, Pjky vavbx nmby
-
8/2/2019 The Missing Wealth of Nations Gabriel Zucman
38/63
`bwbcmvb` ~mxc` `kyavvbaxy,
2,8 ^kpjkl imrlpx{ `kypxkhrpkml mg ~bacpj
Jm~ `mby pjb ypmie mg rlxbimx`b` mstyjmxb ayybpy astbip mrx elm~cb`nb mg ~kpjkl imrlpx{
klimdb al` ~bacpj `kypxkhrpkmly= @mby pjb bzkypblib mg paz jawbly kdvc{ pjap klbqrackpkby
axb ypxmlnc{ rl`bx$ypapb`=
Pahcb > bzjkhkpy ymdb kccrypxapkwb yiblaxkmy gmx pjb brxm$axba, Kl 8662# pjb pmpac lbp
~bacpj mg brxm axbay jmrybjmc y admrlpb` pm RY@ 08px, Kl cklb 1 mg Pahcb ># K daebykdvcb ayyrdvpkmly ml pjb `kypxkhrpkml mg xbimx`b` ~bacpj, K ayyrdb pjap pjb pmv 16"
m~lb` 78" al` pjb pmv 1" 80"# ~jkij axb pjb imlpbdvmxax{ wacrby imdvrpb` h{ Cal`aky
bp ac, *8611+ gmx Gxalib, K ayyrdb pjap pjb `kypxkhrpkml mg xbimx`b` ~bacpj ky Vaxbpm ~kpj
a imlypalp Vaxbpm$Cmxbl imbikblp a kl pjb pmv `bikcb, Pjb wacrby gmx pjb pmv `bikcb
al` vbxiblpkcb yjaxby kdvc{ a wacrb gmx a mg 1,>, K pjbl daeb waxkmry ayyrdvpkmly ml
pjb yjaxb mg m~lb` h{ brxm axba xbyk`blpy *{$azky+, Pahcb > yjm~y jm~ baij gxaipkcbyyjaxb bwmcwby ~j