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• Great_Compression abstract "The Great Compression refers to \"a decade of extraordinary wage compression\" in the United States in the early 1940s. During that time economic inequality as shown by wealth distribution and income distribution between the rich and poor became much smaller than it had been in preceding time periods. The term was reportedly coined by Claudia Goldin and Robert Margo in a 1992 paper, and is a takeoff on the Great Depression, an event during which the Great Compression started. According to economists Thomas Piketty and Emmanuel Saez, analysis of personal income tax data shows that the compression ended in the 1970s and has now reversed in the United States, and to a lesser extent in Canada, and England where there is greater income inequality metrics and wealth concentration. In France and Japan, who have maintained progressive taxation there has not been an increase in inequality. In Switzerland, where progressive taxation was never implemented, compression never occurred.Economist Paul Krugman gives credit for the compression not only to progressive income taxation but to other New Deal and World War II policies of President Franklin Roosevelt. From about 1937 to 1947 highly progressive taxation, the strengthening of unions of the New Deal, and the wage and price controls of the National War Labor Board during World War II, raised the income of the poor and working class and lowered that of top earners. Krugman argues these explanation are more convincing than the conventional Kuznets curve cycle of inequality driven by market forces because a natural change would have been gradual and not sudden as the compression was.Explanation for the length of the compression's lasting have attributed to the lack of immigrant labor in the US during that time (immigrants often not being able to vote and so support their political interests) and the strength of unions, exemplified by the \"Treaty of Detroit\"—a landmark 1949 business-labor bargain struck between the United Auto Workers union and General Motors. Under that agreement, UAW members were guaranteed wages that rose with productivity, as well as health and retirement benefits. In return GM had relatively few strikes, slowdowns, etc. Unions helped limit increases in executive pay. Further, members of Congress in both political parties significantly overlapped in their voting records and relatively more politicians advocated centrist positions with a general acceptance of New Deal policies.The end of income compression has been credited to \"impersonal forces\", such as technological change and globalization, but also to political and policy changes that affected institutions (e.g., unions) and norms (e.g., acceptable executive pay). Krugman argues that the rise of \"movement conservatism\" — a \"highly cohesive set of interlocking institutions that brought Ronald Reagan and Newt Gingrich to power\" — beginning in the late 1970s and early 1980s brought lower taxes on the rich and significant holes in the social safety net. The relative power of unions declined significantly along with union membership, and executive pay rose considerably relative to average worker pay. The reversal of the great compression has been called \"the Great Divergence\" by Krugman and is the title of a Slate article and book by Timothy Noah. Krugman also notes that era before the Great Divergence was one not only of relative equality but of economic growth far surpassing the \"Great Divergence\".".
• Great_Compression thumbnail Share_top_1_percent.jpg?width=300.
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• Great_Compression wikiPageRevisionID "642382611".
• Great_Compression wikiPageWikiLink Category:Economic_inequality.
• Great_Compression wikiPageWikiLink Category:Great_Depression.
• Great_Compression wikiPageWikiLink Category:Income_in_the_United_States.
• Great_Compression wikiPageWikiLink Claudia_Goldin.
• Great_Compression wikiPageWikiLink Distribution_of_wealth.
• Great_Compression wikiPageWikiLink Economic_history_of_the_United_States.
• Great_Compression wikiPageWikiLink Economic_inequality.
• Great_Compression wikiPageWikiLink Emmanuel_Saez.
• Great_Compression wikiPageWikiLink Franklin_D._Roosevelt.
• Great_Compression wikiPageWikiLink General_Motors.
• Great_Compression wikiPageWikiLink Great_Depression.
• Great_Compression wikiPageWikiLink Great_Divergence_(inequality).
• Great_Compression wikiPageWikiLink Income_distribution.
• Great_Compression wikiPageWikiLink Income_inequality_in_the_United_States.
• Great_Compression wikiPageWikiLink Income_inequality_metrics.
• Great_Compression wikiPageWikiLink Kuznets_curve.
• Great_Compression wikiPageWikiLink National_War_Labor_Board.
• Great_Compression wikiPageWikiLink New_Deal.
• Great_Compression wikiPageWikiLink Newt_Gingrich.
• Great_Compression wikiPageWikiLink Paul_Krugman.
• Great_Compression wikiPageWikiLink Progressive_tax.
• Great_Compression wikiPageWikiLink Robert_Margo.
• Great_Compression wikiPageWikiLink Slate_(magazine).
• Great_Compression wikiPageWikiLink Social_safety_net.
• Great_Compression wikiPageWikiLink Thomas_Piketty.
• Great_Compression wikiPageWikiLink Timothy_Noah.
• Great_Compression wikiPageWikiLink United_Automobile_Workers.
• Great_Compression wikiPageWikiLink Wage_compression.
• Great_Compression wikiPageWikiLink Wealth_concentration.
• Great_Compression wikiPageWikiLink World_War_II.
• Great_Compression wikiPageWikiLink File:Share_top_1_percent.jpg.
• Great_Compression wikiPageWikiLinkText "Great Compression".
• Great_Compression wikiPageWikiLinkText "several decades of stability".
• Great_Compression wikiPageUsesTemplate Template:Reflist.
• Great_Compression subject Category:Economic_inequality.
• Great_Compression subject Category:Great_Depression.
• Great_Compression subject Category:Income_in_the_United_States.
• Great_Compression type Event.
• Great_Compression type Event.
• Great_Compression type Socioeconomic.
• Great_Compression comment "The Great Compression refers to \"a decade of extraordinary wage compression\" in the United States in the early 1940s. During that time economic inequality as shown by wealth distribution and income distribution between the rich and poor became much smaller than it had been in preceding time periods. The term was reportedly coined by Claudia Goldin and Robert Margo in a 1992 paper, and is a takeoff on the Great Depression, an event during which the Great Compression started.".
• Great_Compression label "Great Compression".
• Great_Compression sameAs Q1548243.
• Great_Compression sameAs Große_Kompression.
• Great_Compression sameAs m.0cn_5wr.
• Great_Compression sameAs Q1548243.
• Great_Compression wasDerivedFrom Great_Compression?oldid=642382611.
• Great_Compression depiction Share_top_1_percent.jpg.
• Great_Compression isPrimaryTopicOf Great_Compression.