Making the Most of Capital in the 21st Century

NBER WORKING PAPER SERIES

MAKING THE MOST OF CAPITAL IN THE 21ST CENTURY Peter H. Lindert Working Paper 20232 http://www.nber.org/papers/w20232

NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2014

A shorter version of this paper is submitted for publication in French in a special issue of Annales-Histoire, Sciences Sociales devoted to Capital by Thomas Piketty. The author thanks Guido Alfani, Alex Field, Branko Milanovic, Carl Mosk, Richard Sutch, Richard Sylla, Alan Taylor, and Jeffrey Williamson for helpful comments on earlier drafts. Material from this essay will also be incorporated into the author's current research under NSF grant 1227237. The usual disclaimer applies. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2014 by Peter H. Lindert. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.

Making the Most of Capital in the 21st Century Peter H. Lindert NBER Working Paper No. 20232 June 2014 JEL No. D31,D63,E01,H20,N10,N30 ABSTRACT Thomas Piketty’s monumental Capital in the Twenty-First Century has transported us to a higher understanding of historical movements in inequality. This essay ranks the promise of different paths that scholars can usefully follow from the point to which his book has guided us. The main path to follow is the income inequality history so well paved by Piketty and his team, supported by the book’s history of twentieth-century shocks and political responses. Less promising is the book’s emphasis on wealth, capital, and the rate of return. Following the income route to better inequality predictions requires merging his team’s history of top income shares with the history of inequality movements within the lower 90 percent. It also invites a merger with other scholarship that has shown positive growth effects of the kind of democracy Piketty calls for.

Peter H. Lindert Department of Economics University of California, Davis Davis, CA 95616 and NBER [email protected]

 

  

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’—”’‘•‡•ǡŠ‡”‹‰Š–Ž›†‡ˆ‹‡•‹–ˆ”‘ƒ……‘—–‹‰ƒ‰‰”‡‰ƒ–‡•ǡƒ•–Š‡ˆŽ‘™‘ˆ‹…‘‡

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‘‹‡ƒ†ƒŽ†‡•–”ڏǡDz‘‰Ǧ”—–”‡†•dzȋʹͲͳͶȌǡ‡•’Ǥ ‹‰—”‡ͷǤ



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”ƒ–‡‘ˆƒ–‹‘ƒŽ‹…‘‡ǤŠ‹••‡–Ǧ—’Ž‡†Š‹–‘‡’Šƒ•‹œ‡Dzr˜‡”•—•gdzǡ–Š‡ ‡…‘‘›ǯ•‰”‘™–Š”ƒ–‡ǡˆ‘”ƒ‰‹˜‡•ƒ˜‹‰”ƒ–‡sǤ 

Š‹…Šr†‘™‡™ƒ––‘ˆ‘ŽŽ‘™ǦǦ‘˜‡‡–•‹ƒ‘‹ƒŽ”ƒ–‡‘ˆ”‡–—”‘

Š‘—•‡Š‘Ž†™‡ƒŽ–Š‘”‘˜‡‡–•‹ƒ”‡ƒŽ”ƒ–‡‘ˆ”‡–—”‘’”‘†—…–‹˜‡…ƒ’‹–ƒŽ ‹’—–•ǡ™Š‹…Šƒ†Œ—•–•ˆ‘”‹ˆŽƒ–‹‘ǫ ˆ‘˜‡‡–•‹Dƒ”‡–‘•Š‡†Ž‹‰Š–‘

‘˜‡‡–•‹…‘˜‡–‹‘ƒŽ‡ƒ•—”‡•‘ˆ‹…‘‡‹‡“—ƒŽ‹–›ǡ–Š‡‡˜‡”›–Š‹‰‹–Š‡ ˆ‹”•–‡“—ƒ–‹‘•Š‘—Ž†„‡‹…—””‡––‡”•ǡ™‹–Š‘—–ƒ›ƒ†Œ—•–‡–ˆ‘”ƒ…–—ƒŽ‘” ƒ–‹…‹’ƒ–‡†‹ˆŽƒ–‹‘ǤŠ‹•‹•„‡…ƒ—•‡™‡™‹•Š–‘ˆ‘ŽŽ‘™‘˜‡‡–•‹ƒ•‹œ‡

†‹•–”‹„—–‹‘‘ˆ…—””‡–ƒ–‹‘ƒŽ‹…‘‡ǡ‘‡–Šƒ–•Š‘™•Š‘™—‡“—ƒŽŽ›ƒŽŽ–Š‡

‹…‘‡”ƒ•ˆƒ…‡–Š‡•ƒ‡•‡–‘ˆ…‘•—‡”’”‹…‡•Ǥ‡–Š‹•—•‡‘ˆ‰”‘™–Š–Š‡‘”›

Š‹‰ŠŽ‹‰Š–‹‰r˜‡”•—•g”‡“—‹”‡•ƒDz”‡ƒŽdz”ƒ–‡‘ˆ”‡–—”‘Dz…ƒ’‹–ƒŽdzǡ‘‡–Šƒ–™‘—Ž† Šƒ˜‡–‘„‡ƒ†Œ—•–‡†ˆ‘”‹ˆŽƒ–‹‘Ȃƒ†ˆ‘”–Š‡‹…‘˜‡‹‡–ˆƒ…––Šƒ–…ƒ’‹–ƒŽƒ† ƒ–‹‘ƒŽ’”‘†—…–Šƒ˜‡†‹ˆˆ‡”‡–’”‹…‡†‡ˆŽƒ–‘”•ǤͶ 

Š‹…Š™ƒ›–‘’”‘…‡‡†ǫ‹…‡™‡”‡ƒŽŽ›™ƒ––‘‡š’Ž‘”‡–”‡†•‹…—””‡–

‹…‘‡‹‡“—ƒŽ‹–›ǡ‘”’ƒ–Š•ȋƒǤȌƒ†ȋ„ǤȌǡ‹–™‘—Ž†„‡„‡––‡”–‘•–‹…™‹–Š—ƒ†Œ—•–‡† …—””‡–Ǧ’”‹…‡‡ƒ•—”‡•ǡƒ†™‹–Š–Š‡ˆ‹”•–Dzˆ—†ƒ‡–ƒŽŽƒ™dzǡ–Š‡ƒ……‘—–‹‰

‹†‡–‹–›D=r*E†‡…‘’‘•‹‰–Šƒ–•Šƒ”‡‘ˆ•‘‡”‹…ŠǦ’‡”•‘–›’‡‘ˆ‘ǦŠ—ƒ

…ƒ’‹–ƒŽ‹…‘‡D ‹–‘–Š‡‘‹ƒŽ”ƒ–‡‘ˆ”‡–—”–‹‡•–Š‡”ƒ–‹‘‘ˆ•—…Š™‡ƒŽ–Š–‘ ƒ–‹‘ƒŽ‹…‘‡Ǥ‹‡†‹ƒ–‡…‘”‘ŽŽƒ”›‹•–Šƒ–‹ˆ™‡™‹•Š–‘‡‡’—•‹‰–Š‡rǦ

‹—•Ǧg’”‡†‹…–‘”‘ˆ‹‡“—ƒŽ‹–›–”‡†•ǡ–Š‡‰”‘™–Š”ƒ–‡g—•–„‡–Š‡‰”‘™–Š”ƒ–‡‘ˆ ƒ–‹‘ƒŽ‹…‘‡‹…—””‡–’”‹…‡•Ǥ…‡™‡†‘–Šƒ–ǡ–Š‡–Š‡”‡ƒŽǦ‰”‘™–Š‘†‡Ž‹• ‘–•‘—•‡ˆ—Žǡƒ†ƒŽŽ„‡–•ƒ”‡‘ˆˆƒ„‘—–™Š‡–Š‡”r™‹ŽŽ•–ƒ›ƒ„‘˜‡gƒ…”‘••–Š‡

–™‡–›Ǧˆ‹”•–…‡–—”›Ǥ‹‡––›ƒ†™‡•–‹ŽŽŽƒ…”‡Ž‹ƒ„Ž‡’”‡†‹…–‘”•ǡ‡‹–Š‡”‘ˆg‘”‘ˆr

‹–•‡ŽˆȂ—–‹Ž‹‡––›’”‡†‹…–•–Š‡ˆ—–—”‡‘ˆr™‹–Šƒ’‘Ž‹–‹…ƒŽǦ‡…‘‘›–”—’…ƒ”†ǡ–‘ ™Š‹…Š ™‹ŽŽ”‡–—”™Š‡†‹•…—••‹‰˜‘‹…‡ƒ†‰‘˜‡”ƒ…‡Ǥ 

˜‡‹ˆ™‡Šƒ†‹••‡†–Š‹•…‘ˆŽ‹…–„‡–™‡‡–Š‡–™‘…‘…‡’–•‘ˆ”ǡ™‡™‘—Ž†

•‘‘Šƒ˜‡–‘…‘ˆ”‘––Š‡ˆƒ…––Šƒ–‹‡––›ǯ•Dzrεgdz†‡˜‹…‡ǡˆ‘”ƒŽŽ‹–•ƒƒœ‹‰

 ͶŠ‡‰”‘™–Š‘†‡Ž–Šƒ–‹‡––›Šƒ•„‘””‘™‡†‹•„ƒ•‡†ǡ—ˆ‘”–—ƒ–‡Ž›ǡ‘ƒ‘‡Ǧ …‘‘†‹–›‡…‘‘›‹™Š‹…Š…ƒ’‹–ƒŽ‹•–Š‡•ƒ‡Dz’—––›dz–Šƒ–™‡‡ƒ–Ǥ ––Š‡”‡ˆ‘”‡ ‹••‡•‹’‘”–ƒ–‘˜‡‡–•‹–Š‡”‡–ƒŽƒ†’—”…Šƒ•‡’”‹…‡•‘ˆ…ƒ’‹–ƒŽ‰‘‘†• ”‡Žƒ–‹˜‡–‘…‘•—’–‹‘’”‘†—…–•Ǥ 

͸

”Š‡–‘”‹…ƒŽ’‘™‡”ǡ†‘‡•‘––ƒ‡—•˜‡”›ˆƒ”Ǥ—”–ƒ•‘ˆ‡š’Žƒ‹‹‰ƒ†’”‡†‹…–‹‰

‹‡“—ƒŽ‹–›‘˜‡‡–•‹•‘–ƒ†‡ƒ›‡ƒ•‹‡”„›–Š‡”‡“—‹”‡‡––Šƒ–™‡—•–ˆ‹”•–

’”‡†‹…–„‘–ŠƒDz”ƒ–‡‘ˆ”‡–—”dzƒ†–Š‡‰”‘™–Š”ƒ–‡‘ˆ–Š‡‡…‘‘›ǤŠ‡ˆ‘”—ŽƒrȂg –ƒ‡•—•‘ˆ—”–Š‡”–Šƒ™‡™‡”‡–”ƒ•’‘”–‡†ˆ‹ˆ–››‡ƒ”•ƒ‰‘„›–Š‡…‘…‡’–‘ˆ–‘–ƒŽ ˆƒ…–‘”’”‘†—…–‹˜‹–›ƒ•ƒDz•‘—”…‡dz‘ˆ‰”‘™–ŠǤ –™‹ŽŽ„‡ƒ‘–Š‡”Dz‡ƒ•—”‡‘ˆ‘—” ‹‰‘”ƒ…‡Ǥdz 

‡ƒŽ–ŠȀ‹…‘‡”ƒ–‹‘•Ǥ•ˆ‘”–Š‡”ƒ–‹‘•‘ˆ‡‹–Š‡”™‡ƒŽ–Š‘”’”‘†—…–‹˜‡

‘Š—ƒ…ƒ’‹–ƒŽ–‘ƒ–‹‘ƒŽ’”‘†—…–ǡȋˆǤȌƒ†ȋ‰ǤȌǡ–Š‡•‡™‡”‡‘†‡”ƒ–‡Ž›‰‘‘†

’”‡†‹…–‘”•‘ˆ–‘’Ǧ‹…‘‡•Šƒ”‡•„‡ˆ‘”‡‘”Ž†ƒ” Ǥ‹‡––›ǯ•„‘‘•’‡†•Ž‡••–‹‡ ‘–Š‡’”‡™ƒ”‡”ƒǡƒ•‹†‡ˆ”‘•—ƒ”‹œ‹‰Š‹•‘™’ƒ–ŠǦ„”‡ƒ‹‰…‘˜‡”ƒ‰‡‘ˆ–Š‡

”‡…Š…ƒ•‡ǡ‹…‘ŽŽƒ„‘”ƒ–‹‘™‹–Š ‹ŽŽ‡•‘•–‡ŽǦ‹ƒ›ƒ† ‡ƒǦƒ—”‡–‘•‡–ŠƒŽǤͷ 

‡––‡”‡ƒ•—”‡‡–•‘ˆ’”‡™ƒ”™‡ƒŽ–Šƒ›ƒ…–—ƒŽŽ›•–”‡‰–Š‡Š‹•ƒ••‡”–‹‘

–Šƒ––Š‡”ƒ–‹‘‘ˆ‘Š—ƒ™‡ƒŽ–Š–‘‹…‘‡™ƒ•…‘””‡Žƒ–‡†™‹–Š‹…‘‡‹‡“—ƒŽ‹–›Ǥ —…Š„‡––‡”‡ƒ•—”‡‡–•ƒ”‡‘™ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”‡”‹…ƒͳ͹͹ͶǦͳͺ͹Ͳǡƒ†–Š‡›†‘

‹’”‘˜‡–Š‡…‘””‡Žƒ–‹‘Ǥ‹‡––›ƒ”‰—‡†–Šƒ–Dz‘†‘—„–ǥ–Š‡…ƒ’‹–ƒŽȏ‹Ǥ‡Ǥ’”‹˜ƒ–‡‡– ™‘”–ŠȐȀ‹…‘‡”ƒ–‹‘™ƒ•—…ŠŽ‘™‡”‹–Š‡‡™‘”Ž†…‘Ž‘‹‡•ǥdz–Šƒ‹

—”‘’‡Ǥ †‡‡†ǡ‹–™ƒ•‡˜‡Ž‘™‡”–Šƒ‹‡––›ƒ†—…ƒŠƒ˜‡„‡‡–‘Ž†ǤŠ‡‘Ž› ‡””‘”‹–Š‡‡š‡’Žƒ”›™‘”‘ˆŽ‹…‡ƒ•‘ ‘‡•ǡ™Š‹…Š‹‡––›ƒ†—…ƒŠƒ˜‡ —•‡†ǡ™ƒ•Š‡”‹…‘‡…‘Œ‡…–—”‡Ǥ ‘‡•ƒ’’Ž‹‡†ƒ…ƒ’‹–ƒŽȀ‘—–’—–”ƒ–‹‘‘ˆ͵Ǧ͵Ǥͷˆ”‘ –Š‡‹–Š‡ͳͻ͹Ͳ•–‘–Š‡™‡ƒŽ–Š‘ˆ–Š‡ͳ͹͹Ͳ•Ǥ ‘—”…—””‡–™‘”ǡ ‡ˆˆ”‡›

‹ŽŽ‹ƒ•‘ƒ† ‘™’Žƒ…‡–Š‹•”ƒ–‹‘—…ŠŽ‘™‡”ǡƒ–ͳǤͺͻǤ‹‹Žƒ”Ž›ǡ™‡ˆ‹†–Šƒ–

‡”‹…ƒ™‡ƒŽ–ŠȀ‹…‘‡”ƒ–‹‘••–ƒ›‡†„‡Ž‘™ǡ„—–…‘˜‡”‰‡†—’™ƒ”†–‘™ƒ”†ǡ–Š‡ ‹‡––›Ǧ—…ƒ‡•–‹ƒ–‡•„‡–™‡‡ͳ͹͹Ͷƒ†ͳͺ͸ͲǤ‹…‡™‡ƒŽ•‘ˆ‹†•Ž‹‰Š–Ž›

•–‡‡’‡”‹…”‡ƒ•‡•‹–Š‡‹‡“—ƒŽ‹–›‘ˆ‹…‘‡ƒ†™‡ƒŽ–Š„‡–™‡‡ͳ͹͹Ͷƒ†ͳͺ͸Ͳ –Šƒ†‹†‹‡––›ƒ†—…ƒǡ–Š‡‡–”‡•—Ž–‘ˆ‘—””‡˜‹•‹‘•‹•–‘‹’”‘˜‡–Š‡ ‹‡––›Ǧ’”‡†‹…–‡†…‘””‡Žƒ–‹‘„‡–™‡‡–Š‡™‡ƒŽ–ŠȀ‹…‘‡”ƒ–‹‘ƒ†‹…‘‡ ‹‡“—ƒŽ‹–›ˆ‘”–Š‹•‡ƒ”Ž›’‡”‹‘†Ǥ͸ 

ͷ‹‡––›ǡ‘•–‡ŽǦ‹ƒ›ǡƒ†‘•‡–ŠƒŽȋʹͲͲ͸ȌǤ

͸‹†‡”–ƒ†‹ŽŽ‹ƒ•‘ȋʹͲͳ͵Ȍǡ’Ǥ͹Ͷ͹Ǣƒ†‘—”AmericanIncomessincethe

SeventeenthCenturyȋ‹’”‘‰”‡••ǡŠƒ’–‡”ʹȌǤ 

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††Ž›ǡŠ‘™‡˜‡”ǡˆ‘”–Š‡–™‡–‹‡–Š…‡–—”›–”‡†•–Šƒ–Š‡ƒ†Š‹•…‘ŽŽƒ„‘”ƒ–‘”•

Šƒ˜‡†‘…—‡–‡†•‘™‡ŽŽǡ–Š‡”‡Ž‡˜ƒ…‡‘ˆ–Š‡™‡ƒŽ–ŠȀ‹…‘‡ƒ†…ƒ’‹–ƒŽȀ‹…‘‡

”ƒ–‹‘•ˆ‘”–Š‡‹…‘‡†‹•–”‹„—–‹‘‹•Ž‡••…‘’‡ŽŽ‹‰Ǥ…”‘••…‘—–”‹‡•ǡ–Š‡Ž‡˜‡Ž•ƒ† ‘˜‡‡–•‘ˆ–Š‹•”ƒ–‹‘†‘‘–…‘””‡Žƒ–‡™‡ŽŽ™‹–Š–Š‘•‡‹‹…‘‡‹‡“—ƒŽ‹–›Ǥ˜‡”

–‹‡ǡ–Š‡”‡‹•‘”‡…‘””‡Žƒ–‹‘ǡ™‹–Š‹”‹–ƒ‹ǡ‘” ”ƒ…‡ǡ‘” ‡”ƒ›ǡ‘”–Š‡‹–‡†

–ƒ–‡•Ǥ‡–ǡƒ•™‡•ŠƒŽŽ•‡‡Žƒ–‡”ǡ–Š‡•ƒ‡‘˜‡”ƒŽŽ‘˜‡‡–•™‹ŽŽ•Š‘™—’™Š‡™‡ Ž‘‘ƒ––Š‡‹‡“—ƒŽ‹–›‘˜‡‡–•‹‹…‘‡•–Šƒ–Šƒ˜‡Ž‹––Ž‡–‘†‘™‹–Š™‡ƒŽ–Šǡ•—…Š ƒ•™ƒ‰‡”ƒ–‡•‘”‹‹††Ž‡ȀŽ‘™‡”‹…‘‡”ƒ–‹‘•Ǥ 

‡ƒŽ–Š‹‡“—ƒŽ‹–›ȋ‡ǤȌƒ–ƒ‘Š‘—•‡Š‘Ž†•ǯ™‡ƒŽ–Š‹‡“—ƒŽ‹–›ƒ”‡’ƒ”–‹…—Žƒ”Ž›

Š‡Ž’ˆ—Žƒ•…Ž—‡•ƒ„‘—–‹…‘‡‹‡“—ƒŽ‹–›„‡ˆ‘”‡–Š‡–™‡–‹‡–Š…‡–—”›ǡ™Š‡†‹”‡…– ‹…‘‡‡ƒ•—”‡•™‡”‡•’ƒ”•‡Ǥ‡–ˆ‘”–Š‡–™‡–‹‡–Šƒ†–™‡–›Ǧˆ‹”•–…‡–—”‹‡•ǡ

™‡ƒŽ–Š‹‡“—ƒŽ‹–›†‘‡•‘–“—‹–‡ƒ‡‹–‹–‘–Š‡Dzˆ‹ƒŽˆ‘—”dzǤ ‘”–Š‡•‡‘”‡”‡…‡– –‹‡•ǡ–Š‡™‡ƒŽ–Š†ƒ–ƒƒ”‡™‡ƒ‡”–Šƒ–Š‘•‡™‡Šƒ˜‡ˆ‘”‹…‘‡‹‡“—ƒŽ‹–›ǡƒ• ‹‡––›Šƒ•ƒ…‘™Ž‡†‰‡†‹ƒ„Ž‘‰”‡’Ž›Ǥ 

‘”‡ˆ—†ƒ‡–ƒŽŽ›ǡ–Š‡‹‡“—ƒŽ‹–›‘ˆ‘Š—ƒ™‡ƒŽ–Š‹•‹Š‡”‡–Ž›Ž‡••

‹–‡”‡•–‹‰–Šƒ–Š‡‹‡“—ƒŽ‹–›‘ˆ–‘–ƒŽ‹…‘‡‘”–‘–ƒŽ™‡ƒŽ–Šȋ‹…Ž—†‹‰Š—ƒȌǤ Š‡ƒ–‡”‹ƒŽ‹‡“—ƒŽ‹–›™‡”‡ƒŽŽ›…ƒ”‡ƒ„‘—–‹•ƒ’‡”•‘ǯ•Ž‹ˆ‡–‹‡”‡•‘—”…‡•ǡƒ•

•Šƒ”‡†™‹–Š‹ƒŠ‘—•‡Š‘Ž†Ǥ –…ƒ„‡‡ƒ•—”‡†‡‹–Š‡”ƒ•ƒ‹ˆŽ‘™ǡ„›‘‡ǯ•Ž‹ˆ‡–‹‡ Š—ƒ‡ƒ”‹‰•’Ž—•‹Š‡”‹–ƒ…‡ǡ‘”ƒ•ƒ‘—–ˆŽ‘™ǡ„›‘‡ǯ•Ž‹ˆ‡–‹‡…‘•—’–‹‘ ’Ž—•„‡“—‡•–Ǥ ‘”‘•–’‡‘’Ž‡ƒ›…ƒŽ…—Žƒ–‹‘‘ˆ–Š‡‹”Ž‹ˆ‡–‹‡”‡•‘—”…‡•ȋƒŽŽ

…ƒ’‹–ƒŽ‹œ‡†‘”ƒŽŽƒ—‹–‹œ‡†Ȍ•Š‘™•–Š‡“—ƒ–‹–ƒ–‹˜‡†‘‹ƒ…‡‘ˆŠ—ƒ‡ƒ”‹‰• ‘”‘ˆ…‘•—’–‹‘ˆŽ‘™•ǡ‘–‘ˆ‘Š—ƒ™‡ƒŽ–ŠǤ –Š‡Ž‹ˆ‡…›…Ž‡ǡ…—””‡–™‡ƒŽ–Š

‹‡“—ƒŽ‹–›‹•‘Ž›ƒ‹–‡”‡†‹ƒ–‡„›Ǧ’”‘†—…–Ȃ‡š…‡’––‘–Š‡‡š–‡––Šƒ–‹–‹•ƒ†‡ —‡“—ƒŽ„›‹Š‡”‹–ƒ…‡Ǥ‘–Š‡‡š–‡––Šƒ––Š‡•–—†›‘ˆ™‡ƒŽ–Š‹‡“—ƒŽ‹–›ȋ‡ǤȌ‹•ƒ

’”‡Ž—†‡–‘–Š‡•–—†›‘ˆ–Š‡”‘Ž‡‘ˆ‹Š‡”‹–ƒ…‡ǡ‹–”‡Žƒ–‡•–‘–Š‡–‘’Ǧ’”‹‘”‹–›•–—†‹‡•ǡ ‡˜‡ˆ‘”–Š‡–™‡–‹‡–Šƒ†–™‡–›Ǧˆ‹”•–…‡–—”‹‡•Ǥ 

…‘‡‹‡“—ƒŽ‹–›ǡˆ‹•…ƒŽ’”‘‰”‡••‹˜‹–›ǡƒ†‹Š‡”‹–ƒ…‡Ǥ––Š‡–‘’‘ˆ–Š‡

—Ž–‹’Ž‡Ǧ…Š‘‹…‡Ž‹•–…‘‡–Š‡’ƒ–Š•–Šƒ–•…Š‘Žƒ”•ƒ†–Š‡™‹†‡”’—„Ž‹…•Š‘—Ž†ˆ‘ŽŽ‘™ ‘•–…Ž‘•‡Ž›ǡ‡š’Ž‘”‹‰–Š‘•‡–”‡†•ȋƒǤȌ–Š”‘—‰Šȋ†ǤȌǤŠ‡–‹•‘Ǧ‹‡––›Ǧƒ‡œ

–‡ƒŠƒ•†‡Ž‹˜‡”‡†ƒŠ‹•–‘”›‘ˆ–Š‡•Šƒ”‡•‘ˆƒ–‹‘ƒŽ‹…‘‡…ƒ’–—”‡†„›–Š‡–‘’

‹…‘‡”ƒ•‹†‘œ‡•‘ˆ…‘—–”‹‡•‘˜‡”–Š‡Žƒ•–Š—†”‡†›‡ƒ”•ǤŠ‡›Šƒ˜‡•‘Ž˜‡†



ͺ

–Š‡Dz–‘’…‘†‹‰dz’”‘„Ž‡•–Šƒ–Šƒ˜‡Š‹††‡–‘’‹…‘‡•ˆ”‘‘—”˜‹‡™ˆ‘”•‘Ž‘‰Ǥ Š‹•‡’‹”‹…ƒŽ–”‹—’ŠƒŽŽ‘™•–Š‡–‘‡•–ƒ„Ž‹•Š–™‘‰”‡ƒ––™‡–‹‡–ŠǦ…‡–—”› ‘˜‡‡–•‹–Š‡•Šƒ”‡•‘ˆ‹…‘‡…ƒ’–—”‡†„›–Š‡–‘’‹…‘‡‡Ž‹–‡ǣ   

ȋͳȌŠ‡ ”‡ƒ–‡˜‡Ž‹‰ǣ ‡˜‡”›†‡˜‡Ž‘’‡†…‘—–”›ǡ–Š‡‹…‘‡•Šƒ”‡ ‘ˆ–Š‡–‘’‘‡’‡”…‡–ǦǦ‘”ͲǤͳ’‡”…‡–ǡ‘”ˆ‹˜‡’‡”…‡–ǡ‘”–‡’‡”…‡–ǦǦ‘ˆ Š‘—•‡Š‘Ž†•†”‘’’‡†„‡–™‡‡ƒ„‘—–ͳͻͳ͵ƒ†ƒ„‘—–ͳͻ͹͵Ǥ

ȋʹȌŠ‡”‡…‡–”‡„‘—†‘ˆ‹‡“—ƒŽ‹–›ǣ •‡˜‡”ƒŽ†‡˜‡Ž‘’‡†…‘—–”‹‡•ǡ‘•–‘ˆ –Š‡‰Ž‹•ŠǦ•’‡ƒ‹‰ǡ–Š‡•ƒ‡–‘’‹…‘‡•Šƒ”‡•Šƒ˜‡ƒ”…Š‡†—’™ƒ”†

•‹…‡–Š‡ͳͻ͹Ͳ•Ǥ‡––Š‡–‘’‹…‘‡•Šƒ”‡•Šƒ˜‡Šƒ”†Ž›”‹•‡ƒ–ƒŽŽ‹ƒ†‘œ‡  

‘–Š‡”†‡˜‡Ž‘’‡†…‘—–”‹‡•ǡ‘–ƒ„Ž›‹…‘–‹‡–ƒŽ—”‘’‡ƒ† ƒ’ƒǤ͹

Š‡ˆ‹”•–‘ˆ–Š‡•‡ˆ‹†‹‰‘’‡•—’ƒ–‘’Ǧ’”‹‘”‹–›”‡•‡ƒ”…Š’”‘Œ‡…–Ǥ‡ˆ‘”‡–Š‡

™”‹–‹‰•‘ˆ–Š‡‘”Ž†‘’ …‘‡•–‡ƒǡ™‡Šƒ†‘Ž›•…ƒ––‡”‡†‡˜‹†‡…‡‘ˆ–Š‡

‹–‡”…‘–‹‡–ƒŽ”‡ƒ…Š‘ˆ–Š‡‰”‡ƒ–Ž‡˜‡Ž‹‰‘ˆ‹…‘‡•ƒ…”‘••–Š‡‡ƒ”Ž›ƒ†‹††Ž‡ –™‡–‹‡–Š…‡–—”›Ǥ‘™–Š‡”‡‹•‘‹•–ƒ‹‰‹–Ǥƒ„Ž‡ͳ•Š‘™•–Š‡”‡ƒ”ƒ„Ž‡ …‘•‹•–‡…›‘ˆ–Š‹•†‡…Ž‹‡ƒ‘‰†ƒ–ƒǦ•—’’Ž›‹‰…‘—–”‹‡•ǡ„‘–Šˆ‘”–Š‡‡–‹”‡ ’‡”‹‘†ͳͻͳ͵Ǧͳͻ͹͵ǡƒ†•‡’ƒ”ƒ–‡Ž›ˆ‘”ƒ„Ž‡ͳǯ•–Š”‡‡•—„Ǧ’‡”‹‘†•ǡ–™‘‘ˆ–Š‡

•’ƒ‹‰–Š‡–™‘™‘”Ž†™ƒ”•ƒ†‘‡…ƒ’–—”‹‰—…Š‘ˆ–Š‡ ‘Ž†‡”ƒ‘ˆ‡ƒ”Ž›

’‘•–™ƒ”‰”‘™–ŠǤ•‹‡––›”‹‰Š–Ž›‡’Šƒ•‹œ‡•ǡ–Š‡ͳͻͳ͵Ǧͳͻ͹͵‡”ƒ•–ƒ†•‘—–‹ƒŽŽ ‘ˆ™‘”Ž†Š‹•–‘”›ƒ•–Š‡‘‡‹™Š‹…Š–Š‡”‡•–‘ˆ•‘…‹‡–›‰ƒ‹‡†‰”‘—†‘–Š‡‡Ž‹–‡•ǡ Š‡”‡”‡’”‡•‡–‡†„›–Š‡–‘’‘‡’‡”…‡–ǤŠ‡‡‰ƒŽ‹–ƒ”‹ƒ‡ˆˆ‡…–™ƒ•‘–•ƒŽŽǣ‘ –Š‡ƒ˜‡”ƒ‰‡ǡ–Š‡–‘’‘‡’‡”…‡–ǯ••Šƒ”‡†‡…Ž‹‡†„›ƒ„‘—––‡’‡”…‡–‘ˆƒ–‹‘ƒŽ ‹…‘‡Ǥ 

ˆ–Š‡ ”‡ƒ–‡˜‡Ž‹‰ƒ’’‡ƒ”‡†•‘…‘•‹•–‡–Ž›ƒ‘‰ƒ†˜ƒ…‡†‡…‘‘‹‡•ǡ

‘—”—•—ƒŽ‹•–‹…–™‘—Ž†„‡–Šƒ–ƒ•‹‰Ž‡…‘‘…ƒ—•‡™ƒ•ƒ–™‘”ǤŠ‡”‡ƒ”‡ˆ‘—” ’”‹‡•—•’‡…–•ˆ‘”ƒ‡š‘‰‡‘—••Š‘…–Šƒ–™‘—Ž†Šƒ˜‡•’ƒ‡†ƒŽŽƒ†˜ƒ…‡† 

͹Š‡•Šƒ”‡‘ˆ‹…‘‡”‡…‡‹˜‡†„›–Š‡–‘’‘‡’‡”…‡–Šƒ•”‹•‡•‹…‡–Š‡ͳͻ͹Ͳ•‹

—•–”ƒŽ‹ƒǡ‡™‡ƒŽƒ†ǡ”‹–ƒ‹ǡ ”‡Žƒ†ǡƒƒ†ƒǡƒ†–Š‡‹–‡†–ƒ–‡•ƒ‘‰Ž‘‰Ǧ –‡”…‘—–”‹‡•ǡƒ†ƒŽ•‘‹”‰‡–‹ƒǡŠ‹ƒǡ‹‰ƒ’‘”‡ǡƒ†‘—–Šˆ”‹…ƒǤ  ‘”–—‰ƒŽƒ†™‡†‡‹–Šƒ•„‡‰—–‘”‹•‡•Ž‹‰Š–Ž›•‹…‡ƒ„‘—–ͳͻͺͲǤ



ͻ

‡…‘‘‹‡•Ǥ‹‡––›…‘–”‘Ž•–Š‡‹•‹†‡–”ƒ…‹–Š‹•”ƒ…‡ǡ‡’Šƒ•‹œ‹‰–Šƒ––Š‡™‘”Ž† ™ƒ”•ƒ†”‡˜‘Ž—–‹‘ƒ”›‡š’”‘’”‹ƒ–‹‘•‘ˆ–Šƒ–‡”ƒ–”‹‰‰‡”‡†ƒ•—•–ƒ‹‡†”‹•‡‹

‹˜‡•–‘”•ǯ—…‡”–ƒ‹–›ƒ†’‡••‹‹•ǡ†‡’”‡••‹‰™‡ƒŽ–Š˜ƒŽ—‡•–Š”‘—‰Š‘—––Š‡

ˆ‹ƒ…‹ƒŽŽ›ƒ†˜ƒ…‡†™‘”Ž†Ǥ Š‹•˜‹‡™ǡ–Š‡•‡Š‹•–‘”‹…•Š‘…•…Šƒ‰‡†–Š‡™Š‘Ž‡ „ƒŽƒ…‡‘ˆ’‘Ž‹–‹…ƒŽ’‘™‡”ƒ†•‘…‹ƒŽ‘”•ǡ…ƒ—•‹‰”‡†‹•–”‹„—–‹‘ƒ™ƒ›ˆ”‘

…ƒ’‹–ƒŽƒ†–‘™ƒ”†–Š‡ƒ••‡•Ǥͺ‡ƒ”‡Ž‹‡Ž›–‘ƒ‰”‡‡™‹–ŠŠ‹–Šƒ–…Šƒ‘•ƒ†

‹˜‡•–‘”’‡••‹‹•’Žƒ›‡†ƒ…‡–”ƒŽ”‘Ž‡‹‡š’Žƒ‹‹‰™Š›ͳͻͳ͵Ǧͳͻ͹͵™ƒ•Š‹•–‘”›ǯ• ‘‡‰”‡ƒ–‡”ƒ‘ˆ‹…‘‡Ž‡˜‡Ž‹‰Ǥ…‘‘‹…Š‹•–‘”‹ƒ•™‹ŽŽ‘‡–Š‡Ž‡••–Š‹‘ˆ

–Š”‡‡‘–Š‡”‹†•‘ˆ•Š‘…•–Šƒ–…‘—Ž†Šƒ˜‡•’”‡ƒ†–Š‡Ž‡˜‡Ž‹‰ƒ…”‘••ƒŽŽƒ†˜ƒ…‡† …‘—–”‹‡•‹–Šƒ–‡”ƒǣƒ‰Ž‘„ƒŽ†‡…Ž‹‡‹–Š‡”ƒ–‡‘ˆŽƒ„‘”ˆ‘”…‡‰”‘™–ŠǢƒ

ƒ……‡Ž‡”ƒ–‹‘‹Žƒ„‘”ˆ‘”…‡’”‘†—…–‹˜‹–›ǡ†—‡–‘ƒ……‡Ž‡”ƒ–‡†’—„Ž‹…•—’’Ž›‘ˆ

‡†—…ƒ–‹‘Ǣƒ†ƒ•Š‹ˆ–ƒ™ƒ›ˆ”‘Žƒ„‘”Ǧ•ƒ˜‹‰„‹ƒ•‹–‡…Š‘Ž‘‰‹…ƒŽ…Šƒ‰‡Ǥͻ 

ˆ‹‡––›Šƒ••—’’Ž‹‡†—•™‹–Šƒ…‘‘…ƒ—•‡‹–Š‡ˆ‘”‘ˆ™ƒ”•ƒ†

”‡˜‘Ž—–‹‘„‡–™‡‡ͳͻͳ͵ƒ†ͳͻ͹͵ǡ™Š›„‘–Š‡”–‘†‹‰†‡‡’‡”ǫŠ‘—Ž†ǯ–™‡Œ—•– ƒ’’Ž›……ƒǯ•”ƒœ‘”ǫŠ‡“—‡•–‹‘…ƒ‘–„‡ƒ•™‡”‡†™‹–Š‘—–ƒ‰‘‘††‡ƒŽ‘ˆ

ˆ—”–Š‡””‡•‡ƒ”…Š‹–‘•—…Š—Ž–‹’Ž‡…ƒ—•‡•Ǥ•ˆ‘”–Š‡‡ˆˆ‡…–•‘ˆ™ƒ”ƒ†”‡˜‘Ž—–‹‘ǡ

‘‡‹‰Š–‘”‹‰Š–‘–ƒ……‡’–‹‡––›ǯ•‹’Ž‹…‹–’”‡‹•‡‘ˆ†‹ˆˆ—•‹‘ǡƒ‡Ž›–Šƒ–‹ ƒ…‘‡…–‡†™‘”Ž†ƒ••‡–ƒ”‡–•™‘—Ž†•’”‡ƒ†‹˜‡•–‘”’‡••‹‹•ǡƒ†ƒ’‘Ž‹–‹…ƒŽ

Zeitgeist™‘—Ž†•’”‡ƒ†’”‘‰”‡••‹˜‡”‡†‹•–”‹„—–‹‘ǡƒ…”‘••ƒŽŽƒ†˜ƒ…‡†…‘—–”‹‡•ǡ

‹…Ž—†‹‰‘‡•–Šƒ–†‹†‘–•—ˆˆ‡”–Š‡•Š‘…•Ǥ‡”‡ƒ•‘ˆ‘”†‘—„–‹‰–Š‡’”‹ƒ…› ‘ˆ–Š‹••‹‰Ž‡…ƒ—•‡‹•–Š‡„‡Šƒ˜‹‘”‘ˆ–Š‡…‘’‡–‹‰‡š‘‰‡‘—•ˆ‘”…‡•ǤŽ‹‡–Š‡ …‘•‹•–‡–‹‡“—ƒŽ‹–›‘—–…‘‡•‹ƒ„Ž‡ͳǡ–Š‡‡š‘‰‡‘—••Š‘…•™‡”‡˜ƒ”‹‡†

‰”‡ƒ–Ž›Ǥ•ˆ‘”–Š‡’‘Ž‹–‹…ƒŽ•Š‘…•ǡŠ‘™…‘—Ž†–Š‡•‹‹Žƒ””ƒ–‡•‘ˆ‹…‘‡Ž‡˜‡Ž‹‰ Šƒ˜‡•’ƒ‡††‡ˆ‡ƒ–‡†ƒ–‹‘•ǡ˜‹…–‘”‹‘—•ƒ–‹‘•ǡƒ†‘Ǧ’ƒ”–‹…‹’ƒ–•‹–Š‡ ™‘”Ž†™ƒ”•ǫ‘™…‘—Ž†–Š‡‡–Ž‡˜‡Ž‹‰Šƒ˜‡„‡‡•‘•‹‹Žƒ”‹•–ƒ„Ž‡Ǧ’”‹…‡

…‘—–”‹‡•ƒ•‹…‘—–”‹‡•–Šƒ–‡š’‡”‹‡…‡†Š›’‡”‹ˆŽƒ–‹‘ǫ‘™…‘—Ž†–Š‡Ž‡˜‡Ž‹‰

Šƒ˜‡–—”‡†‘—–•‘•‹‹Žƒ”Ž›„‡–™‡‡…‘—–”‹‡•–Šƒ–‡š’ƒ†‡†‰‘˜‡”‡–ǯ••Šƒ”‡ 

ͺ‡‡ǡˆ‘”‡šƒ’Ž‡ǡCapitalǡ’’ǤͳͶ͸Ǧͻǡʹ͹ͷǡƒ†ʹͺͶǦ͸Ǥ

ͻŠ‡•‡–Š”‡‡‡š‘‰‡‘—•ˆ‘”…‡•Šƒ˜‡„‡‡ˆ‡ƒ–—”‡†‹‹–‡”’”‡–ƒ–‹‘•‘ˆ‹‡“—ƒŽ‹–›

Š‹•–‘”›™‹–Š‹–Š‡‹–‡†–ƒ–‡•Ǥ‡‡‹ŽŽ‹ƒ•‘ƒ†‹†‡”–ȋͳͻͺͲǡŠƒ’–‡”•͸Ǧͳ͵Ȍ ƒ† ‘Ž†‹ƒ†ƒ–œȋʹͲͲͺȌǤ



ͳͲ

‘ˆ–Š‡‹”‡…‘‘‹‡•–‘™‡Žˆƒ”‡•–ƒ–‡Ž‡˜‡Ž•ƒ†…‘—–”‹‡•–Šƒ–†‹†‘–ǫ•‹‹Žƒ”

“—‡•–‹‘…‘—Ž†„‡”ƒ‹•‡†ƒ„‘—–ƒ›‘ˆ–Š‡‘–Š‡”…‘’‡–‹‰‡š’Žƒƒ–‘”›˜ƒ”‹ƒ„Ž‡•ǡ

•‹…‡–Š‡›–‘‘†‹ˆˆ‡”‡†ƒ…”‘••…‘—–”‹‡•Ǥ‡‘„˜‹‘—•™ƒ›–‘•‘”–‘—––Š‡•‡ˆ‘”…‡•

™‘—Ž†„‡‡…‘‘‡–”‹…–‡•–‹‰‘–Š‡’‘‘Ž‘ˆ‹–‡”ƒ–‹‘ƒŽ‡š’‡”‹‡…‡•ǤŠƒ–™‘—Ž†

‘–„‡‡ƒ•›ǡ‘ˆ…‘—”•‡ǡ•‹…‡–Š‡–™‡–‹‡–Š…‡–—”›™ƒ•‘–ƒ™‡ŽŽǦ„‡Šƒ˜‡†•ƒ’Ž‡‘ˆ ”ƒ†‘Ž›•‡Ž‡…–‡†ƒ–‹‘ƒŽ‡š’‡”‹‡…‡•Ǥ–‹ŽŽǡƒ„ƒŽƒ…‡†—•‡‘ˆ†‹ˆˆ‡”‡––‡…Š‹“—‡• •Š‘—Ž†„‡ƒ„Ž‡–‘ƒ…Š‹‡˜‡…‘•‡•—•‘–Š‡ƒ‹…ƒ—•‡•‘ˆ–Š‡‰”‡ƒ–Ž‡˜‡Ž‹‰Ǥ 

Š‡‹”•‡…‘†ƒŒ‘”ˆ‹†‹‰ǡ–Š‡”‡„‘—†‘ˆ‹…‘‡‹‡“—ƒŽ‹–›‹ƒ›

…‘—–”‹‡••‹…‡–Š‡ͳͻ͹Ͳ•ǡ‡ˆˆ‡…–‹˜‡Ž›”‡†‡”•–Š‡—œ‡–•—”˜‡‘„•‘Ž‡–‡ǣ‘Ž‘‰‡” …ƒ‘‡•ƒ›–Šƒ–‡…‘‘‹…†‡˜‡Ž‘’‡–ˆ”‘‹††Ž‡‹…‘‡Ž‡˜‡Ž•Ž‡ƒ†•–‘

’‡”ƒ‡–Ž›‘”‡‡“—ƒŽ‹…‘‡•Ǥ‡˜‡ƒŽ‹‰–Šƒ–‹…‘‡‰ƒ’•„‡–™‡‡–Š‡”‹…Šƒ† –Š‡”‡•–ƒ”‡™‹†‡‹‰‹•‘ƒ›…‘—–”‹‡•‡˜‘‡•–Š‡—•—ƒŽ•’Ž‹–‘ˆ‹†‡‘Ž‘‰‹…ƒŽ

”‡ƒ…–‹‘•Ǥ”‹–‹…•™‹ŽŽ‘ˆ…‘—”•‡…ŠƒŽŽ‡‰‡‹‡––›ǯ•ƒ••—’–‹‘–Šƒ–‹‡“—ƒŽ‹–›‹•„ƒ†ǡ ƒ†™‹ŽŽ”‡˜‹˜‡–Š‡‘Ž†ƒ”‰—‡––Šƒ–”‡†‹•–”‹„—–‹‰–‘–Š‡”‹…Š‡•–•‘‡Š‘™…”‡ƒ–‡• Œ‘„•ƒ†‰”‘™–ŠǤŠ‹•‹•™Š‡”‡‹‡––›•…‘”‡•ƒ‘–Š‡”‡’‹”‹…ƒŽ–”‹—’Š™‹–Šƒ •‹’Ž‡•–”‘‡Ǥ‹• ‹‰—”‡•ͳͶǤͳƒ†ͳͶǤʹȋ’’ǤͶͻͻǡͷͲ͵Ȍ‘–Š‡Š‹•–‘”›‘ˆ–‘’–ƒš ”ƒ–‡•†‡Ž‹˜‡”ƒ–”—–Š–Šƒ–‹•‹…‘˜‡‹‡–ˆ‘”–Š‡–”‹…Ž‡Ǧ†‘™˜‹‡™ǣŠ‡–Š”‡‡

†‡…ƒ†‡•™Š‡–Š‡Ž‡ƒ†‹‰…‘—–”‹‡•Šƒ†–Š‡‹”„‡•–‰”‘™–Š’‡”ˆ‘”ƒ…‡‘ˆƒŽŽ–‹‡ …ƒ‡™Š‡–Š‡›‡’––Š‡Š‹‰Š‡•––ƒš”ƒ–‡•‘–‘’‹…‘‡•ƒ†‹Š‡”‹–ƒ…‡•Ǥƒ–‡”

…ƒ‡Ž‘™‡”–‘’–ƒš”ƒ–‡•ƒ†Ž‘™‡”‰”‘™–ŠǤˆ…‘—”•‡ǡ…‘””‡Žƒ–‹‘‹•‘–…ƒ—•ƒ–‹‘Ǥ

‡––Š‹••‹’Ž‡†‹•’Žƒ›‘ˆŠ‹•–‘”›…ƒŽŽ•–Š‡„Ž—ˆˆ‘ˆƒ›‘‡™Š‘‡š–”ƒ˜ƒ‰ƒ–Ž›…Žƒ‹• –Šƒ–DzŠ‹•–‘”›•Š‘™•dz–Šƒ–Š‹‰Š–ƒš‡•‘–‘’‹…‘‡•ƒ†‹Š‡”‹–ƒ…‡•ƒ”‡„ƒ†ˆ‘”

‰”‘™–ŠǤ‘ƒ†˜ƒ…‡„‡›‘†–Š‹••‹’Ž‡’‘‹–ƒ†–‘ƒ…Š‹‡˜‡†‡‡’‡”—Ž–‹Ǧ…ƒ—•ƒŽ

‡š’Žƒƒ–‹‘•…ƒŽŽ•ˆ‘”–Š‡•ƒ‡‹†‘ˆ†‡‡’‡”ƒƒŽ›•‹•’”‘’–‡†„›–Š‡”‡ƒ”ƒ„Ž‡

”‡ƒ–‡˜‡Ž‹‰Ǥ   

 Lookatallincomes,allranks ‡›‡š–•–‡’–‘™ƒ”†„‡––‡”‹‡“—ƒŽ‹–›’”‡†‹…–‹‘•‹•–‘–”ƒ•…‡†–Š‡

„‘‘ǯ•‡’Šƒ•‹•‘™‡ƒŽ–Šƒ†‘–‘’‹…‘‡•Šƒ”‡•ǡƒ†–‘’—”•—‡–Š‡’ƒ•–ƒ† ˆ—–—”‡‘ˆ‘˜‡‡–•‹overall‹‡“—ƒŽ‹–›ǡ‘˜‡”ƒŽŽ–›’‡•‘ˆ‹…‘‡ƒ†‘˜‡”ƒŽŽ 

ͳͳ

‹…‘‡”ƒ•ǤŠ‘•‡™Š‘•Šƒ”‡‹‡––›ǯ•‹–‡”‡•–‹‘Š—ƒ™‡ƒŽ–Š—•–Œ‘‹ ˆ‘”…‡•™‹–Š•…Š‘Žƒ”•ƒ’’‹‰–Š‡Š‹•–‘”›‘ˆŠ—ƒ‡ƒ”‹‰•‹‡“—ƒŽ‹–›ǤŠ—•ˆƒ”

‹‡––›Šƒ•‡”‡Ž›†‹’’‡†Š‹•–‘‡•‹–‘–Š‡•‡™ƒ–‡”•Ǥ‹•†‡Ǧ‡’Šƒ•‹•‘Š—ƒ

‡ƒ”‹‰•‹‡“—ƒŽ‹–›•‡‡•–‘”‡˜‡ƒŽƒƒ˜‡”•‹‘–‘–Š‡Š—ƒ…ƒ’‹–ƒŽŽ‹–‡”ƒ–—”‡ǡ–‘ –Š‡•—’‡”•–ƒ”Dz™‹‡”–ƒ‡ƒŽŽdzŽ‹–‡”ƒ–—”‡ǡƒ†–‘–Š‡Žƒ”‰‡”Žƒ„‘”Ǧ‡…‘‘‹…•

Ž‹–‡”ƒ–—”‡‡’Šƒ•‹œ‹‰•Š‹ˆ–•‹–Š‡•—’’Ž›ƒ††‡ƒ†ˆ‘”•‹ŽŽ•Ǥ‡”Šƒ’•Š‡ •Š—‡†–Š‡•‡Œ—•–ˆ‘””‡˜‹•‹‘‹•–‹’ƒ…–ǡ‘”’‡”Šƒ’•„‡…ƒ—•‡‘–Š‡”•Šƒ˜‡

•‘‡–‹‡•—•‡†Š—ƒ…ƒ’‹–ƒŽƒ”‰—‡–•–‘•—’’‘”––Š‡•—‰˜‹‡™–Šƒ–Dz’‡‘’Ž‡ –‡†–‘‰‡–™Šƒ––Š‡›ƒ”‡™‘”–ŠdzǤ 

‡––Š‡‡’‹”‹…ƒŽŽ‹–‡”ƒ–—”‡‘‡ƒ”‹‰•‹‡“—ƒŽ‹–›Ȃˆ”‘ƒ–‡ƒŽ‡†„›Š‹•

…‘ŽŽƒ„‘”ƒ–‘”–Š‘›–‹•‘ǡƒ†ˆ”‘–Š‡Žƒ„‘”‡…‘‘‹…•’”‘ˆ‡••‹‘ǦǦ‹••‘

•—„•–ƒ–‹ƒŽƒ†™‡ŽŽ„ƒ•‡†–Šƒ–‹–‡‡†•–‘„‡‡Ž‹•–‡†ƒ•ƒƒŽŽ›‹–Š‡•–”—‰‰Ž‡–‘ ‡š’Žƒ‹‹‡“—ƒŽ‹–›‘˜‡‡–•ǡ‡•’‡…‹ƒŽŽ›ˆ‘”–Š‡–™‡–‹‡–Šƒ†–™‡–›Ǧˆ‹”•– …‡–—”‹‡•ǤͳͲ 

Š‡…Ž‡ƒ”‡•–™ƒ›–‘—†‡”Ž‹‡–Š‡—”‰‡…›‘ˆ•Š‹ˆ–‹‰‘—”ƒ––‡–‹‘ˆ”‘

…ƒ’‹–ƒŽ–‘…ƒ’‹–ƒŽǦ’Ž—•ǦŽƒ„‘”ǡƒ†ˆ”‘–‘’‹…‘‡•Šƒ”‡•–‘ƒŽŽ‹…‘‡‰ƒ’•ǡ‹•–‘

‘–‡™Šƒ–Šƒ•„‡‡Šƒ’’‡‹‰–‘‹…‘‡‰ƒ’•ǡƒ†–‘™ƒ‰‡Ǧ•ƒŽƒ”›‰ƒ’•ǡ™‹–Š‹–Š‡ ‘Ǧ‡Ž‹–‡‹…‘‡”ƒ••‹…‡–Š‡‹†Ǧ–™‡–‹‡–Š…‡–—”›Ǥ …‘‡•™‹–Š‹–Š‹•

ƒŒ‘”‹–›‘ˆ–Š‡’‘’—Žƒ–‹‘ƒ”‡”‡Žƒ–‹˜‡Ž›ˆ”‡‡ˆ”‘–Š‡—†‡”Ǧ”‡’‘”–‹‰–Šƒ–‹••‘

•‡˜‡”‡™‹–Š‹–Š‡–‘’ˆ‹˜‡’‡”…‡–‘ˆ–Š‡Š‘—•‡Š‘Ž†Ǧ‹…‘‡”ƒ•Ǥ†–Š‡•‡•ƒ‡ ‘Ǧ‡Ž‹–‡‹…‘‡•ƒ”‡–Š‡‘‡•”‡…‡‹˜‹‰Ž‡••ƒ––‡–‹‘‹‹‡––›ǯ•„‘‘Ǥ 

—’’‘•‡–Šƒ–‹‡––›ƒ†Š‹•…‘ŽŽƒ„‘”ƒ–‘”•Šƒ†‡˜‡”„‡‡ƒ„Ž‡–‘•‘Ž˜‡–Š‡

’”‘„Ž‡‘ˆ‡ƒ•—”‹‰–‘’‹…‘‡•Ǥ—’’‘•‡–Šƒ–‘—”‹ˆ‘”ƒ–‹‘ƒ„‘—–‹…‘‡

‹‡“—ƒŽ‹–›™‡”‡”‡•–”‹…–‡†–‘•–—†›‹‰–Š‡‹…‘‡•‘ˆ–Š‡„‘––‘ͻͲ’‡”…‡–‘ˆ–Š‡

‹…‘‡”ƒ•ǡƒ†™‡‡™‘–Š‹‰ƒ„‘—––Š‡–‘’ͳͲ’‡”…‡–‡š…‡’––Šƒ––Š‡›Šƒ† •‘‡—‘™‹…‘‡ƒ†˜ƒ–ƒ‰‡‘˜‡”–Š‡”‡•–‘ˆ—•ǤŠƒ–‹†‘ˆ‹‡“—ƒŽ‹–›

‘˜‡‡–•™‘—Ž†™‡Šƒ˜‡•‡‡•‹…‡–Š‡‹†Ǧ–™‡–‹‡–Š…‡–—”›ǫ‡–‡ˆ‹”•–  ͳͲ ‘”–Š‡„‹‰Š‹•–‘”›‘ˆ‡ƒ”‹‰•‹‡“—ƒŽ‹–›‹ʹͲ…‘—–”‹‡••‹…‡–Š‡‹†Ǧ –™‡–‹‡–Š…‡–—”›ǡ•‡‡–‹•‘ȋʹͲͲͺȌǡƒ† ™™™Ǥ…Šƒ”–„‘‘‘ˆ‡…‘‘‹…‹‡“—ƒŽ‹–›Ǥ…‘Ǥ ‘”ƒ…‘˜‡‹‡–—’†ƒ–‡‘–Š‡ ‡ƒ”‹‰•Ǧ‹‡“—ƒŽ‹–›Ž‹–‡”ƒ–—”‡‹Žƒ„‘”‡…‘‘‹…•—•‹‰’‘•–™ƒ”‡”‹…ƒ†ƒ–ƒǡ•‡‡ —–‘”ȋʹͲͳͶȌǤ 

ͳʹ

‹ŽŽ—•–”ƒ–‡™‹–Š•‘‡‡˜‹†‡…‡ˆ”‘–Š‡‹–‡†–ƒ–‡•ƒ†–Š‡‹–‡†‹‰†‘ǡƒ† –Š‡•—ƒ”‹œ‡–Š‡—Ž–‹Ǧ…‘—–”›’ƒ––‡”•‘ˆ‹‡“—ƒŽ‹–›ƒ‘‰–Š‡‘Ǧ‡Ž‹–‡Ǥ 

‡”‹…ƒ‹‡“—ƒŽ‹–›Š‹•–‘”›•‹…‡–Š‡‡ƒ”Ž›–™‡–‹‡–Š…‡–—”››‹‡Ž†•–Š‡

‘˜‡‡–••Š‘™‹ ‹‰—”‡ͳǤ˜‡™‹–Š‹–Š‡Ž‘™‡”ͻͷ’‡”…‡–‘ˆ–Š‡Š‘—•‡Š‘Ž† ‹…‘‡”ƒ•ǡ–Š‡‘˜‡‡–•‹–Š‡‰ƒ’„‡–™‡‡‹††Ž‡ƒ†„‘––‘‹…‘‡

…Žƒ••‡••Š‘™ƒ•–”‹‹‰ˆƒŽŽƒ†”‹•‡ǡƒ•†‹†–Š‡–‘’Ǧ‹…‘‡ƒ†–‘’Ǧ™ƒ‰‡•Šƒ”‡•Ǥ‘ •ƒ›–Š‡…”—†‡‡ƒ•—”‡•‘ˆ–Š‡”ƒ–‹‘‘ˆ‹††Ž‡‹…‘‡•–‘Ž‘™‡”‹…‘‡•ǡƒ‰ƒ‹ …‘ˆ‹‡†–‘–Š‡Ž‘™‡”ͻͷ’‡”…‡–‘ˆ–Š‡’‘’—Žƒ–‹‘–‘ƒ˜‘‹†–Š‡Dz–‘’…‘†‹‰dz

—†‡”•–ƒ–‡‡–‘ˆ–‘’‹…‘‡•ǡ™Š‹…Š–‡†•–‘‡ƒ–Š‡–‘’ˆ‹˜‡’‡”…‡–‹’‘•–™ƒ” †ƒ–ƒǤ †‡‡†ǡ–Š‡‹††Ž‡Ǧ˜‡”•—•ǦŽ‘™‡”‹…‘‡”ƒ–‹‘•†‡Ž‹˜‡”ƒ‘”‡‘‹‘—•

”‡•—Ž––Šƒ†‘–Š‡‡”‹…ƒ–‘’‹…‘‡•Šƒ”‡•ƒ†‡ˆƒ‘—•„›‹‡––›ƒ†ƒ‡œǤ

Š‡‰ƒ’„‡–™‡‡‹††Ž‡ƒ†Ž‘™‡”‹…‘‡•Šƒ•™‹†‡‡†™‡ŽŽ„‡›‘†‹–•Ž‡˜‡Ž„ƒ… ‹ͳͻʹͻǡ™Š‡”‡ƒ•‹•—…Š‹‡––›Ǧƒ‡œ•‡”‹‡•ƒ•–Š‡–‘’‘‡Ǧ’‡”…‡–•Šƒ”‡ǡ–Š‡

‹…‘‡‰ƒ’•Šƒ˜‡Œ—•–„ƒ”‡Ž›”‡…‘˜‡”‡†–Š‡‹”ͳͻʹͻŽ‡˜‡Ž•ǤŠ‡•ƒ‡–ƒŽ‡‹•–‘Ž†„› –Š‡•‹’Ž‡™ƒ‰‡Ǧ”ƒ–‡”ƒ–‹‘•ˆ”‘Žƒ„‘”ƒ”‡–•—”˜‡›•ǤŠ‡’ƒ›‰ƒ’„‡–™‡‡ƒ ’‡”•‘‡ƒ”‹‰–Š‡ͻͲ–Š•ƒŽƒ”›’‡”…‡–‹Ž‡ƒ†–Š‡‡†‹ƒ•ƒŽƒ”›‡ƒ”‡”ǡ™Š‹…Š

†”‘’’‡†ˆ”‘–Š‡ͳͻ͵Ͳ•–‘–Š‡ͳͻͷͲ•ǡŠƒ•…‘–‹—‡†–‘™‹†‡‡˜‡”•‹…‡Ǥ‘•ƒ›–Š‡ †ƒ–ƒˆ‘”–Š‡‹–‡†–ƒ–‡•ǡƒ••Š‘™‹ ‹‰—”‡ͳǡƒ†ƒŽ•‘ˆ‘”ƒƒ†ƒǤŠ‹••–‘”›‘ˆ

”‡„‘—†‹‰‹…‘‡‰ƒ’•‹–Š‡‹††Ž‡ƒ†Ž‘™‡””ƒ•‹•ƒ–Ž‡ƒ•–ƒ•†”ƒƒ–‹…ƒ•–Š‡ ‘™Ǧˆƒ‘—•”‡„‘—†‘ˆ–Š‡•Šƒ”‡”‡…‡‹˜‡†„›–Š‡–‘’‘‡’‡”…‡–Ǥ 

‘‡–Š‹‰•‹‹Žƒ”Šƒ’’‡‡†–‘”‹–‹•Š‹…‘‡•„‡Ž‘™–Š‡–‘’†‡…‹Ž‡Ǥ ‹‰—”‡

ʹ•—‰‰‡•–•–Šƒ––Š‡‹††Ž‡‹…‘‡•ǡŠ‡”‡•Š‘™™‹–Š…”—†‡”ƒ–‹‘•‘ˆ–Š‡ͶͲ–ŠǦͻͲ–Š

’‡”…‡–‹Ž‡Dz‹††Ž‡dz‹…‘‡•–‘–Š‡ƒ˜‡”ƒ‰‡‹…‘‡•‹–Š‡„‘––‘ͶͲ’‡”…‡–ǡ”‘•‡ ˆ”‘–Š‡ͳͻͶͲ•–‘–Š‡ͳͻͺͲ•Ǥ–Š‡”‡ƒ•—”‡••—‰‰‡•––Šƒ–•—…Š”ƒ–‹‘•…‘–‹—‡†–‘ ”‹•‡ƒ–Ž‡ƒ•––‘–Š‡‡†‘ˆ–Š‡–™‡–‹‡–Š…‡–—”›ǡ–Š‘—‰Š–Š‡”‹–‹•Š†ƒ–ƒ•‡”‹‡•Šƒ˜‡

•™‹–…Š‡†‹…‘‡†‡ˆ‹‹–‹‘•ƒ—„‡”‘ˆ–‹‡•Ǥ‰ƒ‹ǡƒ•ˆ‘”–Š‡‹–‡†–ƒ–‡•ǡ–Šƒ– •ƒŽƒ”›‰ƒ’„‡–™‡‡ƒ’‡”•‘‡ƒ”‹‰–Š‡ͻͲ–Š•ƒŽƒ”›’‡”…‡–‹Ž‡ƒ†–Š‡‡†‹ƒ

•ƒŽƒ”›‡ƒ”‡”Šƒ•™‹†‡‡†•‹…‡–Š‡ͳͻͷͲ•ǡ‘”ƒ–Ž‡ƒ•–•‹…‡–Š‡Žƒ–‡ͳͻ͹Ͳ•ǤͳͳŠ—•



ͳͳ”‹–ƒ‹Šƒ†ƒ”‹•‡ƒ†ˆƒŽŽ‹–Š‡™ƒ‰‡‰ƒ’„‡–™‡‡‡†‹ƒƒ†Ž‘™‡”™ƒ‰‡

‰”‘—’•‹–Š‡‡ƒ”Ž›’‘•–™ƒ”‡”ƒǡƒ• ‹‰—”‡ʹ‹’Ž‹‡•ǡƒ†ƒ•‘–‡†„›–‹•‘ ȋʹͲͲͺǡ’’Ǥ͵͹ͺǦ͵͹ͻȌǤ 

ͳ͵

ˆ‘””‹–ƒ‹ǡƒ•ˆ‘”‡”‹…ƒǡ–Š‡—’™ƒ”†ƒ”…Š‘ˆ‹‡“—ƒŽ‹–›•‹…‡–Š‡ͳͻͷͲ•‘”ͳͻ͹Ͳ• •‡‡•–‘Šƒ˜‡„‡‡†”ƒƒ–‹…‘˜‡”–Š‡‡–‹”‡‹…‘‡•’‡…–”—ǡƒ†‘–Œ—•–‹–Š‡ ‰ƒ’•„‡–™‡‡–Š‡˜‡”›–‘’ƒ†–Š‡”‡•–‘ˆ•‘…‹‡–›Ǥ 

Š‹…Š‘–Š‡”ƒ†˜ƒ…‡†…‘—–”‹‡••Šƒ”‡†•—…Š‡š’‡”‹‡…‡•™‹–Š

‡”‹…ƒƒ†”‹–ƒ‹ǡƒ†™Š‹…Š†‹†‘–ǫŠ‡•‡–‘ˆ…‘—–”‹‡•ˆ‘”™Š‹…Š‡ƒ”‹‰•

‰ƒ’•Šƒ˜‡™‹†‡‡†™‹–Š‹–Š‡„‘––‘ͻͲ’‡”…‡–•‹…‡–Š‡ͳͻ͹Ͳ•‘˜‡”Žƒ’•ˆƒ‹”Ž›

™‡ŽŽ™‹–Š–Š‡•‡–ˆ‘”™Š‹…Š–Š‡‘’ …‘‡•ƒ–ƒ„ƒ•‡•Š‘™•ƒ”‹•‡‹–Š‡•Šƒ”‡‘ˆƒŽŽ

‹…‘‡‰‘‹‰–‘–Š‡–‘’‘‡’‡”…‡–Ǥ‡˜‡…‘—–”‹‡•„‡Ž‘‰‡†–‘„‘–Š•‡–•‹”‡…‡– Š‹•–‘”›ǣ—•–”ƒŽ‹ƒȋ™Š‡”‡‰ƒ’•‹™ƒ‰‡•ƒ†–‘–ƒŽ‹…‘‡•‹–Š‡Ž‘™‡”ͻͲ’‡”…‡– ™‹†‡‡†ͳͻ͹ͷǦʹͲͳʹȌǡƒƒ†ƒȋ™ƒ‰‡™‹†‡‹‰•‹…‡–Š‡ͳͻͷͲ•Ȍǡ‡™‡ƒŽƒ†

ȋͳͻͺ͸ǦʹͲͳʹȌǡ‘”–—‰ƒŽȋͳͻͺʹǦʹͲͲͲȌǡ™‡†‡ȋͳͻͺ͵ǦʹͲͳͳȌǡ‹–‡†‹‰†‘ȋͳͻ͹ͺǦ

ʹͲͳ͵Ȍǡƒ†–Š‡‹–‡†–ƒ–‡•ȋͳͻͶͺǦʹͲͳʹȌǤŠ‡”‡™‡”‡–™‘‡š…‡’–‹‘•ˆ‘”™Š‹…Š–Š‡ ‰ƒ’•‹™ƒ‰‡•ƒ†•ƒŽƒ”‹‡•™‹†‡‡†ȋ ‡”ƒ›ͳͻ͹ͺǦʹͲͳͲƒ†™‹–œ‡”Žƒ†ͳͻͻͶǦ

ʹͲͳͲȌ„—––Š‡‹”–‘’ͳ’‡”…‡–•Šƒ”‡†‹†‘–”‹•‡Ǥ‘•–‘ˆ–Š‡…‘—–”‹‡•ˆ‘”™Š‹…Š–Š‡

™ƒ‰‡Ǧ•ƒŽƒ”›‰ƒ’•†‹†‘–™‹†‡‘–‹…‡ƒ„Ž›™‡”‡…‘—–”‹‡•ˆ‘”™Š‹…Š–Š‡–‘’‹…‘‡ •Šƒ”‡•ƒŽ•‘†‹†‘–”‹•‡ǡ‡Ǥ‰Ǥ ”ƒ…‡ƒ† ƒ’ƒǤ 

Š‡•‡’ƒ––‡”•”ƒ‹•‡ƒ“—‡•–‹‘ǣ ˆ–Š‡‹‡“—ƒŽ‹–›Š‹•–‘”›‘—–•‹†‡‘ˆ–Š‡–‘’

†‡…‹Ž‡•‘‘ˆ–‡”‡•‡„Ž‡•–Š‡Š‹•–‘”›™‹–Š‹–Š‡•‡–‘’”ƒ•ǡƒ†–Š‡Š‹•–‘”›‘ˆ–Š‡ –‘’†‡…‹Ž‡ǯ••Šƒ”‡‘ˆ–Š‡–‘–ƒŽ’‹‡ǡ™Šƒ–Š‹–†‘‡•–Šƒ–‰‹˜‡—•ƒ„‘—––Š‡ˆŽ‘™‘ˆ …ƒ—•ƒ–‹‘ƒ‘‰–Š‡•‡†‡˜‡Ž‘’‡–•ǫ‘‘‹‰ƒ––Š‡‹†•‘ˆˆƒ…–‘”‹…‘‡•

‹˜‘Ž˜‡†•—‰‰‡•–•ƒŽ‹‡Ž›ƒ•›‡–”›Ǥ –•‡‡•‘”‡’Žƒ—•‹„Ž‡–‘•—‰‰‡•––Šƒ––Š‡

…ƒ—•ƒ–‹‘”—•‘”‡ˆ”‘‹‡“—ƒŽ‹–›‹Š—ƒ‡ƒ”‹‰•–‘’”‘’‡”–›‹‡“—ƒŽ‹–›ǡ–Šƒ ˜‹…‡˜‡”•ƒǤ –‹•‡ƒ•‹‡”–‘•‡‡Š‘™™‹‹‰–Š‡Š—ƒ‡ƒ”‹‰•Ž‘––‡”›…‘—Ž†…ƒ—•‡ƒ

”ƒ’‹†ƒ……——Žƒ–‹‘‘ˆ…ƒ’‹–ƒŽˆ‘”›‘—”•‡Žˆƒ†›‘—”Š‡‹”•–Šƒ‹–‹•–‘•‡‡Š‘™Šƒ˜‹‰ ƒŽ‘–‘ˆ…ƒ’‹–ƒŽ…‘—Ž†„—›–‘’Š—ƒ‡ƒ”‹‰•ˆ‘”›‘—”•‡Žˆƒ†›‘—”Š‡‹”•ǡ‡˜‡‹ˆ›‘— ƒŽŽ‰‘–‘ƒ”˜ƒ”†Ǥ ‘”–Š‹•”‡ƒ•‘ǡ–‘‘ǡ™‡•Š‘—Ž†’—–ƒŠ‹‰Š’”‹‘”‹–›‘

•—’’Ž‡‡–‹‰‹‡––›ǯ•Capital™‹–Šƒ”‡‡™‡†‡’Šƒ•‹•‘™Šƒ–ˆ‘”…‡•ƒ‡ Š—ƒ‡ƒ”‹‰’‘™‡”•‘—‡“—ƒŽǤ 

Š‡ˆ‹”•–•–‡’–‘™ƒ”†‡š’Žƒ‹‹‰‹‡“—ƒŽ‹–›‘˜‡‡–•–Š—•…ƒŽŽ•ˆ‘”‡”‰‹‰

–Š‡Š‹•–‘”‹…ƒŽ‘˜‡‡–•‘ˆƒŽŽ‹…‘‡–›’‡•ƒ†ƒŽŽ‹…‘‡‰ƒ’•‹–‘ƒ•‹‰Ž‡”ƒ–‡Ǧ

‘ˆǦ…Šƒ‰‡ƒ……‘—–‹‰ǤŠ‹•™‹ŽŽ”‡“—‹”‡ƒƒ††‹–‹˜‡‹‡“—ƒŽ‹–›†‡…‘’‘•‹–‹‘ƒŽ‘‰ 

ͳͶ

–Š‡Ž‹‡•‘ˆ–Š‡Š‡‹Ž‹†‡š‘ˆ‹‡“—ƒŽ‹–›Ǥ ‘”ƒ›‰‹˜‡’‘’—Žƒ–‹‘ǡ™‡•Š‘—Ž†

†‡…‘’‘•‡…Šƒ‰‡•‹‹…‘‡‹‡“—ƒŽ‹–›‹–‘…Šƒ‰‡•‹™ƒ‰‡Ǧ•ƒŽƒ”›”ƒ–‡•ǡ…Šƒ‰‡• ‹–Š‡”‡–—”–‘ƒ”‡–ƒ„Ž‡™‡ƒŽ–Šǡƒ†•Š‹ˆ–•‹–Š‡‹…‘‡‹šƒ†‹’‘’—Žƒ–‹‘ –›’‡•Ǥ   

Voiceandgovernance ‹†‹‰ƒ†™‡‹‰Š‹‰–Š‡†‡‡’‡”…ƒ—•‡•‘ˆ‹‡“—ƒŽ‹–›‘˜‡‡–•…ƒŽŽ•ˆ‘”

„”‹‰‹‰’‘Ž‹–‹…ƒŽ˜‘‹…‡ƒ†‰‘˜‡”ƒ…‡„ƒ…–‘…‡–‡”•–ƒ‰‡Ǥ‹‡––›‹’Ž‹…‹–Ž›

ƒ‰”‡‡†™‹–Š–Š‹•—”‰‡…›ǡ™Š‡Š‡”‡’‡ƒ–‡†Ž›™ƒ”‡†–Šƒ–‹Š‡”‹–‡†‡Ž‹–‡’‘™‡” …‘—Ž†’‡”’‡–—ƒ–‡‡…‘‘‹…‹‡“—ƒŽ‹–›Ǥ 

‡‘ˆŠ‹•™ƒ”‹‰†‡˜‹…‡•™ƒ••‘—†‡†™Š‡Š‡’”‡†‹…–‡†ƒ”‹•‹‰ƒˆ–‡”Ǧ–ƒš

”ƒ–‡‘ˆ”‡–—”ǡƒ†„›‹’Ž‹…ƒ–‹‘”‹•‹‰‹‡“—ƒŽ‹–›ǡˆ‘”–Š‡™Š‘Ž‡™‘”Ž†—’–‘–Š‡

›‡ƒ”ʹʹͲͲǤ‘™†‹†Š‡ƒƒ‰‡–‘’”‡†‹…––Š‡”ƒ–‡‘ˆ”‡–—”–Šƒ–ˆƒ”ƒŠ‡ƒ†ǫ‡†‹† ‘––”›–‘•‡ŽŽ—•ƒ›ˆ‘”‡…ƒ•–‘ˆ–”‡†•‹–Š‡Žƒ„‘”•ƒ˜‹‰„‹ƒ•‹–‡…Š‘Ž‘‰‹…ƒŽ

…Šƒ‰‡ǡ‘”‘ˆƒ›‘–Š‡”‡…‘‘‹…˜ƒ”‹ƒ„Ž‡–Šƒ–†”‹˜‡•‹‡“—ƒŽ‹–›ǡƒ•‹†‡ˆ”‘Š‹•

ƒ••—’–‹‘•ƒ„‘—––Š‡•ƒ˜‹‰•”ƒ–‡Ǥ •–‡ƒ†Š‡’Žƒ›‡†–Š‡’‘Ž‹–‹…ƒŽǦ‡…‘‘›–”—’ …ƒ”† ’”‡˜‹‡™‡†‡ƒ”Ž‹‡”ǣDz Šƒ˜‡ǥƒ••—‡†–Šƒ–ˆ‹•…ƒŽ…‘’‡–‹–‹‘™‹ŽŽ‰”ƒ†—ƒŽŽ› Ž‡ƒ†–‘–Š‡–‘–ƒŽ†‹•ƒ’’‡ƒ”ƒ…‡‘ˆ–ƒš‡•‘…ƒ’‹–ƒŽ‹–Š‡–™‡–›Ǧˆ‹”•–…‡–—”›Ǥdzȋ’Ǥ ͵ͷͷȌǤ‡”‡™‡•‡‡ƒ•–”‘‰ˆ‘”‘ˆ–Š‡ˆƒ‹Ž‹ƒ”Dz”ƒ…‡–‘–Š‡„‘––‘dz‹ƒ‰‹‡†„› …‘•‡”˜ƒ–‹˜‡…‘‡–ƒ–‘”•ǤŠ‡…Žƒ••‹……‘•‡”˜ƒ–‹˜‡™ƒ”‹‰‘ˆƒ…ƒ’‹–ƒŽˆŽ‹‰Š–

Dz”ƒ…‡–‘–Š‡„‘––‘dzŠƒ•ƒŽ”‡ƒ†›„‡‡’—…–—”‡†„›‘–Š‡”‡’‹”‹…ƒŽ•–—†‹‡•Ǥͳʹ‹‰ŠǦ –ƒš™‡Žˆƒ”‡•–ƒ–‡•Šƒ˜‡‘–Ž‘•–—…Š…ƒ’‹–ƒŽ–‘–ƒšŠƒ˜‡•ǡŠ‘™‡˜‡”ƒ‘›‹‰•—…Š ˆŽ‹‰Š–‹‰Š–„‡Ǥ †‡‡†ǡ‹‡––›Š‹•‡Žˆ–”‹‡†–‘…‘—–‡”•—…Šˆ‡ƒ”•‹Š‹••—’‡”„

Šƒ’–‡”ͳͶǡ™Š‡•Š‘™‹‰–Šƒ––Š‡ƒŒ‘”…‘—–”‹‡•ǯŠ‹‰Š‡•–Ǧ‡˜‡”–ƒš”ƒ–‡•‘–‘’

‹…‘‡•ƒ†™‡ƒŽ–Š™‡”‡ƒ……‘’ƒ‹‡†„›–Š‡‹”Š‹‰Š‡•–Ǧ‡˜‡”‰”‘™–Š”ƒ–‡•„‡–™‡‡

‘”Ž†ƒ” ƒ†–Š‡ͳͻ͹Ͳ•Ǥ  ͳʹ‡‡ǡˆ‘”‡šƒ’Ž‡ǡ‘†”‹ȋͳͻͻ͹ȌǢ‹†‡”–ȋʹͲͲͶȌǡŠƒ’–‡”•ͳͲǦͳʹǡͳͺǢƒ†–Š‡ ‡ƒ”Ž‹‡”•–—†‹‡•…‹–‡†–Š‡”‡Ǥ‘–‡–Šƒ– ƒ„”‹‡Ž—…ƒŠƒ•ˆ‘—†–Šƒ–Dzƒ”‘—†ͺΨ‘ˆ –Š‡‰Ž‘„ƒŽˆ‹ƒ…‹ƒŽ™‡ƒŽ–Š‘ˆŠ‘—•‡Š‘Ž†•‹•Š‡Ž†‹–ƒšŠƒ˜‡•ǡ–Š”‡‡Ǧ“—ƒ”–‡”•‘ˆ ™Š‹…Š‰‘‡•—”‡…‘”†‡†Ǥdzȋ—…ƒʹͲͳ͵ȌǤŠ‹•ƒ‰‹–—†‡•’‡ƒ•–‘•‡˜‡”ƒŽ‹••—‡•ǡ „—–•—…Š’”ƒ…–‹…‡•Šƒ˜‡‘–…‘•–ƒ›ƒ†˜ƒ…‡†‡…‘‘›ƒ•‹‰‹ˆ‹…ƒ–•Šƒ”‡‘ˆ Ǥ 

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‡–‡˜‡‹ˆˆ‹•…ƒŽ…‘’‡–‹–‹‘ƒ‘‰ƒ–‹‘•ƒ†Ž‘…ƒŽ‰‘˜‡”‡–••Š‘™•‘

•‹‰‘ˆŠƒ˜‹‰•Žƒ•Š‡†–‘’–ƒš”ƒ–‡•‹ˆ‘—”Ž‡ƒ†‹‰…‘—–”‹‡•ǡ–Š‡‹”†‘‡•–‹…’‘Ž‹–‹…ƒŽ –”‡†•Šƒ˜‡ƒ…Š‹‡˜‡†•‘‡•—…Š‡ˆˆ‡…–ǡƒ•‹‡––›”‹‰Š–Ž›”‡‹†•—•‹‘–Š‡”’ƒ”–• ‘ˆ–Š‡„‘‘Ǥ‹…‡–Š‡ͳͻ͹Ͳ•–Š‡”‡Šƒ•„‡‡ƒ‘‹‘—•ƒ……——Žƒ–‹‘‘ˆŽ‘„„›‹‰ ƒ†‡Ž‡…–‹‘Ǧ„—›‹‰’‘™‡”„›–Š‡™‡ƒŽ–Š‹‡•–ǡ‹–Š‘•‡•ƒ‡…‘—–”‹‡•‹™Š‹…Š

‹…‘‡‹‡“—ƒŽ‹–›Šƒ•”‹•‡–Š‡‘•–ǤŠƒ–…ƒ„‡†‘‡ƒ„‘—––Š‹•ǫ‰ƒ‹ǡ‹‡––› …ƒŽŽ•ˆ‘”ƒ•‘…‹‡–ƒŽ•Š‹ˆ––‘™ƒ”†„”‘ƒ†‡”’‘Ž‹–‹…ƒŽ˜‘‹…‡ǤŠƒ–Š‡•‡‡•ƒ”‡

‹–‡”‡†‹ƒ–‡‹š–—”‡•‘ˆDz–Š‡ƒ”‡–ƒ†–Š‡„ƒŽŽ‘–„‘šdzDz…ƒ’ƒ„Ž‡‘ˆ‘„‹Ž‹œ‹‰–Š‡ –ƒŽ‡–‘ˆ†‹ˆˆ‡”‡–‹†‹˜‹†—ƒŽ•ǥǤƒ†‘”‰ƒ‹œ‹‰…‘ŽŽ‡…–‹˜‡†‡…‹•‹‘•dzȋ’Ǥͷ͸ͻȌǤ‡

Š‘’‡•–Šƒ––Š‹••‡–‘ˆ‹•–‹–—–‹‘•™‹ŽŽ†‡Ž‹˜‡”‘”‡’”‘‰”‡••‹˜‡–ƒšƒ–‹‘–‘•—’’‘”– ƒ‘’–‹ƒŽƒ‘—–‘ˆ•‘…‹ƒŽ‡š’‡†‹–—”‡•Ǥ 

‘—Ž†Š‹•‰‘ƒŽ‰ƒ‹•—’’‘”–ˆ”‘‡˜‹†‡…‡–Šƒ–™‡…ƒƒ…Š‹‡˜‡•—…Šƒ

Dz†‡‘…”ƒ–‹……‘–”‘Ž‘ˆ…ƒ’‹–ƒŽdz™‹–Š‘—–‹–…‘•–‹‰—•ƒ›–Š‹‰‹–‡”•‘ˆ‡…‘‘‹… ‰”‘™–Šǫ‡•ǡ“—‹–‡‡ƒ•‹Ž›Ǥ †‡‡†ǡ–Šƒ–•—’’‘”–‹‰‡˜‹†‡…‡Šƒ•ƒŽ”‡ƒ†›„‡‡

†‡Ž‹˜‡”‡†„›•–—†‹‡•Š‡Šƒ•’—•Š‡†ƒ•‹†‡ǤŠƒ–‹‡––›…ƒŽŽ•–Š‡Dz†‡‘…”ƒ–‹……‘–”‘Ž ‘ˆ…ƒ’‹–ƒŽdz•‡‡•‡“—‹˜ƒŽ‡––‘–Š‡Dz‹…Ž—•‹˜‡‹•–‹–—–‹‘•dz‘ˆ‰‘˜‡”ƒ…‡‹–Š‡

™”‹–‹‰•‘ˆƒ”‘…‡‘‰Ž—ǡ ƒ‡•Ǥ‘„‹•‘ǡƒ†–Š‡‹”…‘ŽŽƒ„‘”ƒ–‘”•ǤŠ‡›Šƒ˜‡ †‡Ž‹˜‡”‡†•‘‡•—’’‘”–‹‰‡••ƒ‰‡•–Šƒ–‹‡––›ǯ•˜‹•‹‘‡‡†•Ǥ‡•ǡ–Š‡„”‘ƒ†‡”

’‘Ž‹–‹…ƒŽ˜‘‹…‡‘ˆ•—…Š‹…Ž—•‹˜‡‰‘˜‡”ƒ…‡†‘‡•’”‘‘–‡‡…‘‘‹…‰”‘™–ŠǤ‡•ǡ‹– †‘‡••‘„›Dz‹…”‡ƒ•‹‰‹˜‡•–‡–ǡ‹…”‡ƒ•‹‰•…Š‘‘Ž‹‰ǡ‡…‘—”ƒ‰‹‰‡…‘‘‹…

”‡ˆ‘”•ǡ‹’”‘˜‹‰’—„Ž‹…•‡”˜‹…‡•ǡƒ†”‡†—…‹‰•‘…‹ƒŽ—”‡•–dzǤ†‘ǡ–Š‡•–”‘‰ ƒ••‘…‹ƒ–‹‘‘ˆ‹…Ž—•‹˜‡’‘Ž‹–‹…•™‹–Š‰”‘™–Š‹•‘–†—‡–‘”‡˜‡”•‡…ƒ—•ƒ–‹‘ˆ”‘ ‹…‘‡‰”‘™–Š–‘†‡‘…”ƒ–‹œƒ–‹‘Ǥͳ͵‡”‰‹‰–Š‡•‡•…Š‘Žƒ”Ž›Ž‹–‡”ƒ–—”‡•ǡ™‡…ƒ ”‡ƒ…Š„‡––‡”‹‡“—ƒŽ‹–›’”‡†‹…–‹‘•ˆ‡ƒ–—”‹‰–Š‡‹ˆŽ—‡…‡‘ˆ’‘Ž‹–‹…ƒŽ˜‘‹…‡ƒ† ‰‘˜‡”ƒ…‡‹•–‹–—–‹‘•Ǥ 

Š‡‘•–‹‡†‹ƒ–‡’”‹‘”‹–›ǡŠ‘™‡˜‡”ǡ‹•–‘’”‡••‘™‹–Š‡”‰‹‰”‡•‡ƒ”…Š

‘Š—ƒ‡ƒ”‹‰•‹‡“—ƒŽ‹–›‹–‘–Š‡Š‹•–‘”›‘ˆ–Š‡‹‡“—ƒŽ‹–›‘ˆ–‘–ƒŽ‹…‘‡•ǡƒ• 

ͳ͵‡‡…‡‘‰Ž—etal.ȋʹͲͲͺȌǡ…‡‘‰Ž—ƒ†‘„‹•‘ȋʹͲͳʹȌǡƒ†…‡‘‰Ž—ƒ†

‘„‹•‘ǡ™‘”‹‰’ƒ’‡”ʹͲͲͲͶȋƒ”…ŠʹͲͳͶȌǡˆ”‘™Š‹…Š “—‘–‡Š‡”‡Ǥ ‘” ‹‡––›ǯ•’—œœŽ‹‰†‹•‹••ƒŽ‘ˆ…‡‘‰Ž—Ǧ‘„‹•‘ǡ•‡‡Capitalǡ’’ǤͶͶͶǦͷǡ͸ʹͶǡ͸͵ͻǦ ͶͲǤ 

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ƒ”‰—‡†‹–Š‡’”‡…‡†‹‰•‡…–‹‘Ǥ‹‡––›ƒ†Š‹•…‘ŽŽƒ„‘”ƒ–‘”•ƒ”‡…‘–‹—‹‰–‘

ƒ†˜ƒ…‡‘—”…‘ŽŽ‡…–‹˜‡‘™Ž‡†‰‡‘–Š‡–‘’ˆ”‹‰‡‘ˆŠ—ƒ‡ƒ”‹‰•ǡ‹…Ž—†‹‰ –Š‡‹”™‘”‘’ƒ›Ǥ‘”‡„”‘ƒ†Ž›ǡ™‡‡‡†–‘•–”‹˜‡ˆ‘”ƒƒ……‘—–‹‰

ˆ”ƒ‡™‘”–Šƒ–†‡…‘’‘•‡•…Šƒ‰‡•‹–‘–ƒŽ‹…‘‡‹‡“—ƒŽ‹–›Ǥ –Š‡‡†ǡ–Š‡

…ƒ—•ƒŽ…Šƒ‹™‡ƒ”‡Ž‹‡Ž›–‘‡’Šƒ•‹œ‡™‹ŽŽ”—ˆ”‘’‘Ž‹–‹…ƒŽ‹‡“—ƒŽ‹–‹‡•–‘‘˜‡”ƒŽŽ ‹…‘‡‹‡“—ƒŽ‹–›ǡ™‹–Š‘Ž›ƒ•‡…‘†ƒ”›”‘Ž‡ˆ‘”Š‹•–‘”›ǯ••Š‘…•–‘‘Š—ƒ ™‡ƒŽ–ŠǤ  





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…‡‘‰Ž—ǡƒ”‘ǡ‹‘ ‘Š•‘ǡ‹‡””‡ƒ”‡†ǡƒ† ƒ‡•Ǥ‘„‹•‘ǤʹͲͲͺǤ

Dz …‘‡ƒ†‡‘…”ƒ…›ǤdzAmericanEconomicReviewͻͺȋ —‡ȌǣͺͲͺǦͺͶʹǤ

…‡‘‰Ž—ǡƒ”‘ƒ† ƒ‡•Ǥ‘„‹•‘ǤʹͲͳʹǤWhyNationsFailǤ‡™‘”ǣ”‘™ —•‹‡••Ǥ

…‡‘‰Ž—ǡƒ”‘ƒ† ƒ‡•Ǥ‘„‹•‘ǤʹͲͳͶǤDz‡‘…”ƒ…›‘‡•ƒ—•‡ ”‘™–ŠdzǤ ™‘”‹‰’ƒ’‡”ʹͲͲͲͶȋƒ”…ŠȌǤ

–‹•‘ǡ–Š‘›ǤʹͲͲͺǤTheChangingDistributionofEarningsinOECDCountriesǤ šˆ‘”†‹˜‡”•‹–›”‡••Ǥ

—–‘”ǡƒ˜‹†ǤʹͲͳͶǤDz‹ŽŽ•ǡ‡†—…ƒ–‹‘ǡƒ†–Š‡”‹•‡‘ˆ‡ƒ”‹‰•‹‡“—ƒŽ‹–›ƒ‘‰ –Š‡Ǯ‘–Š‡”ͻͻ’‡”…‡–ǯǤdzScience͵ͶͶȋʹ͵ƒ›ȌǣͺͶ͵ǦͺͷͲǤ

‘Ž†‹ǡŽƒ—†‹ƒƒ†ƒ™”‡…‡ƒ–œǤʹͲͲͺǤTheRacebetweenEducationand

TechnologyǤƒ„”‹†‰‡ǡƒ••Ǥǣ‡Žƒ’”‡••ˆ‘”ƒ”˜ƒ”†‹˜‡”•‹–›”‡••Ǥ

‘Ž†•‹–Šǡ‡Žƒ Ǥͳͻ͸͹ǤDzŠƒ‰‡•‹–Š‡‹œ‡‹•–”‹„—–‹‘‘ˆ …‘‡dzǤ ǤǤ—†† ȋ‡†ǤȌInequalityandPovertyǤ‡™‘”ǣƒ”’‡”ƒ†‘™Ǥ

‹†‡”–ǡ‡–‡”ǤʹͲͲͶǤGrowingPublicǤƒ„”‹†‰‡‹˜‡”•‹–›”‡••ǡ–™‘˜‘Ž—‡•Ǥ

‹†‡”–ǡ‡–‡”Ǥƒ† ‡ˆˆ”‡› Ǥ‹ŽŽ‹ƒ•‘ǤʹͲͳ͵ǤDz‡”‹…ƒ …‘‡•„‡ˆ‘”‡ƒ†

ƒˆ–‡”–Š‡‡˜‘Ž—–‹‘ǡdzJournalofEconomicHistory͹͵ǡ͵ȋ‡’–‡„‡”Ȍǣ725-765Ǥ

‹Žƒ‘˜‹…ǡ”ƒ‘ǡ‡–‡”Ǥ‹†‡”–ǡƒ† ‡ˆˆ”‡› Ǥ‹ŽŽ‹ƒ•‘ǤʹͲͳͳǤDz”‡Ǧ †—•–”‹ƒŽ ‡“—ƒŽ‹–›dzǤEconomicJournalͳʹͳȋƒ”…ŠʹͲͳͳȌǣʹͷͷȂʹ͹ʹǤ

‹‡––›ǡŠ‘ƒ•ǤʹͲͳͶǤCapitalintheTwentyǦFirstCenturyǤƒ„”‹†‰‡ǣ‡Žƒ’ ”‡••‘ˆƒ”˜ƒ”†‹˜‡”•‹–›”‡••Ǥ

‹‡––›ǡŠ‘ƒ•ǡ ‹ŽŽ‡•‘•–‡ŽǦ‹ƒ›ǡƒ† ‡ƒǦƒ—”‡–‘•‡–ŠƒŽǤʹͲͲ͸ǤDz‡ƒŽ–Š ‘…‡–”ƒ–‹‘‹ƒ‡˜‡Ž‘’‹‰…‘‘›ǣƒ”‹•ƒ† ”ƒ…‡ǡͳͺͲ͹ǦͳͻͻͶdz

AmericanEconomicReviewͻ͸ǡͳȋƒ”…ŠȌǣʹ͵͸Ǧʹͷ͸Ǥ

‘†”‹ǡƒ‹Ǥͳͻͻ͹ǤHasGlobalizationGonetooFar?ƒ•Š‹‰–‘ǣ •–‹–—–‡ˆ‘” –‡”ƒ–‹‘ƒŽ…‘‘‹…•Ǥ

‘‹‡ǡ ‡•’‡”ƒ†ƒ‹‡ŽƒŽ†‡•–”ڏǤʹͲͳͶǤDz‘‰Ǧ”—–”‡†•‹–Š‡†‹•–”‹„—–‹‘‘ˆ ‹…‘‡ƒ†™‡ƒŽ–Šǡdz’’•ƒŽƒ‡–‡”ˆ‘” ‹•…ƒŽ–—†‹‡•ǡ‘”‹‰ƒ’‡”



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ʹͲͳͶǣͷǡˆ‘”–Š…‘‹‰‹–Š‘›Ǥ–‹•‘ƒ† ”ƒ­‘‹•‘—”‰—‹‰‘ǡ HandbookofIncomeDistributionǡ‘Ž—‡ʹǤ

‘…“—‡˜‹ŽŽ‡ǡŽ‡š‹•†‡Ǥͳͺ͵ͻȀʹͲͲͶǤDemocracyinAmericaǤ‡™‘”ǣ‹–‡”ƒ”› Žƒ••‹…•‘ˆ–Š‡‹–‡†–ƒ–‡•ǡ’Ǥ͸ͷʹǤ

‹ŽŽ‹ƒ•‘ǡ ‡ˆˆ”‡› Ǥƒ†‡–‡”Ǥ‹†‡”–ǤͳͻͺͲǤAmericanInequality:A MacroeconomicHistoryǤ‡™‘”ǣ…ƒ†‡‹…”‡••Ǥ

—…ƒǡ ƒ„”‹‡ŽǤʹͲͳ͵ǤDzŠ‡‹••‹‰‡ƒŽ–Š‘ˆƒ–‹‘•dzǡQuarterlyJournalof Economicsͳʹͺǡ͵ȋ—‰—•–Ȍǣͳ͵ʹͳȂͳ͵͸ͶǤ  





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 ƒ„Ž‡ͳǤŠƒ‰‡•‹–Š‡Šƒ”‡•‘ˆƒ–‹‘ƒŽ …‘‡‡…‡‹˜‡†„›–Š‡   ‘’‡‡”…‡–‘ˆ…‘‘‹…‹–•ǡͳͻͳ͵Ȃͳͻ͹͵     ‡–…Šƒ‰‡ǡƒ•ƒ’‡”…‡–‘ˆƒ–‹‘ƒŽ‹…‘‡     ͳͻͳ͵Ǧͳͻʹͻ ͳͻͳ͵Ǧͳͻͷ͵ ͳͻͳ͵Ǧͳͻ͹͵ ‡ƒ”  ǦͳͲǤ͹  ǦͳͷǤͲ  ǦͳͷǤͻ ”ƒ…‡  ǦʹǤͻ  ǦͳͲǤͲ  ǦͳͲǤͳ

‡”ƒ›  Ǧ͸Ǥ͹  Ǧ͸Ǥʹ  Ǧ͹Ǥ͹

ƒ’ƒ   ͲǤͻ  ǦͳͲǤͲ  ǦͻǤͺ ‡–Š‡”Žƒ†•  ǦʹǤͻ  ǦͻǤͲ  ǦͳͶǤͳ ‘”™ƒ›  ͳǤͲ  ǦͶǤͷ  Ǧ͸ǤͲ ‘—–Šˆ”‹…ƒ  ǦͳǤͺ  Ǧ͹Ǥͺ  ǦͻǤͲ ™‡†‡  Ǧ͹Ǥʹ  ǦͳͶǤͲ  ǦͺǤʹ ‹–‡†–ƒ–‡•  ͲǤͷ  ǦͺǤͻ  ǦͳͲǤʹ  ‡†‹ƒ ǦʹǤͻ  ǦͻǤͲ  ǦͻǤͺ          ͳͻʹͻǦͳͻͷ͵ ͳͻʹͻǦͳͻ͹͵  —•–”ƒŽ‹ƒ    ǦʹǤͲ  ǦͷǤͲ  ƒƒ†ƒ    ǦͷǤͺ  Ǧ͸Ǥͺ  ‡ƒ”    ǦͶǤ͵  ǦͷǤͳ  ‹Žƒ†    ǦͷǤͳ  ǦͷǤͷ  ”ƒ…‡    Ǧ͹Ǥʹ  Ǧ͹Ǥ͵ 

‡”ƒ›    ͲǤͷ  ǦͳǤͲ  †‹ƒ     ǦͳǤʹ  Ǧ͸Ǥͳ 

ƒ’ƒ     ǦͳͲǤͻ  ǦͳͲǤ͹  ‡–Š‡”Žƒ†•    Ǧ͸Ǥͳ  ǦͳͳǤʹ  ‡™‡ƒŽƒ†    Ǧ͵Ǥͳ  ǦͷǤͷ  ‘”™ƒ›    ǦͷǤͶ  Ǧ͸Ǥͻ  ‘—–Šˆ”‹…ƒ    Ǧ͸ǤͲ  Ǧ͹Ǥʹ  ™‡†‡    Ǧ͸Ǥͺ  ǦͺǤʹ  ‹–‡†–ƒ–‡•    ǦͻǤ͵  ǦͳͲǤ͹  ‡†‹ƒ    ǦͷǤ͸  Ǧ͸Ǥͻ          ͳͻͷ͵Ǧͳͻ͹͵   ”‰‡–‹ƒ      ǦͺǤͲ   —•–”ƒŽ‹ƒ      Ǧ͵ǤͲ   ƒƒ†ƒ      ǦͳǤͳ   ‡ƒ”      ǦͲǤͺ   ‹Žƒ†      ǦͲǤͶ   ”ƒ…‡      ǦͲǤͳ  

‡”ƒ›      ǦͳǤͷ   †‹ƒ       ǦͶǤͻ  

ƒ’ƒ       ͲǤʹ   ƒŽƒ›•‹ƒ      ͲǤ͹   ƒ—”‹–‹—•      ǦͲǤ͵   



ʹͲ

ȓƒ„Ž‡ͳǡ…‘–‹—‡†Ȑ         ͳͻͷ͵Ǧͳͻ͹͵ ‡–Š‡”Žƒ†•      ǦͷǤͳ   ‡™‡ƒŽƒ†      ǦʹǤͶ   ‘”™ƒ›      ǦͳǤͷ   ‹‰ƒ’‘”‡      ǦͳǤ͵   ‘—–Šˆ”‹…ƒ      ǦͳǤʹ   ™‡†‡      ǦͳǤ͵   ™‹–œ‡”Žƒ†      ǦͲǤͲͳ   ‹–‡†‹‰†‘     ǦʹǤ͹   ‹–‡†–ƒ–‡•      ǦͳǤ͵   ‡†‹ƒ      ǦͳǤ͵    ‘—”…‡ƒ†‘–‡•–‘ƒ„Ž‡ͳǣ Š‡•‘—”…‡‹•–Š‡‘”Ž†–‘’ …‘‡•ƒ–ƒ„ƒ•‡ǡŠ––’ǣȀȀ–‘’‹…‘‡•Ǥ‰Ǧ ‘†Ǥ’ƒ”‹••…Š‘‘Ž‘ˆ‡…‘‘‹…•Ǥ‡—ȀǤ  ‘‡‘ˆ–Š‡•Šƒ”‡•™‡”‡ƒ˜ƒ‹Žƒ„Ž‡‘Ž›ˆ‘”›‡ƒ”•…Ž‘•‡–‘–Š‡„‡…Šƒ”›‡ƒ”ǡ ƒ†‘–ˆ‘”–Šƒ–›‡ƒ”‹–•‡ŽˆǤ ’ƒ”–‹…—Žƒ”ǡDzͳͻͳ͵dz™ƒ•ƒ†‹ˆˆ‡”‡–›‡ƒ”‹–Š‡•‡…ƒ•‡•ǣ ͳͻͲͲǦͳͻͲͻˆ‘” ”ƒ…‡ǡͳͻͳͶˆ‘”‡–Š‡”Žƒ†•ǡͳͻͳͷˆ‘”‘—–Šˆ”‹…ƒǡƒ†ͳͻͳʹˆ‘” ™‡†‡ǢDzͳͻʹͻdz™ƒ•ͳͻ͵Ͳˆ‘”™‡†‡ǢDzͳͻͷ͵dz™ƒ•ͳͻͷͲˆ‘”‡•– ‡”ƒ›ƒ† ͳͻͷͶˆ‘”‘—–Šˆ”‹…ƒǢƒ†Dzͳͻ͹͵dz™ƒ•ͳͻ͹Ͷˆ‘”‘—–Šˆ”‹…ƒǤ  ‘‡‘ˆ–Š‡†ƒ–ƒǡ‹•–‡ƒ†‘ˆ…‘˜‡”‹‰–Š‡„ƒ•‡Ž‹‡Š‘—•‡Š‘Ž†—‹–•ǡ…‘˜‡”‡† ‡‹–Š‡”ƒ””‹‡†…‘—’Ž‡•’Ž—•‹†‹˜‹†—ƒŽƒ†—Ž–•ǡ‘”ƒŽŽƒ†—Ž–•ǡ‘”–ƒš—‹–•Ǥ ‡ƒ…Š•—…Š …ƒ•‡™‡ˆ‘ŽŽ‘™‡†ƒ…Šƒ‰‡‹ƒ–‘’‹…‘‡•Šƒ”‡…‘•‹•–‡–Ž›†‡ˆ‹‡†Ǥ  ‘•–‘ˆ–Š‡‡ƒ•—”‡•ƒ”‡’”‡Ǧˆ‹•…ǡ”‡ˆ‡””‹‰–‘‘”‹‰‹ƒŽ‹…‘‡•„‡ˆ‘”‡–ƒš‡• ƒ†–”ƒ•ˆ‡”•ǡ–Š‘—‰Šƒˆ‡™‹…Ž—†‡•‘‡–”ƒ•ˆ‡”’ƒ›‡–•Ǥ‡‡–Š‡‘–‡•’”‘˜‹†‡† ‹–Š‡•‘—”…‡Ǥ  





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ʹ͵

‘–‡•–‘ ‹‰—”‡ͳǣ  ‹††Ž‡ȀŽ‘™‡””ƒ–‹‘α–Š‡”ƒ–‹‘‘ˆ–Š‡ƒ˜‡”ƒ‰‡‹…‘‡‘ˆ–Š‡ͶͳǦͻͷ ’‡”…‡–‹Ž‡•†‹˜‹†‡†„›–Š‡ƒ˜‡”ƒ‰‡‹…‘‡‘ˆ–Š‡ͲǦͶͲ’‡”…‡–‹Ž‡•‹–Š‡Š‘—•‡Š‘Ž† ‹…‘‡”ƒ•Ǥ 

‘Ž†•‹–ŠǦ•‡”‹‡•αŠƒ”‡•‘ˆ’”‡Ǧ–ƒš‘‡›‹…‘‡”‡…‡‹˜‡†„› Š‘—•‡Š‘Ž†•ǡƒ•‡•–‹ƒ–‡†„›‡Žƒ Ǥ ‘Ž†•‹–Šȋͳͻ͸͹Ȍˆ‘”ͳͻʹͻǦͳͻ͸ͳƒ†–Š‡„› –Š‡ˆˆ‹…‡‘ˆ—•‹‡••…‘‘‹…•ǡSurveyofCurrentBusinessˆ‘”ͳͻ͸ͳ–Š”‘—‰Š ͳͻ͹ͳǤ  ‘‡›‹…‘‡α‡•—•—”‡ƒ—ǡCurrentPopulationSurveyǡ‘‡› …‘‡•‘ˆ‘—•‡Š‘Ž†•ǤŠ‡‘‡›‹…‘‡•‡”‹‡•‹…Ž—†‡•”‡…‡‹’–•‘ˆ…ƒ•Š–”ƒ•ˆ‡” ’ƒ›‡–•ǡ„—–‘–‘ˆ’ƒ›‡–•‹‹†Ǥ‡‡Š––’ǣȀȀ™™™Ǥ…‡•—•Ǥ‰‘˜Ȁ…‘’‡†‹ƒ Ȁ•–ƒ–ƒ„Ȁ…ƒ–•Ȁ‹…‘‡̴‡š’‡†‹–—”‡•̴’‘˜‡”–›̴™‡ƒŽ–ŠȀŠ‘—•‡Š‘Ž†̴‹…‘‡ǤŠ–Žǡ ƒ……‡••‡†͵ͳ…–‘„‡”ʹͲͳ͵Ǥ  ƒ‰‡”ƒ–‹‘ͻͲȀͷͲᖍ‹•‘ȋʹͲͲͺǡ’’ǤͶͳͳǦͶʹͶȌǡ•‡”‹‡•ˆ‘”–Š‡ͻͲ–Š ’‡”…‡–‹Ž‡™ƒ‰‡”‡Žƒ–‹˜‡–‘–Š‡‡†‹ƒǤŠ‹••–ƒ”–•™‹–Š–Š‡ƒ„‘”ƒ”‡–—”˜‡› ™ƒ‰‡‘ˆ–Š‡ͻͲΨ’‡”…‡–‹Ž‡ˆ‘”ͳͻ͹͵ǦʹͲͲͲǤ‘–Š‹•‹–•’Ž‹…‡•ƒ…‘‘‹…‘Ž‹…› •–‹–—–‡™ƒ‰‡•‡”‹‡•ˆ‘”ʹͲͲͲǦʹͲͲ͸ǡƒƒŽ‡™ƒ‰‡ˆ‘”ͳͻ͸͹Ǧͳͻ͹͵ǡƒ†ƒ •‡”‹‡•ˆ‘”™‘”‡”•‘ˆ„‘–Š•‡š‡•ˆ‘”ͳͻ͵ͻǦͳͻ͸͹Ǥ  ƒ‰‡”ƒ–‹‘ͷͲȀͳͲᕃ‡•‘—”…‡•ƒ†’”‘…‡†—”‡•ƒ•ˆ‘”–Š‡ƒ‰‡”ƒ–‹‘ ͻͲȀͷͲǡ‡š…‡’––Šƒ–‹––ƒ‡•–Š‡”ƒ–‹‘‘ˆ–Š‡‡†‹ƒ™ƒ‰‡–‘–Š‡ͳͲ–ŠǦ’‡”…‡–‹Ž‡™ƒ‰‡Ǥ  ‘–‡•–‘ ‹‰—”‡ʹǣ  ‘”–Š‡™ƒ‰‡‰ƒ’•ǡ–Š‡„ƒ•‡α ǡƒŽŽ™‘”‡”•ǡͳͻ͸ͺǦʹͲͲ͵ȋ–‹•‘ʹͲͲͺǡ ƒ„Ž‡ǤͶǡ’Ǥ͵ͺͶǦͷȌǤͳͻͷͶǦͳͻ͹ͻα…Š‡†—Ž‡‹…‘‡–ƒšȋ‘‰”‘••™ƒ‰‡•ƒ† •ƒŽƒ”‹‡•ƒ–’”‹ƒ”›Œ‘„Ȍǡ–‹•‘ǡChangingDistributionofEarnings,ƒ„Ž‡Ǥ͹ȋ’ ͵ͻͲȌǡ•’Ž‹…‡†–‘ ƒ–ͳͻ͸ͺǤ’Ž‹…‡ʹͲͲ͵ǦʹͲͲ͸ˆ”‘–‹•‘ǯ•ƒ„Ž‡Ǥͷƒ–ʹͲͲ͵Ǥ  Š‡‹††Ž‡ȀŽ‘™‡”‰ƒ’ȋ Ȍ‡ƒ•—”‡•–Š‡”ƒ–‹‘‘ˆ’”‡Ǧ–ƒš’‡”•‘ƒŽ‹…‘‡ ˆ‘”ȋƒ˜‡”ƒ‰‡‹…‘‡‘ˆ’‡”…‡–‹Ž‡•ͶͳǦͻͲȌȀȋƒ˜‡”ƒ‰‡‹…‘‡ˆ‘”’‡”…‡–‹Ž‡•ͲǦͶͲȌǤ – —•‡•–Š‡‘™Ž‡›Ǧ–ƒ’Ǧ‘—–Š†‹•–”‹„—–‹‘‘ˆ‹†‹˜‹†—ƒŽ–ƒš’ƒ›‡”•ǯ‹…‘‡•ˆ‘” ͳͻͳͳǡˆ‘ŽŽ‘™‡†„›–Š‡„‡ˆ‘”‡Ǧ–ƒš—”˜‡›‘ˆ‡”•‘ƒŽ …‘‡•†ƒ–ƒˆ”‘–Š‡‘›ƒŽ ‘‹••‹‘‘–Š‡‹•–”‹„—–‹‘‘ˆ …‘‡ƒ†‡ƒŽ–ŠǡThirdReportontheStanding Referenceȋͳͻ͹͹Ȍǡ’ǤʹͶͲǤ 



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