How will artificial intelligence affect the distribution of income and wealth this century? After falling through much of the 20th century, income inequality, measured as the fraction of income going to the richest 1% of residents, has been rising since the 1980s. The fraction has doubled in both China and the United States during that time, increased by 50% in Europe and one-third worldwide.

Industrialization dominated the economy before then, but starting in the ’70s and ’80s, capital took over as globalization increased, tax changes reduced progressivity and game-changing technologies were introduced rapidly.

The computer and personal computer revolution came first, followed by the Internet and the World Wide Web. Now artificial intelligence (AI) is beginning to make its mark in the world as a next-generation general-purpose technology.