The Wealth of Nations: Origins of Prosperity and Seeds of Inequality

Oded Galor

No 1704, GLO Discussion Paper Series from Global Labor Organization (GLO)

Abstract: What ignited humanity's momentous ascent from millennia of stagnation to an era of sustained economic growth? And what are the roots of the vast disparities in the wealth of nations? These enduring mysteries, which have preoccupied scholars across generations, lie at the core of Unified Growth Theory. This encompassing framework captures the evolution of societies over the entire course of human history and identifies the universal wheels of change that governed humanity's long journey, propelled the growth process, and shaped inequality across the globe. The theory uncovers the forces underlying the dramatic transformation in living standards over the past two centuries, emerging from an economic ice age of near stagnation, while highlighting the enduring historical roots of the immense divergence in the prosperity of nations. It suggests that forces set in motion in the distant past played a pivotal role in shaping development across the globe and remain essential for the design of effective policies that foster economic progress and mitigate inequality in the wealth of nations.

Keywords: Growth; Inequality; Unified Growth Theory; Human Capital; Demographic Transition; Malthusian epoch (search for similar items in EconPapers)
JEL-codes: I25 J10 O10 O40 Z10 (search for similar items in EconPapers)
Date: 2026
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