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The issue of income distribution in the modern sense emerged with the creation of the capitalist mode of production-a process characterized by income gaps, at first widening, then narrowing, and widening once again. In the classical economic stage featuring dual economy, income distribution was dominated by capital due to scarce capital and cheap labor, which led to widening income gaps. Entering the neoclassical economic stage, income distribution was dominated by the game between capital and labor due to diminishing marginal return to capital and relatively scarce labor, which led to the growing share of labor compensation and narrowing income gaps. Yet since the 1970s, the deepening of financialization of capital has once again magnified the effect of capital-dominated income distribution, which, together with working class polarization, led to another round of widening income gaps. An observation of the long-term evolution of world economic development and income distribution gives us a clearer view on the intrinsic rationale of change in income distribution: The mode of production determines the mode of distribution and functional distribution shares intrinsic consistency with quantitative distribution.
The issue of income distribution in the modern sense emeritions with the creation of the capitalist mode of production-a process characterized by income gaps, at first widening, then narrowing, and widening once again. In the classical economic stage featuring dual economy, income distribution was dominated by capital due to scarce capital and cheap labor, which led to widening income gaps. Entering the neoclassical economic stage, income distribution was dominated by the game between capital and labor due to diminishing marginal return to capital and relatively scarce labor, which led to the growing share of labor compensation and narrowing income gaps. Yet since the 1970s, the deepening of financialization of capital has once again magnified the effect of capital-dominated income distribution, which, together with working class polarization, led to another round of widening income gaps. An observation of the long-term evolution of world economic development and income distribution gives us a clearer view on the intrinsic rationale of change in income distribution: The mode of production determines the mode of distribution and functional distribution shares intrinsic consistency with quantitative distribution.