Walter Scheidel in Aeon:
The principal sources of inequality have changed over time. Whereas feudal lords exploited downtrodden peasants by force and fiat, the entrepreneurs of early modern Europe relied on capital investment and market exchange to reap profits from commerce and finance. Yet overall outcomes remained the same: from Pharaonic Egypt to the Industrial Revolution, both state power and economic development generally served to widen the gap between rich and poor: both archaic forms of predation and coercion and modern market economies yielded unequal gains.
Does this mean that history has always moved in the same direction, that inequality has been going up continuously since the dawn of civilisation? A cursory look around us makes it clear that this cannot possibly be true, otherwise there would be no broad middle class or thriving consumer culture, and everything worth having might now be owned by a handful of trillionaires. Did democracy and progressive reform save us from this unenviable fate; or was it the labour movement, or mass education? All of these developments played an important role, and yet, at best, furnish only part of the answer. For inequality had already dipped steeply on several occasions, long before any of these modern breakthroughs had begun to appear.
From time to time, it turns out, history has pushed a reset button, driving down inequality in marked, if only temporary fashion. It is only by surveying its full sweep, over thousands of years, that we can discover the dynamics that drove this process. And these dynamics turn out to be very disturbing indeed: every time the gap between rich and poor shrank substantially, it did so because of traumatic, often extremely violent shocks to the established order.
More here.