Much of the housing boom was propelled by the emergence of a real-estate market and an accumulation of wealth due to a free-market economy.
"Many women have been shut out of what may be the biggest accumulation of real estate wealth in history, valued at over $17 trillion in 2010" by the bank HSBC, she wrote.
Given the size in GDP terms of the accumulation of real estate risks in the balance sheet of credit institutions, the potential risks were systemic.
An important question is whether the accumulation of real estate risks in the balance sheet of the Spanish banks and Cajas led to constraints in lending during the bust.
Finally, an edict issued in 1069 recognized all estates established before 1045 and set up an office to investigate shōen records, thus legitimizing the accumulation of private estates.
Oglethorpe and his partners limited the size of individual landholdings to 500 acres (about 200 hectares), prohibited slavery, forbade the drinking of rum, and instituted a system of inheritance that further restricted the accumulation of large estates.
Some fortunes (those based on private accumulations of real estate, for example) didn't feel a blip.
And hoarders, of course, are acquiring compulsively and may have to hold their own estate sales to pare down their accumulation.
Economist Larry Summers, former Treasury Secretary under President Clinton, co-authored a paper in 1981 that showed that the estate tax has severe impacts on the accumulation of privately held capital.
The largest estates do not result primarily from the accumulation of ordinary income but rather from the appreciation in value of long-held property and/or stock; this gain has never been taxed.
