Wealth condensation in pareto macroeconomies

We discuss a Pareto macroeconomy (a) in a closed system with fixed total wealth and (b) in an open system with average mean wealth. and compare Our results to a similar analysis in a super-open system (c) with unbounded wealth [J.-P, Bouchaud and M. Mezard, Physica A 282, 536 (2000)]. Wealth condensation takes place in the social phase for closed and open economies. while it occurs in the liberal phase for super-open economies. In the first two cases. the condensation is related to a mechanism known from the balls-in-boxes model, while in the last case, to the nonintegrable tails of the Pareto distribution. For a closed macroeconomy in the social phase. we point to the emergence of a corruption phenomenon: a sizeable fraction of the total wealth is always amassed by a single individual.