On the World Economic Elite

Economic elites have not received enough attention in the economic literature. The obvious reason is limited access to information. This paper seeks to contribute to contemporary knowledge on elites in two ways. First, it employs a new unique data set on the world economic elite covering 2002-2014 t...

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Main Authors: Adolfo Figueroa, José María Rentería
Format: Article
Language:English
Published: Pontificia Universidad Católica del Perú 2016-08-01
Series:Economía
Subjects:
Online Access:http://revistas.pucp.edu.pe/index.php/economia/article/view/15028
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author Adolfo Figueroa
José María Rentería
author_facet Adolfo Figueroa
José María Rentería
author_sort Adolfo Figueroa
collection DOAJ
description Economic elites have not received enough attention in the economic literature. The obvious reason is limited access to information. This paper seeks to contribute to contemporary knowledge on elites in two ways. First, it employs a new unique data set on the world economic elite covering 2002-2014 to develop a method of measuring the degree of elite circulation; second, it provides a theoretical explanation of the observed facts. The empirical finding is that the world economic elite is subject to a low degree of circulation. Despite increased globalization, liberalization, longterm economic growth, and the recent Great Recession, the core of the elite remains mostly unchanged. Our theory attempts to explain this fact by introducing the analytical distinction between market competition and elite competition, which is a kind of meta-competition. Thus, the following relationship is derived from the theory: The low level of elite circulation, that is, the low meta-competition, underlies the oligopolistic market structures that we observe in the real world.
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spelling doaj.art-7a84599ffeb2424da5d19e7cb7f75ee82022-12-21T21:14:43ZengPontificia Universidad Católica del PerúEconomía0254-44152304-43062016-08-01397793210.18800/economia.201601.00115028On the World Economic EliteAdolfo Figueroa0José María Rentería1CENTRUM Graduate Business School; Pontificia Universidad Católica del PerúPontificia Universidad Católica del Perú; Instituto de Estudios PeruanosEconomic elites have not received enough attention in the economic literature. The obvious reason is limited access to information. This paper seeks to contribute to contemporary knowledge on elites in two ways. First, it employs a new unique data set on the world economic elite covering 2002-2014 to develop a method of measuring the degree of elite circulation; second, it provides a theoretical explanation of the observed facts. The empirical finding is that the world economic elite is subject to a low degree of circulation. Despite increased globalization, liberalization, longterm economic growth, and the recent Great Recession, the core of the elite remains mostly unchanged. Our theory attempts to explain this fact by introducing the analytical distinction between market competition and elite competition, which is a kind of meta-competition. Thus, the following relationship is derived from the theory: The low level of elite circulation, that is, the low meta-competition, underlies the oligopolistic market structures that we observe in the real world.http://revistas.pucp.edu.pe/index.php/economia/article/view/15028economic eliteselite competitionwealth concentration
spellingShingle Adolfo Figueroa
José María Rentería
On the World Economic Elite
Economía
economic elites
elite competition
wealth concentration
title On the World Economic Elite
title_full On the World Economic Elite
title_fullStr On the World Economic Elite
title_full_unstemmed On the World Economic Elite
title_short On the World Economic Elite
title_sort on the world economic elite
topic economic elites
elite competition
wealth concentration
url http://revistas.pucp.edu.pe/index.php/economia/article/view/15028
work_keys_str_mv AT adolfofigueroa ontheworldeconomicelite
AT josemariarenteria ontheworldeconomicelite