Elite Networks

The Political Economy of Inequality

AvVuk Vuković

Häftad, Engelska, 2024

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Beskrivning

Elite Networks presents a new explanatory factor behind the persistence of income inequality: extractive political power. Elite networks are informal social networks between politicians in power and top executives of politically connected firms where personal ties and long-term interactions build trust and loyalty between involved actors. Both groups draw benefits from these interactions; politicians stay in power, and corporate executives extract rents for their firms. Firms reward connected executives with higher salaries thus widening the dispersion of earnings in society. In Elite Networks, Vuk Vuković offers a different perspective on the long-run origins of inequality. Calling upon historical arguments and direct empirical evidence, Vuković argues that inequality is not an artifact of a particular economic system, but a man-made phenomenon rooted deeply within the, often violent, quest for political power. Further, he theoretically and empirically establishes the impact elite networks have on higher inequality. Offering a unique contribution to the field, this book argues that to lower inequality and prevent incentives of elite network formation, we must first and foremost lower centralized political power and re-empower the citizens and the community by rebuilding trust and relying on the democratic trial-and-error mechanism.

Produktinformation

Utgivningsdatum:2024-08-29
Mått:160 x 236 x 20 mm
Vikt:522 g
Format:Häftad
Språk:Engelska
Antal sidor:384
Förlag:OUP USA
ISBN:9780197774236

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Mer om författaren

Vuk Vuković is the CIO and cofounder of Oraclum Capital, a New York hedge fund based on a scientific innovation in network theory. He has a PhD from the University of Oxford, and an MSc from the London School of Economics. He published a dozen academic papers during his time as a university lecturer, and his academic work on political economy and networks has inspired his business ventures.

Recensioner i media

Elite Networks is a groundbreaking book that delves deep into the roots of income inequality. Empirically and descriptively rich, the book elucidates how extractive political power drives this pervasive problem, unveiling the intricate web of informal relationships between politicians and influential corporate figures. The book's strength lies in its ability to connect the dots between intra-elite trust, loyalty, and the alarming income disparities we witness today. What sets the book apart is its bold assertion that income inequality is not an inherent feature of economic systems but a result of deliberate actions stemming from the quest for centralized political power. In a world grappling with inequality, this book challenges us to rethink our approach and offers a path toward a fairer society. Elite Networks is a must-read for anyone seeking a deeper understanding of income inequality and a roadmap for meaningful change.

Innehållsförteckning

PrefaceIntroduction1. Why Study Elite Networks? PART I: The Impact of Elite Networks on Inequality2. The Evolutionary Origins of Inequality: Inequality in the (Very) Long Run3. Autocracies, Democracies, and Inequality in the Short Run 4. Political Networks and Wages of Top Corporate Income Earners PART II: Inside the Logic of an Elite Network 5. The Internal Logic of an Elite Network 6. Motivation for Politicians: Extracting Rents and Staying in Power7. The Role of the Firm PART III: Reducing Political Power, The Root Cause of Inequality 8. Capitalism and Democracy Chapter 9: Pitfalls of Political Power: Expanding the Scope of Government to Reduce Inequality Chapter 10: The Three Levers Afterword Literature Endnotes