circulation of elites

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Global Financial Crisis by Noah Berlatsky


accounting loophole / creative accounting, asset-backed security, banking crisis, Bretton Woods, capital controls, Celtic Tiger, centre right, circulation of elites, collapse of Lehman Brothers, collateralized debt obligation, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, Doha Development Round, energy security, eurozone crisis, financial innovation, Food sovereignty, George Akerlof, God and Mammon, Gordon Gekko, housing crisis, illegal immigration, income inequality, market bubble, market fundamentalism, mass immigration, moral hazard, new economy, Northern Rock, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, reserve currency, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, South China Sea, structural adjustment programs, too big to fail, trade liberalization, transfer pricing, working poor

Domínguez described five voting cycles in Latin America since the transitions to democracy began 30 years ago. These cycles show patterns of defeat and victory for incumbents only partially correlated with economic trends (incumbents tended to win in South America since the early 2000s, a period of macroeconomic stability and the commodity boom.) The circulation of elites serves democracy well, he observed, and even leaders who have governed well are likely to lose in coming years as a result of the recession. 162 Effects of the Global Financial Crisis on Developing Nations The United States Hopes to Work with the Region Robert King, acting senior director for Western Hemisphere Affairs at the National Security Council, said that the new administration was still in the process of determining what it wanted to accomplish in Latin America and how to follow through regarding principles laid out during the campaign.

pages: 198 words: 52,089

Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves

affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, mortgage tax deduction, obamacare, Occupy movement, Plutocrats, plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game

The upper chamber, the House of Lords, still has hereditary legislators. (My party did try to eliminate these when we were in government, but that’s another story.) The idea of inherited status, whether political, social, or economic, flies in the face of America’s self-image as an open society with a healthy circulation of elites. Here, if you do well, you get a medal, not a title. Nobody gets to be somebody just because they were born to the right parents. I’ve noticed that Americans love the Royal Family and princesses and princes, but that’s because they are not ruled by them. Foreign kings and queens are like Disney characters: fun to watch and entirely harmless.

pages: 287 words: 82,576

The Complacent Class: The Self-Defeating Quest for the American Dream by Tyler Cowen

affirmative action, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, assortative mating, Bernie Sanders, Black Swan, business climate, circulation of elites, clean water, David Graeber, declining real wages, deindustrialization, desegregation, Donald Trump, drone strike, East Village, Elon Musk, Ferguson, Missouri, Francis Fukuyama: the end of history, gig economy, Google Glasses, Hyman Minsky, Hyperloop, income inequality, intangible asset, Internet of things, inventory management, knowledge worker, labor-force participation, labour mobility, low skilled workers, Marc Andreessen, Mark Zuckerberg, medical residency, meta analysis, meta-analysis, obamacare, offshore financial centre, Paul Samuelson, Peter Thiel, purchasing power parity, Richard Florida, security theater, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, South China Sea, Steven Pinker, Stuxnet, The Great Moderation, total factor productivity, Tyler Cowen: Great Stagnation, upwardly mobile, Vilfredo Pareto, working-age population, World Values Survey

Matching and assortative mating—connecting one well-off family to another—may make this all the less likely. And thus we can see some very natural reasons why income mobility, across the generations, is often either stagnant or declining over time. To use the language of early twentieth-century Italian economist Vilfredo Pareto, over time, the “circulation of elites” will naturally decline, at least compared to earlier situations of poverty and chaos. And indeed in China today, the special privileges held by children of prominent Communist Party members have become a major social issue and source of complaint. In other words, the richer, more stable, and happier your society is, the harder it is to generate high or rising levels of income mobility over time.

pages: 285 words: 86,174

Twilight of the Elites: America After Meritocracy by Chris Hayes


affirmative action, Affordable Care Act / Obamacare, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, carried interest, circulation of elites, Climategate, Climatic Research Unit, collapse of Lehman Brothers, collective bargaining, creative destruction, Credit Default Swap, dark matter, David Brooks, David Graeber, deindustrialization, Fall of the Berlin Wall, financial deregulation, fixed income, full employment, George Akerlof, Gunnar Myrdal, hiring and firing, income inequality, Jane Jacobs, jimmy wales, Julian Assange, Kenneth Arrow, Mark Zuckerberg, mass affluent, mass incarceration, means of production, meta analysis, meta-analysis, money market fund, moral hazard, Naomi Klein, Nate Silver, peak oil, Plutocrats, plutocrats, Ponzi scheme, Ralph Waldo Emerson, rolodex, The Spirit Level, too big to fail, University of East Anglia, Vilfredo Pareto, We are the 99%, WikiLeaks, women in the workforce

In our own case, the end point is nowhere near as violent or dire. But if The Iron Law of Meritocracy has corrupted a society founded upon the twin principles of difference and mobility, we might ask what kind of social order would result. It would be a society with extremely high and rising inequality yet little circulation of elites. A society in which the pillar institutions were populated by and presided over by a group of hypereducated, ambitious overachievers who enjoyed tremendous monetary rewards as well as unparalleled political power and prestige and yet who managed to insulate themselves from sanction, competition, and accountability, a group of people who could more or less rest assured that now that they have achieved their status, now that they have scaled to the top of the pyramid, they, their peers, and their progeny will stay there.

pages: 538 words: 121,670

Republic, Lost: How Money Corrupts Congress--And a Plan to Stop It by Lawrence Lessig


asset-backed security, banking crisis, carried interest, circulation of elites, cognitive dissonance, corporate personhood, correlation does not imply causation, crony capitalism, David Brooks, Edward Glaeser, Filter Bubble, financial deregulation, financial innovation, financial intermediation, invisible hand, jimmy wales, Martin Wolf, meta analysis, meta-analysis, Mikhail Gorbachev, moral hazard, Pareto efficiency, place-making, profit maximization, Ralph Nader, regulatory arbitrage, rent-seeking, Ronald Reagan, Silicon Valley, single-payer health, The Wealth of Nations by Adam Smith, too big to fail, upwardly mobile, WikiLeaks, Zipcar

Ozinga, and Erik van Ree, The Rise and Fall of the Soviet Politburo (London: UCL Press, 1992), 118. 2. Matthew Eric Glassman and Erin Hemlin, “Average Years of Service for Members of the Senate and House of Representatives, 1st–111th Congresses, Cong. Res. Service (Nov. 2, 2010), available at link #169. 3. James R. Ozinga, Thomas W. Casstevens, and Harold T. Casstevens II, “The Circulation of Elites: Soviet Politburo Members, 1919–1987,” Canadian Journal of Political Science 22 (1989): 609, 614 4. Norman Ornstein, “District of Corruption,” The New Republic, available at link #170. 5. Lisa Rein, “Federal Officials Fight Back over Criticism About Salaries,” Washington Post, Aug. 17, 2010, available at link #171 (describing debate about higher pay for federal officials). 6.

pages: 935 words: 267,358

Capital in the Twenty-First Century by Thomas Piketty


accounting loophole / creative accounting, Asian financial crisis, banking crisis, banks create money, Berlin Wall, Branko Milanovic, British Empire, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, central bank independence, centre right, circulation of elites, collapse of Lehman Brothers, conceptual framework, corporate governance, correlation coefficient, David Ricardo: comparative advantage, demographic transition, distributed generation, diversification, diversified portfolio, European colonialism, eurozone crisis, Fall of the Berlin Wall, financial intermediation, full employment, German hyperinflation, Gini coefficient, high net worth, Honoré de Balzac, immigration reform, income inequality, income per capita, index card, inflation targeting, informal economy, invention of the steam engine, invisible hand, joint-stock company, Joseph Schumpeter, Kenneth Arrow, market bubble, means of production, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, open economy, Paul Samuelson, pension reform, purchasing power parity, race to the bottom, randomized controlled trial, refrigerator car, regulatory arbitrage, rent control, rent-seeking, Robert Gordon, Ronald Reagan, Simon Kuznets, sovereign wealth fund, Steve Jobs, The Nature of the Firm, the payments system, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade liberalization, very high income, Vilfredo Pareto, We are the 99%, zero-sum game

In particular, inherited wealth will make a comeback—a long-term phenomenon whose effects are already being felt in Europe and that could extend to other parts of the world as well. That is why it is important for present purposes to become familiar with the history of demographic and economic growth. There is another mechanism whereby growth can contribute to the reduction of inequality, or at least to a more rapid circulation of elites, which must also be discussed. This mechanism is potentially complementary to the first, although it is less important and more ambiguous. When growth is zero or very low, the various economic and social functions as well as types of professional activity, are reproduced virtually without change from generation to generation.