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OverviewElite 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 Vukovi'c offers a different perspective on the long-run origins of inequality. Calling upon historical arguments and direct empirical evidence, Vukovi'c 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. Full Product DetailsAuthor: Vuk Vuković (CIO, CIO, Oraclum Capital (ORCA))Publisher: Oxford University Press Inc Imprint: Oxford University Press Inc ISBN: 9780197774229ISBN 10: 0197774229 Pages: 384 Publication Date: 03 May 2024 Audience: General/trade , General Format: Hardback Publisher's Status: Active Availability: To order  Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us. Table of ContentsPreface Introduction 1. Why Study Elite Networks? PART I: The Impact of Elite Networks on Inequality 2. The Evolutionary Origins of Inequality: Inequality in the (Very) Long Run 3. 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 Power 7. 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 EndnotesReviewsElite 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. * Josip Glaurdic, University of Luxembourg * Vukovic's sweeping reimagining of the drivers of economic inequality introduces the notion of elite networks * informal social networks between political and economic leadersas a key mechanism behind the steady accumulation of wealth by small elites in almost all societies. Moving beyond explanation, he identifies concrete steps to advance economic equality through decentralizing reforms. A powerful, compelling combination of theory, history, and data analysis that should reshape how we understand the links between economic and political power.Jacob N. Shapiro, Princeton University * Elite Networks is a powerful and groundbreaking analysis of how privileged groups exploit their positions to secure economic resources. In this wide-ranging tour de force, Vukovic shows how political influence pervades every aspect of our economy, underpinning the global rise in inequality. * Ben Ansell, University of Oxford, and author of Why Politics Fails * This is a supremely ambitious and provocative book. It offers a sweeping account of the sources of inequality across the world and attempts to uncover and document universal laws about capitalism, social and political organization, and the distribution of resources akin to Thomas Pikketty's Capital in the 21st Century. Deemphasizing the idea that market power or enduring competitive advantages are a symptom of the search for profits in the crucible of creative destruction, Vukovic stresses that, even in the most innovative countries, corporations secure barriers to entry that engender entrenched class stratification. It therefore follows that sealed off elite networks are at the heart of modern, post Malthusian inequality everywhere, both in the developed and developing world. Whether you agree or not, this is a must read! * Victor Menaldo, University of Washington, and Co-founder of the UW Political Economy Forum * 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. * Josip Glaurdic, University of Luxembourg * Vuković's sweeping reimagining of the drivers of economic inequality introduces the notion of elite networks * informal social networks between political and economic leadersas a key mechanism behind the steady accumulation of wealth by small elites in almost all societies. Moving beyond explanation, he identifies concrete steps to advance economic equality through decentralizing reforms. A powerful, compelling combination of theory, history, and data analysis that should reshape how we understand the links between economic and political power.Jacob N. Shapiro, Princeton University * Elite Networks is a powerful and groundbreaking analysis of how privileged groups exploit their positions to secure economic resources. In this wide-ranging tour de force, Vuković shows how political influence pervades every aspect of our economy, underpinning the global rise in inequality. * Ben Ansell, University of Oxford, and author of Why Politics Fails * This is a supremely ambitious and provocative book. It offers a sweeping account of the sources of inequality across the world and attempts to uncover and document universal laws about capitalism, social and political organization, and the distribution of resources akin to Thomas Pikketty's Capital in the 21st Century. Deemphasizing the idea that market power or enduring competitive advantages are a symptom of the search for profits in the crucible of creative destruction, Vuković stresses that, even in the most innovative countries, corporations secure barriers to entry that engender entrenched class stratification. It therefore follows that sealed off elite networks are at the heart of modern, post Malthusian inequality everywhere, both in the developed and developing world. Whether you agree or not, this is a must read! * Victor Menaldo, University of Washington, and Co-founder of the UW Political Economy Forum * Author InformationVuk Vukovi'c 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. Tab Content 6Author Website:Countries AvailableAll regions |
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