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Competition and circulation of economic elites: Theory and application to the case of Peru

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  • Figueroa, Adolfo

Abstract

This study aims at understanding the behavior of economic elites. To do so, the paper presents a theoretical model of economic elites, which assumes a different behavior of elites for the First World and the First World economies. The paper then examines the empirical data of Peru to see whether they are consistent with the predictions of the theory and, indeed, finds consistency. At this stage of research, the theory of economic elites seems promising for explaining certain facts of the Third World: economic elites do not circulate endogenously; in addition, reforms in the market/state mix of the economy do not induce this circulation. If economic growth depends on the competitiveness of the economy, which in turn depends on more entrepreneurial capitalists, the latter depends, as suggested by the findings of this paper, on the circulation of elites (on the competition in this sphere, a kind of meta-competition).

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Bibliographic Info

Article provided by Elsevier in its journal The Quarterly Review of Economics and Finance.

Volume (Year): 48 (2008)
Issue (Month): 2 (May)
Pages: 263-273

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Handle: RePEc:eee:quaeco:v:48:y:2008:i:2:p:263-273

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Web page: http://www.elsevier.com/locate/inca/620167

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  1. Markusen, James R., 2002. "Multinational Firms and the Theory of International Trade," MPRA Paper 8380, University Library of Munich, Germany.
  2. Mark Granovetter, 2005. "The Impact of Social Structure on Economic Outcomes," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 33-50, Winter.
  3. Solon, Gary, 1992. "Intergenerational Income Mobility in the United States," American Economic Review, American Economic Association, vol. 82(3), pages 393-408, June.
  4. Zimmerman, David J, 1992. "Regression toward Mediocrity in Economic Stature," American Economic Review, American Economic Association, vol. 82(3), pages 409-29, June.
  5. Leff, Nathaniel H, 1978. "Industrial Organization and Entrepreneurship in the Developing Countries: The Economic Groups," Economic Development and Cultural Change, University of Chicago Press, vol. 26(4), pages 661-75, July.
  6. Leff, Nathaniel H, 1979. "Entrepreneurship and Economic Development: The Problem Revisited," Journal of Economic Literature, American Economic Association, vol. 17(1), pages 46-64, March.
  7. Nancy A. Jianakoplos & Paul L. Menchik, 1997. "Wealth Mobility," The Review of Economics and Statistics, MIT Press, vol. 79(1), pages 18-31, February.
  8. Adolfo Figueroa, 2001. "Reformas en sociedades desiguales. La experiencia peruana," Libros PUCP, Departamento de Economía - Pontificia Universidad Católica del Perú, edition 1, number lde-2001-03.
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Cited by:
  1. Mario García Molina, 2010. "Crisis Y Diversificación De Los Grupos Empresariales Colombianos A Finales De Los Noventa," DOCUMENTOS DE TRABAJO - ESCUELA DE ECONOMÍA 007571, UN - RCE - CID.

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