Competition and circulation of economic elites: Theory and application to the case of Peru
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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- Adolfo Figueroa, 2001. "Reformas en sociedades desiguales. La experiencia peruana," Libros PUCP / PUCP Books, Fondo Editorial de la Pontificia Universidad Católica del Perú, edition 1, number lde-2001-03, November.
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- Zimmerman, David J, 1992. "Regression toward Mediocrity in Economic Stature," American Economic Review, American Economic Association, vol. 82(3), pages 409-29, June.
- 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.
- Solon, Gary, 1992. "Intergenerational Income Mobility in the United States," American Economic Review, American Economic Association, vol. 82(3), pages 393-408, June.
- Adolfo Figueroa, 2003. "La sociedad sigma: una teoría del desarrollo económico," Libros PUCP / PUCP Books, Fondo Editorial de la Pontificia Universidad Católica del Perú, edition 1, number lde-2003-04, November.
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