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Social Class and the Spirit of Capitalism

Author

Listed:
  • Matthias Doepke

    (UCLA and Federal Reserve Bank of Minneapolis,)

  • Fabrizio Zilibotti

    (Institute for International Economic Studies,)

Abstract

One of the key social transformations that accompanied the British Industrial Revolution was the economic decline of the aristocracy. Standard theories of wealth inequality cannot explain why the aristocrats, in spite of their superior wealth and education, failed to be the main protagonists and beneficiaries of industrialization. We discuss recent research based on a model of endogenous preferences that is consistent with the demise of aristocracy. (JEL: 010, 040) Copyright (c) 2005 The European Economic Association.

Suggested Citation

  • Matthias Doepke & Fabrizio Zilibotti, 2005. "Social Class and the Spirit of Capitalism," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 516-524, 04/05.
  • Handle: RePEc:tpr:jeurec:v:3:y:2005:i:2-3:p:516-524
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    References listed on IDEAS

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