Oligarchy, democracy, inequality and growth
Bourguignon, François and Verdier, Thierry (2000) Oligarchy, democracy, inequality and growth. Journal of Development Economics, 62, (2), 285-313. (doi:10.1016/S0304-3878(00)00086-9).
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Description/Abstract
This paper analyses the dynamics of inequality, democratization and economic development in a political economy model of growth where education is both the engine of growth and a determinant of political participation. In a context with imperfect capital markets, we investigate the incentives for an educated oligarchy to subsidize the poor's education and to initiate a democratic transition. We characterize the equilibrium patterns of political institutions, income distribution and growth as a function of the initial income and inequalities. In particular, we identify circumstances under which the Elite promotes the endogenous emergence of a middle class for purely political economy reasons. A simple linear infinite horizon framework is then presented. In this setting, we discuss the importance of historical dependence for long-run social stratification and redistribution
| Item Type: | Article |
|---|---|
| Additional Information: | JEL classification codes: O11, O15, D72 |
| ISSNs: | 0304-3878 (print) |
| Related URLs: | |
| Keywords: | inequality, economic development, political economy, redistribution, democratization |
| Subjects: | J Political Science > JA Political science (General) H Social Sciences > HB Economic Theory |
| Divisions: | University Structure - Pre August 2011 > School of Social Sciences > Economics |
| Item ID: | 33483 |
| Date Deposited: | 20 Jul 2006 |
| Last Modified: | 25 Apr 2013 13:17 |
| Contributors: | Bourguignon, François (Author) Verdier, Thierry (Author) |
| Date: | 2000 |
| Additional Information: | JEL classification codes: O11, O15, D72 |
| Status: | Published |
| URI: | http://eprints.soton.ac.uk/id/eprint/33483 |
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