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Oligarchy, democracy, inequality and growth

Record type: Article

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

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Citation

Bourguignon, François and Verdier, Thierry (2000) Oligarchy, democracy, inequality and growth Journal of Development Economics, 62, (2), pp. 285-313. (doi:10.1016/S0304-3878(00)00086-9).

More information

Published date: 2000
Additional Information: JEL classification codes: O11, O15, D72
Keywords: inequality, economic development, political economy, redistribution, democratization

Identifiers

Local EPrints ID: 33483
URI: http://eprints.soton.ac.uk/id/eprint/33483
ISSN: 0304-3878
PURE UUID: 4cc7389c-eb62-48bd-8e10-ba4027d0e940

Catalogue record

Date deposited: 20 Jul 2006
Last modified: 17 Jul 2017 15:52

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Contributors

Author: François Bourguignon
Author: Thierry Verdier

University divisions


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