Wealth Benefits Research Articles

Mortality Differences by Partnership Status in England and Wales: The Effect of Living Arrangements or Health Selection?

This article investigates the relationship between partnership status and mortality in England and Wales. Using data from the Office for National Statistics Longitudinal Study for the period between 2001 and 2011, we examine whether married people have lower mortality levels than unmarried individuals; whether individuals who cohabit have mortality levels similar to those of married or single persons; and how much the fact that married couples live with someone rather than alone explains their low mortality. Our analysis shows first that married individuals have lower mortality than unmarried persons. Second, men and women in premarital unions exhibit mortality levels similar to those of married men and women, whereas mortality levels are elevated for post-marital cohabitants. Third, controlling for household size and the presence of children reduces mortality differences between married and unmarried non-partnered individuals, but significant differences persist. The study supports both protection and selection theory. The increase in mortality differences by age between never-married cohabitants and married couples is likely a sign of the long-term accumulation of health and wealth benefits of marriage. Similar mortality levels of cohabiting and married couples at younger ages suggest that healthier individuals are more likely to find a partner.

Spectacular Wealth: The Festivals of Colonial South American Mining Towns by Lisa Voigt

Reviewed by: Spectacular Wealth: The Festivals of Colonial South American Mining Towns by Lisa Voigt Ricardo Padrón Lisa Voigt. Spectacular Wealth: The Festivals of Colonial South American Mining Towns. U of Texas P, 2016. 225 Pp. IN THIS CAREFULLY RESEARCHED AND THOUGHTFULLY CRAFTED BOOK, Lisa Voigt makes a compelling case against José Antonio Maravall’s argument that civic festivals were among the key practices used by church and crown to direct the culture of the Hispanic world during the Baroque period. According to Maravall (and others), such festivals rehearsed the triumph of civilization over barbarism, Christianity over paganism, and Spain over its various ethnic and racial others, thereby serving to impress the masses with the majesty of the Crown or the truth of the Faith. Voigt overturns this argument by carefully examining a series of printed descriptions of religious and secular festivals held in the colonial Latin American mining towns of High Peru and Minas Gerais. According to her, celebrations of Corpus Christi, official entrances of secular and ecclesiastical officials, and other such festivals did not speak with a single voice, but with many. The people responsible for them as sponsors and participants of various kinds did not just hear the commanding voice of God or king and submit to it, but also found ways to express their own agendas and identities as criollos, Amerindians, and Africans. The book is divided into two parts of two chapters each, with a separate introduction and conclusion. Part 1 deals with criollo patriotism in festival descriptions, with chapter 1 focused on the festivals included in Bartolomé Arzáns de Orsúa y Vela’s Historia de la Villa Imperial de Potosí (1737), and chapter 2 on Simão Ferreira Machado’s Triunfo Eucharistico (1734) and the anonymous Aureo Throno Episcopal (1749). In each chapter, we see how these texts celebrate the identities of the criollo elites of mining boomtowns, often against metropolitan aspersions. Arzáns, for example, uses his accounts of Potosí festivals over the course of a century to defend creoles against metropolitan arguments that the inhabitants of the Americas were less sophisticated, intellectually and culturally, than their European counterparts. The Portuguese texts, meanwhile, portray the mining towns of Minas Gerais as centers of piety and devotion, thereby answering to the claim of metropolitan [End Page 235] discourse that their locations in the far reaches of the empire meant that they lacked the piety of Portugal. Part 2 is probably the more interesting of the two, insofar as it involves greater interpretative challenges. In chapter 3, Voigt returns to Potosí and Arzáns, but adds Diego Mexía de Ferangil’s El Dios Pan (early seventeenth century) to the mix; in chapter 4, she returns to Minas Gerais, Machado, and the Aureo Throno. In returning to these texts, Voigt’s goal is to examine how Amerindians in Peru and Africans in Minas Gerais appropriated civic festivals for their own ends. Baroque civic festivals putatively included Amerindian or African participants in order to enact the submission of subject populations to king and church, but Voigt demonstrates that subaltern groups were able to inhabit these roles in ways that converted them into celebrations of Amerindian or African identity. She does so by reading against the grain of the criollo narrative, fastening onto places where subaltern agendas peek out through the overt rhetorical program, using comparisons with relevant archival material and ample references to the secondary literature to tease them out. This reviewer was most interested in the discussion of mulattoes in Carijó costumes, which made them look like Tupinamba Indians and African kings at the same time, allowing their performance to mean different things for different publics. Like Writing Captivity in the Early Modern Atlantic, Voigt’s first book, Spectacular Wealth benefits from the author’s rare ability to move capably and easily between the Spanish and Portuguese speaking worlds. Brazil and Bolivia receive equal attention. As a result, we learn how the same practices of performance and inscription characterize the Iberian Baroque on both sides of the line of demarcation. We also observe fascinating parallels between Amerindian and African festival participation, something that would hardly be possible if the argument did not...

Assessment of health burden caused by particulate matter in southern China using high-resolution satellite observation

As the major engine of economic growth in China, the Pearl River Delta (PRD) region is one of the most urbanized regions in the world. Rapid development has brought great wealth to its citizens; however, at the same time, increasing emissions of ambient pollutants from vehicles and industrial combustions have caused considerable air pollution and negative health effects for the region's residents. In this study, the concentration response function method was applied together with satellite-retrieved particulate matter (PM10 and PM2.5) concentration data to estimate the health burden caused by this pollutant from 2004 to 2013. The value of statistical life was used to calculate the economic loss due to the negative health effects of particulate matter pollution. Our results show that in the whole PRD region, the estimated number of deaths from the four diseases attributable to PM2.5 was the highest in 2012, at 45,000 (19,000–61,000); the number of all-cause hospital admissions due to PM10 was the highest in 2013, reaching up to 91,000 (0–270,000) (excluding Hong Kong). Among the 10 cities, the capital city Guangzhou suffered the most from ambient particulate matter pollution and had the highest mortality and morbidity over the 10years. The cost of mortality in this region was the highest in 2012, at 46,000 million USD, or around 6.1% of local total gross domestic product (GDP). The positive spatial relationship between the degree of urbanization and the particulate matter concentration proves that the urbanization process does worsen air quality and hence increases the health risks of local urban citizens. It is recommended that local governments further enhance their control policies to better guarantee the health and wealth benefits of local residents.

Ativismo judicial e promoção da cidadania: desafios para a efetivação dos direitos sociais constitucionalizados

This article goal is to develop a reflection about the obstacle that interposes the realization of constitutionals concerning social rights in Brazil, therefore inhibiting the extension of citizenship status towards members of all populacional segments. The analyses are supported in socioeconomic and socio-political structural factors that corroborate to limit the instability of form under the law. This strengthening of this study was composed in three topics. The first is made an study of citizenship aspects and its evolution on industrial capitalism, the second topic, held an effort to bring to light the dynamic of Brazilian industrialization process, distinguished as a conservative modernization, where were instutionalized the founding practices of our social, cultural, political and economic unequal structure, that has erected a secular gap between economic good and symbolic dispossessed and the ones that possessed wider access to the benefits of wealth that were collectively produced; Finally, is examined the juridical activism while phenomenon capable of apply feasible meaning to the constitutional founding citizenship maker. The approach adopted focused on bibliographic research, regarding the goal that claim, simultaneously, the juridic-political, economic and sociocultural field. The connections made are settled in detailed analyse and exploratory, supported by a multifocused perspective. The article is concluded by the juridical power being extremely limited in its capacity to promote effective and wide social rights.

The Francis Crick Institute: Scientific Discovery Open to Translation

The UK is rich in discovery science, but not enough of this world-leading science is translated for health and wealth benefits. Over the past several years, strategies have been launched in both the academic and industrial sectors to improve these outcomes. However, in order to make a step change, academia and industry need to collaborate better and in new ways. This article describes the translation strategy for the Francis Crick Institute.

Does Your Home Make You Wealthy?

Estimating the lifetime wealth consequences of homeownership is complicated by ongoing events, such as divorce or inheritance, that may shape both homeownership decisions and later-life wealth. We argue that prior research that has not accounted for these dynamic selection processes has overstated the causal effect of homeownership on wealth. Using NLSY79 data and marginal structural models, we find that each additional year of homeownership increases midlife wealth in 2008 by about $6,800, more than 25 percent less than estimates from models that do not account for dynamic selection. Hispanic and African American wealth benefits from each homeownership year are 62 percent and 48 percent as large as those of whites, respectively. Homeownership remains wealth-enhancing in 2012, but shows smaller returns. Our results confirm homeownership’s role in wealth accumulation and that variation in both homeownership rates and the wealth benefits of homeownership contribute to racial and ethnic disparities in midlife wealth holdings.

Not leaving home: grandmothers and male dispersal in a duolocal human society.

Models suggest that dispersal patterns will influence age- and sex-dependent helping behavior in social species. Duolocal social systems (where neither sex disperses and mating is outside the group) are predicted to be associated with mothers favoring sons over daughters (because the latter are in reproductive competition with each other). Other models predict daughter-biased investment when benefits of wealth to sons are less than daughters. Here, we test whether sex-biased investment is occurring in the duolocal Mosuo of southwestern China. Using demographic and observational data from Mosuo, we show support for both hypotheses, in that 1) males are more likely to disperse from their natal household if their mother dies, but females are not; 2) a large number of brothers increases the likelihood that both females and males disperse, whereas a large number of sisters only increases female dispersal; 3) mothers help daughters reproduce earlier and reduce death risk of daughter's children, but not sons or sons' children; 4) data on multiple paternity show that female reproductive success does not suffer from multiple partners, and in males multiple mates are associated with higher reproductive success, indicating that mothers can benefit from investing in their sons' mating effort; and 5) gift decisions reveal similar kin effects to those shown in the demographic data, with mothers helping adult daughters and adult sons equally, but helping only her daughter's children, not her son's children. Mosuo mothers may invest resources for parental investment in their daughters and their offspring, while investing in their sons mating effort.

Identifying the Winner's Curse in the First Spectrum Auction in the Republic of Korea Using an Event Study Approach

The first spectrum auction in the Republic of Korea is attention‐worthy owing to the fierce competition for the only 1.8‐GHz spectrum license, the winning bidder of which was suspected of overpaying for its acquisition. This study empirically investigates the existence of a “winner's curse” in the first Korean spectrum auction by using a standard event study methodology. The results show that both the winner and loser experienced significant positive returns on the completion day of the auction. The results imply that there was no winner's curse in the auction and that the losing firm might increase its competitive advantage by acquiring other spectrum licenses despite failing to achieve its initial target spectrum. Therefore, these results suggest that regulators may need to consider bringing about positive short‐term wealth benefits to all bidders by appropriately designing a spectrum auction, such as by performing multiband auctions.

International Cross-Listing and Shareholders’ Wealth

This study evaluates the relationship between international cross-listings and shareholders’ wealth across different host markets and across time. For a sample of cross-listings by European companies in the US, in the UK, and within Europe, the findings show that US and UK cross-listings, on average, result in positive cumulative abnormal returns around the announcement of cross-listing. No such evidence exists for the rest of European cross-listings. In addition, the Sarbanes-Oxley Act (SOX) of 2002 affects negatively the wealth benefits of US cross-listings, while wealth creation around UK cross-listings is primarily concentrated in Alternative Investment Market listings rather than Main Market listings. There is no evidence that the introduction of the Euro affects the wealth effects of cross-listings within the Eurozone. Finally, this study provides evidence on the relative importance of alternative theories on the wealth effects of cross-listing, including market segmentation, legal bonding, liquidity, investor recognition, proximity preference, market timing and business strategy theories, after considering the effect of the introduction of the Euro and the adoption of SOX. The results show that significance of the alternative theories varies across host markets and over time.

Faith and money: how religion contributes to wealth and poverty

For those who own it, wealth can have extraordinary advantages. High levels of wealth can enhance educational attainment, create occupational opportunities, generate social influence and provide a buffer against financial emergencies. Even a small amount of savings can improve security, mitigate the effects of job loss and other financial setbacks and improve well-being dramatically. Although the benefits of wealth are significant, they are not enjoyed uniformly throughout the United States. In the United States, because religion is an important part of cultural orientation, religious beliefs should affect material well-being. This book explores the way religious orientations and beliefs affect Americans' incomes, savings and net worth.

Ethnic Variations in the Relationship Between Socioeconomic Status and Psychological Distress Among Latino Adults

This study investigated the association between SES and psychological distress among Latinos. Data were from the National Latino and Asian American Study’s Cuban (N = 577), Mexican (N = 868), and Puerto Rican (N = 495) adult samples. Regression analysis was used to assess the association between SES measured as education, household income, and wealth and psychological distress for three Latino subgroups, respectively. Results indicate that wealth is the most important predictor for all three Latino groups. Cubans, Mexicans, and Puerto Ricans are all disadvantaged on wealth possession and being in debt is associated with more psychological distress for them. The health benefit of wealth is especially significant for Cubans and Puerto Ricans. In contrast with findings in many previous studies, household income is not significantly related to mental health. The finding that only wealth is weakly associated with psychological distress among Mexicans suggests that the Hispanic Health Paradox only applies to Mexicans. Education is strongly associated with distress among Cubans, with college degrees producing the largest protection from mental illness. Findings also indicate that physical health and discrimination are strongly associated with psychological distress independent of the SES measures. This study contributes to an understanding of the health significance of SES among Latinos. It highlights the importance of examining ethnic variations in the association of socioeconomic status and mental health among Latinos and of identifying the mental health impact of various measures of socioeconomic status.

Incentivize the Powerful or Empower the Poor?: Thoughts on John McCormick's <i>Machiavellian Democracy</i>

Incentivize the Powerful or Empower the Poor?Thoughts on John McCormick's Machiavellian Democracy Andrew Rehfeld (bio) On September 16, 2008, US Treasury Secretary Stanley Paulson and Chairman of the Federal Reserve Ben Bernanke held a "closed door meeting" with members of congress at which they shared information about the pending financial crisis. The next day one of those attendees, Congressman Jim Moran, sold off his financial shares in companies that stood to be affected. Because legislators are apparently not forbidden to trade on information gleaned as a result of their insider access, the trade was legal.1 While the political benefits of wealth is well documented through the influence of money on politics, the economic benefits of political power should now be abundantly clear as well. In neither case does the public good seem to be much enhanced. A rising tide may raise all boats, but increasingly it appears that the political and economic elite are simply siphoning off water to play in their own reservoir. As the global economic crises of the past 3 years continue to spread misery to those outside of the top 90% of whatever measure one uses of wealth and political influence, one has to wonder whether our current institutions are really up to the task. In Machiavellian Democracy, John McCormick believes he has found an answer by drawing on Machiavelli's analysis of Rome, Florence, and Venice.2 By McCormick's reading, Machiavelli recognized the usefulness of holding the elite accountable to the non-elite by distributing to them some political offices with the power to sanction elites for their political service. These institutions also served as public reminders that economic and political inequalities mattered even if they were not always readily apparent. [End Page 226] A cogent and provocative analysis, Machiavellian Democracy is a trifecta of political theory, for it uses the history of political thought to discover something about the past with an eye to solving contemporary political problems. To say that McCormick's analysis is well timed is an understatement. Not only has wealth and political power become more concentrated than ever, according to the Brookings Institution, concentrated poverty has also spiked in America, with over 10% of poor Americans living in neighborhoods of extreme poverty, areas in which "40 percent of the population lives below the federal poverty line." While that level is still down from 14% in 1990, it is up from last year and in any case is troubling.3 The economic collapse of 2008 through the more recent "Occupy" movements around the globe has put the oppressive power of economic and political elites back on the mainstream political map.4 The recent US Supreme Court decision in Citizens United that permits the virtually unlimited flow of money for political advertisements could not make these concerns more pressing in the United States.5 As we watch members of the ruling class devise solutions to these global economic woes, one need not be Machiavelli or McCormick to wonder whether foxes are the right ones to guard the hen house. How then to constrain the foxes and put their wiles to the good use of all? McCormick is certainly right that beyond the infrequent election cycles, western democracies have no institutional mechanisms to hold the rich and powerful to account for their work. Votes matter, but can be neutralized and manipulated whether through money for advertisements, redistricting to ensure future electoral success or other rhetorical measures.6 Further, a patina of democratic myths hides the pernicious reality of increasing political and economic inequality. The most familiar of these myths is the inspirational but difficult to realize "American dream;" as pernicious are the stupefying dictums of "one-person-one-vote" and "every vote counts." It is not that people shouldn't have equal votes or that their votes don't count. It is just that, as McCormick emphasizes, equal voting is hardly enough to ensure a "mechanism of elite accountability and responsiveness."7 To remedy the situation, McCormick updates Machiavelli's insights leading, in my view, to the most provocative and imaginative aspect of his work: a call for a People's Tribunate, a small body of 51 citizens randomly...

053 Protection and public health: population evidence from the EU, 1980–2003

ObjectivesTo assess the effect of social spending on population health.DesignMultivariate regression analysis was performed to investigate the relationship between age-standardised cause-specific mortality rates and social spending. Mortality data were collected...

Tackling community concerns about commercialisation and genetic research: A modest interdisciplinary proposal

In recent years, there has been a rise in the creation of DNA databases promising a range of health benefits to individuals and populations. This development has been accompanied by an interest in, and concern for the ethical, legal and social aspects of such collections. In terms of policy solutions, much of the focus of these debates has been on issues of consent, confidentiality and research governance. However, there are broader concerns, such as those associated with commercialisation, which cannot be adequately addressed by these foci. In this article, we focus on the health–wealth benefits that DNA databases promise by considering the views of 10 focus groups on Generation Scotland, Scotland's first national genetic database. As in previous studies, our qualitative research on public/s and stakeholders’ views of DNA databases show the prospect of utilising donated samples and information derived for wealth-related ends (i.e. for private profit), irrespective of whether there is an associated health-related benefit, arouses considerable reaction. While health–wealth benefits are not mutually exclusive ideals, the tendency has been to cast ‘public’ benefits as exclusively health-related, while ‘private’ commercial benefits for funders and/or researchers are held out as a necessary pay-off. We argue for a less polarised approach that reconsiders what is meant by ‘public benefits’ and questions the exclusivity of commercial interests. We believe accommodation can be achieved via the mobilisation of a grass roots solution known as ‘benefit-sharing’ or a ‘profit pay-off’. We propose a sociologically informed model that has a pragmatic, legal framework, which responds seriously to public concerns.

Discussion of Board Share‐Ownership and Takeover Performance

It has long been suggested that one of the principal motivations for takeovers is for shareholder principles to exert control over managerial agents by encouraging the removal of underperforming directors through takeover. Outside shareholders can also try to align interests by encouraging high levels of equity ownership by the directors. With takeover waves during the 1980s and 1990s, and every sign that another sizeable increase in activity is upon us, the Cosh, Guest and Hughes (CGH) (2006) paper is timely. They seek to position the paper in terms of corporate governance issues and investigate acquiring company shareholder and accounting performance for different levels of board and CEO ownership. Essentially, the authors are testing whether board, CEO and outside shareholder wealth creation interests are aligned, so that greater levels of board and CEO share-ownership provide superior corporate performance, and, secondly, if there is a board and CEO ownership point at which improvements cease or diminish as boards and CEOs seek to satisfy other non-shareholder wealth benefits for themselves. The literature is well stocked with theoretical and empirical contributions to this debate within the takeover arena and more generally. Unfortunately, the results in most of the empirical studies are inconsistent. CGH cite seven US studies between 1968 and 1981 which find insignificant shareholder performance differences between high board shareholder and low board shareholder groups. In studies which do find a relationship between board ownership and performance, some studies find one turning point and others two. Often, the turning points are at different levels of board ownership. The US findings are echoed in UK studies and in studies which look specifically at ownership, takeovers and performance. CGH summarise that ‘these [studies] provide mixed evidence in identifying significant ownership impacts.’ So, two worrying possibilities emerge from this. First, the multitude of conflicting results may have led to theory development which suggests alignment and entrenchment to explain an empirical phenomenon which is only found in a minority of studies. Second, the mixed evidence suggests

Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions

This study examines the strategic characteristics and shareholder wealth effects of a popular vehicle for Real Estate Investment Trust growth in the 1990s: the acquisition of a portfolio of properties from a single seller. We examine a sample of 209 REIT portfolio acquisitions during 1995‐2001. We observe a wide variety of financing strategies and find an array of different categories of sellers. Contrary to results reported in real estate transactions of this sort in the past, we find that announcement‐period shareholder returns are significantly positive in the aggregate. We present evidence that excess returns to acquirers result from (1) wealth benefits received when companies reconfirm their geographical focus in the acquisition, (2) positive information conveyed by the use of project‐specific private debt and (3) a positive signal sent to the market when transactions are financed by stock privately placed with financial institutions.

Matriliny as daughter-biased investment

From an evolutionary perspective, matriliny presents a puzzle because men in matrilineal societies transmit wealth to their sisters' sons, to whom they are only half as related as to their own sons. It has been argued that such systems would only maximise fitness under unrealistically high levels of paternity uncertainty. In this paper, we propose that matriliny can arise from daughter-biased investment by parents and/or grandparents. We show that daughter-biased investment is adaptive if the marginal benefit of wealth to sons (compared to daughters) does not outweigh the risk of nonpaternity in sons' offspring. We argue that such conditions will be rare where resource-holding polygyny is prevalent but could otherwise be widespread under even moderate levels of paternity uncertainty. The daughter-biased investment model explains two well-known characteristics of matrilineal descent: (a) matriliny's association with high levels of paternity uncertainty and (b) matriliny's ecological correlates, including its association with horticulture, its rarity in pastoralist and agro-pastoralist societies, and the tendency for matriliny to be replaced by son-biased inheritance during economic development. We present data on wealth, sex, and reproductive success (RS) in two African societies, the matrilineal Chewa in Malawi and patrilineal Gabbra in Kenya, which support the daughter-biased investment theory.

The take-over market for privately held companies: the US experience

The volume of acquisitions involving privately held firms has far surpassed that of publicly traded firms in recent years; yet this segment of the take-over market remains largely unexplored. In analysing the unique features of private target take overs, we compare the mergers and acquisitions markets for unquoted and quoted firms on several dimensions including methods of payment, offer premiums and bidder wealth effects. Our results show that these mergers provide positive share holder wealth benefits for bidders and relatively high premiums for privately held targets. Also, the market's reaction depends on whether it perceives the price paid for the target as too high or too low, a rational response given the sentiment at the time of the announcement.

Stockholder returns and international acquisitions of financial firms: An emphasis on banking

The wealth effects for shareholders of American financial firms involved in foreign acquisitions and also the wealth effects for shareholders of U.S. target firms acquired by foreign concerns are the topics of this study. The findings indicate that stockholders of U.S. bidding financial firms (and its subset of banks) earn neither abnormal gains nor suffer abnormal losses upon the announcement of an acquisition or regulatory approval. On the other hand, stockholders of U.S. target financial firms (and its subset of banks) earn significant abnormal profits at both the announcement of the proposed acquisition and the announcement of regulatory approval of the acquisition. The wealth effects for these two samples are also compared to samples in which both parties to the acquisition are U.S. firms. The research suggests that there is no significant difference in the size of the announcement gains or losses for either stockholders of the target or bidding firms based on whether the acquisition is foreign or domestic. These findings conflict with prior research which indicates that, for firms in general, stockholders of U.S. targets earn significantly greater wealth benefits when they are acquired by foreign firms than by domestic firms. Overall, these results are consistent with a competitive market for acquisitions of financial firms in which buyers do not earn or lose at the announcement of an acquisition, and in which abnormal gains are received only by the sellers.

Community Leadership in Maryland, 1790-1840: A Comparative Analysis of Power in Society.

American democracy has fascinated generations of historians. They have probed its philosophical foundations and the structure of its institutions, but their studies reveal little about those who really wielded power in the formative years of the republic.Employing a sophisticated research design, Whitman Ridgway examines the changing leadership patterns in four diverse communities in Maryland from 1790 to 1840. The results indicate clearly the need to study the American democratic process at the local level. Ridgway selected Baltimore City, Frederick, St. Marys, and Talbot counties -- representing the underlying economic and cultural diversity of one political culture, Maryland -- to evaluate who governed, how these patterns differed from one community to another, and how such patterns changed over time. The research design defines the scope of the study. Ridgway uses the decisional method of analysis, determining who actually made decisions, in order to identify the political leaders. His extensive research in manuscript and newspaper collections, tax and census data, and religious and geneological records gathered information on some 1,300 persons.This study of community power illuminates facets of a democratic society which perplexed Alexis de Tocqueville over a century ago. Ridgway demonstrates that, despite the expansion of popular participation in political affairs, the influence of the wealthy continued to be significant. He shows also how leaders without benefit of wealth or social ties to the oligarchies were able to enter community decision making.In a more modern context, this important book adds to the literature in several ways. Its greatest contribution is methological -- no longer can historians talk about power relationships without studying them directly. The work also compares two important periods, the first and second party eras, normally treated in isolation; and through this comparison it reveals much about democracy, egalitarianism, and power.Originally published 1979.A UNC Press Enduring Edition -- UNC Press Enduring Editions use the latest in digital technology to make available again books from our distinguished backlist that were previously out of print. These editions are published unaltered from the original, and are presented in affordable paperback formats, bringing readers both historical and cultural value.