Economic Elites Research Articles

Global Financial Shocks and American Elites: Income and Wealth of the One Percent in the United States, 1989 to 2022

Extreme levels of inequality have drawn increasing attention to those at the top of the income and wealth distributions, and the United States is home to some of the world’s most affluent and influential households. A robust literature on economic elites in the United States documented details about their incomes and wealth prior to 2019, but it is unclear how recent economic shocks affected their financial resources and the distribution of income and wealth among U.S. households more broadly. We contribute to the literatures on elite households and global political economies by exploring the association between the global economic shock that accompanied the coronavirus 2019 disease (COVID-19) pandemic and U.S. income and wealth. We use data from the 1989 to 2022 of Consumer Finances (SCF) to provide details regarding changing inequality and the incomes and wealth of the top one percent of households. We explore changes in income sources (e.g., wage, business, capital) and wealth components (e.g., real estate, financial assets) to identify reasons for changing resource composition. We study how the demographics—age and education—of the one percent have changed, and we also explore whether the double-rich—those with both top incomes and top wealth—have changed. Our results are among the first to document the current concentration of economic resources in the United States and underscore the need to incorporate global processes in understanding inequalities in major economies.

"Identity politics" is economic policy.

In the wake of the November 2024 US election, several commentators have suggested that the US Democratic Party abandon its commitment to so-called "identity politics," which they identify as elitist, condescending, and divisive. They argue that rather than focusing on these "cultural" issues, progressives should prioritize economic concerns. Yet identity politics, at a fundamental level, is driven, and dominated, by economic concerns. Growing bodies of social science evidence make increasingly clear how identity politics-in terms of ensuring equal rights for minorities and women in the workplace and in the world and in terms of affirmative action to ensure equity of opportunity-is good economic policy. Opposition to identity politics is often built not by the culturally and ethnically diverse working class who benefit but by lower-ability economic elites who feel that their advantage is under threat. By making it harder for such entrenched elites to retain power, affirmative action may actually improve both the quality of individuals promoted in an ostensibly meritocratic system and overall economic outcomes.

Marrying a Billionaire: Studying US American billionaires’ family biographies using the Forbes World’s Billionaires List, 2010–2022

Abstract Despite the recent findings on the inequality-increasing effect of homogeneous marriages, the growing body of literature on ‘the super-rich’, has missed out on illuminating contemporary global wealth inequality levels from a marital choice perspective. Not much is known about family formation at the top of the wealth distribution. By combining Forbes billionaires rich list data and billionaires’ Wikipedia articles with qualitative data, the paper presents a unique dataset capturing all US American billionaires (n = 948) and their spouses. The results suggest deeply ingrained traditional role allocations in billionaire couples. Female billionaires appear to be more likely to have a partner in the same upper-class fraction than male billionaires, who appear to be more liberal regarding their spouses’ class positions. By shedding light on the unique marriage demographics of the super-rich, the paper supports the importance of dynasty-making family strategies and social closure for understanding the economic elites of our times.

MEDIA OBJECTIVITY IN ECONOMIC NEWS REPRESENTATION: AN ACTUAL APPROACH

The subject of media objectivity in the representation of economic news is a multidimensional problem, given the significant impact of information on economic behavior and perception of both individuals and society as a whole one. In the context of global digitalization, the increasing influence of political and economic elites, the mediatization of the economy and the broadcast of news through social networks, where algorithms amplify bias by promoting sensational content, the objectivity of the media is often put into question. Maintaining the reliability of information requires a comprehensive approach that includes not only technological and economic subjects, but also attention to ethical and moral principles. This article points to the main aspects of the objectivity of economic journalism by the means of the analysis of the works written by modern researchers within the framework of scientific discourse.

False news claims as media criticism: Situating 1930s-1940s U.S. progressive critiques of “falsehood in the daily press”

Widespread claims charging news media with intentionally presenting false information to advance a political agenda are commonly understood as a recent phenomenon driven by the rise of right-wing populism. This article unpacks the prominence of charges of false news in the 1930s and 1940s United States among progressives who identified the commercial press as a powerful conservative force working on behalf of economic elites and against progressive movements. It argues that liberal and left critics deployed claims of falsehood in news as they sought to convince audiences that dominant news institutions were unworthy of their trust, underscore the importance of alternative media, and promote reform of newspaper industry labor practices. Bringing a case study from an illustrative past moment into conversation with recent work on post-truth politics and journalistic authority, this article contributes to the literature on “fake news” as media criticism.

Can Powerful Dictators Escape ‘The Market as Prison’? The Case of Pension Privatisation in Pinochet's Chile

Abstract The central role of economic elites in shaping public policy in Latin America has become increasingly clear. Yet most of the recent literature on the subject focuses on democratic contexts. This paper analyses pension privatisation in Chile as a case study for improving our understanding of business–state interaction in authoritarian contexts. Globally, the 1981 pension reform carried out during the Pinochet dictatorship became an example for pension privatisation elsewhere. Analysis of the policy-making process, based on novel empirical material, shows that from 1973 financial groups accumulated growing power which enabled them to first (a) defeat their opponents within the economic elite, (b) overpower their rivals within the state and, finally, (c) force Pinochet into passing pension privatisation legislation. Our results stress the need to include the study of different actors’ power resources – along with ideological issues and the regime structure – in attempts to understand the outcome of policy processes in authoritarian contexts.

Things will have to change? Analysing the Spanish transition to democracy from an elite perspective

ABSTRACT Authoritarian elites may play an essential role in transitioning democracies, but little is known about the fate of these elites beyond that of the top leaders. This article offers the first panel-data study of authoritarian elites in a transitional democracy. We focus on Spain, a paradigmatic case of successful democratization from above, and rely on an original dataset to measure quantitatively the professional careers of more than 600 members of the Francoist elites in Spain. We have measured the relative importance of each job that members of Francoist elites had before and after the democratization process, gathering information on more than 5,400 jobs over 50 years. Our results suggest a positive relationship between the individual’s position during the dictatorship and the democracy. While there was a change in the importance of Francoist political elites after the transition, economic elites were barely affected by the transition to democracy. For that reason, natural death and retirement were the most common reasons behind their disappearance from the spheres of power.

ИЗ ПОЛИТИЧЕСКОЙ БИОГРАФИИ ХОСЕ АНТОНИО ПАЭСА: ОКОНЧАТЕЛЬНЫЙ РАЗРЫВ ПАЭСА С СИМОНОМ БОЛИВАРОМ

The article examines the events of 1828–1830 in Latin America. In 1828 Geneeral Paez participated in the suppression of the uprising against Bolivar Admiral Padilla and Santander, who were fighting for the separation of New Granada from Venezuela, but separatist tendencies in the ranks of the economic elite of most departments also intensified in Venezuela, forcing Bolivar to assume extraordinary, in fact, dictatorial powers in order to preserve the political unity of the liberated territories of Latin America America. Bolivar’s ideas to create a common confederation of all former Spanish colonies in South America did not receive the support of traditionalists, among whom Paes turned out to be. After the defeat of the Padilla uprising and Santander’s removal from power, Bolivar was attacked by the press and politically accused of establishing a dictatorship in both New Granada and Venezuela. Representatives of the Venezuelan elite asked Paes to lead the movement for the secession of Venezuela and the creation of an independent state In 1830, the National Assembly, taking advantage, among other things, of the liberal legislation of the federation and personal decrees issued by Bolivar, declared the independence of Venezuela with President Paez at the head.

From a national elite to the global elite: Possibilities and problems in scaling up.

This research note highlights emerging findings that speak to the challenges of joining the transnational elite, particularly for those coming from the Global South. For a longitudinal study of wealth inheritors becoming more transnational via their educational paths, we spoke with 16 young people who were all in their early 20s and primarily from economic elite families in the Global South. Some participants had clear ambitions, while others were less sure about their future, wondering where they should move and what they should do when they got there. Their various narratives reveal that underlying the possibilities and problems of where to locate themselves was our participants' access to different constellations of economic, social and cultural capital, as well as their race, citizenship and 'home' country's geopolitical situation. Their parents' ambitions that they become part of a global elite remained in most cases largely unfulfilled-despite a significant economic investment in their secondary and university educations. Only a small minority of our participants aspired to and/or were able to secure such transnational futures.

Comparing countries, exporting classifications, surpassing methodological nationalism: Class, gender, and education gaps in and between France and Portugal

The ‘globalization turn’ in the sociology of class has led to the resurgence of studies comparing social classes in Europe over the past 20 years and to question the methodological nationalism of the class analysis. But it has also paid little attention to the selection of the most appropriate empirical tools for quantifying class in a comparative approach. This article explores the links between occupations, class structures, and countries by applying the French and the Portuguese occupational classifications to both countries. France and Portugal are an especially suitable pairing for comparative study because social class and inequalities are central to sociological research in both countries, and their divergent intellectual histories produced different tools for quantifying social stratification. The Portuguese classification, which attaches great importance to the ownership of capital, helps to understand the diversity of the class position of the self-employed and the structure of the economic elites. The French classification, based on employment status and qualifications, highlights the role of diplomas and the public/private divide. Ultimately, the Portuguese social structure appears to be more polarized than the French one. This cross-national and cross-classification comparison brings to light features of the social structures of the two countries and the contrasts between them that would have remained a blind spot if we had used an international classification. Paradoxically, these national classifications help to overcome methodological nationalism and ethnocentrism.

The Relationship Between Economic Elites and Military Coups: Case of Türkiye

The political and economic history of Türkiye over the past century has been deeply influenced by a series of military coups, notably those of 1960, 1971, 1980, and 1997. These coups profoundly reshaped the country's political landscape and economic structure. This study investigates the research question: How have military coups in Türkiye protected and strengthened the interests of economic elites while shaping the power dynamics between economic, military, and political elites? Employing elite theory as its analytical framework, the research adopts a qualitative, interpretive methodology to explore the interactions between these elite groups. The findings reveal that military interventions have consistently acted as mechanisms to safeguard the interests of economic elites, enabling them to preserve and expand their economic power. In return, military elites solidified their authority through alliances with economic elites, often facilitated by neoliberal policies and structural reforms. The study highlights how these coups not only reinforced capitalist dominance but also entrenched the interdependence of military, political, and economic power in Türkiye. Furthermore, it demonstrates that the socio-economic and political transformations triggered by military interventions had consequences, aligning the country's economic policies with the interests of large capital groups while marginalizing broader social segments. By situating Türkiye's military coups within a comparative context, the study provides insights into the relationship between elite power structures and political economy.

Development of the labor market in the context of global transformations

Most countries have adopted a more liberal policy to socialize public relations under the influence of neoliberalism and lobbying by economic elites to strengthen the role of market mechanisms and citizens’ entrepreneurial activity. The nature, scale, sequence, and strategy of economic and social reforms in each country have their specifics. Today multi-vector and large-scale changes are taking place in social and labor policy, and they do not always have an internal logic. The study assesses prospects for the development of the labor market in the context of global transformations. Within the framework of this study, the collected information was processed gradually. Data processing was modified during the study phase. At the first stage, data processing results were used to determine total and non-farm self-employment for two groups of countries with developing economies and estimate the scale of vulnerable employment. At the second stage, indicators were identified that characterize various categories of economically active population that belong to the precariat. At the third stage, the authors analyzed data on non-standard forms of employment. The authors assumed that these forms have a right to exist and will be implemented more often. There is an imbalance between standard and non-standard forms of employment. Further research should consider the transformation of labor from material and intangible dominants to creativity.

Impact of populism and economic policy on state growth: A systematic literature review

This research systematically reviews the relationship between populism and economic policies, analyzing their impact on state development and growth. It is the first study to comprehensively examine the interaction between these two concepts through a systematic literature review. The review process adhered to the PRISMA protocol, utilizing the Scopus, EBSCO, and Web of Science databases, covering the period from 2012 to 2024. The findings reveal a deep interconnection between populism and economic policies, with significant implications for governance and socioeconomic well-being. The review identifies that neoliberal populism combines pro-corporate elements with populist rhetoric, favoring economic elites while presenting itself as beneficial for the “people.” Additionally, it underscores that neoliberal globalization has facilitated market liberalization but also increased inequality and undermined national sovereignty. The review concludes that while populism may offer quick fixes to immediate economic issues, its simplistic and polarizing approaches can be counterproductive in the long term. Thus, there is a critical need to reevaluate and reformulate economic and governance policies to balance global economic integration with the protection of citizens’ rights and well-being.

The Infrastructure of Domestic Influence Operations: Cyber Troops and Public Opinion Manipulation Through Social Media in Indonesia

Coordinated influence campaigns on social media have become an increasingly important tool for political and economic elites to sway public opinion in their favor. As the study of this phenomenon has so far largely focused on traces of such campaigns on social media itself, we know relatively little about the people and networks implementing them. Furthermore, existing literature offers limited analytical handles to delineate and analyze different forms of influence operations. To address these challenges, we employ interviews with fifty-two members of the “cyber troops” implementing such operations in Indonesia. On the basis of this material, we propose that three key features—being secretly funded, highly coordinated, and involving mostly anonymous accounts—distinguish cyber troops from other types of domestic influence operations. In Indonesia cyber troops involve transient, project-based collaborations among freelancing individuals, not coincidentally mirroring the character of the country’s election campaigns. This rapidly growing industry is cementing the already oligarchic character of Indonesia’s democracy.

Guns better than education: political economy of defence, radical education policies, textbooks, and teachers’ outlook in Pakistan

ABSTRACT The proliferation of religious radicalism within Pakistani education has sparked increasing concern, with significant implications both locally and globally. Current scholarship has primarily focused on education policies and textbooks, often overlooking the complex entanglement between the political economy of defence, the influence of military and economic elites, and the particularisation of radical national and religious narratives. This article uses qualitative methods and purposive sampling to explore how these intertwined forces have radicalised education policies and school textbooks. The research reveals a deep historical nexus between the military apparatus, religious groups, and the state’s educational agenda, fuelling radical ideologies among public schools and madrassah (religious school) teachers. The article elucidates how these power structures have shaped educational discourse in Pakistan by examining this entanglement through the lens of Foucauldian governmentality. The findings underscore the critical societal implications of understanding these dynamics, particularly given teachers’ significant role in shaping students’ worldviews. This study offers valuable insights for international policy analysts, educators, and scholars concerned with the intersection of defence, politics, and education.

Más allá del partido: empresarios, tecnócratas y agentes políticos en los gabinetes ministeriales dominicanos

Objective/context: This study analyzes the partisan connections of individuals who attain ministerial positions in the Dominican Republic, identifying the influence of political parties, economic elites, and technical profiles in the formation of presidential cabinets. Methodology: Following the typology proposed by Camerlo and Castaldo, we categorize the partisan profiles of the governments of the Dominican Liberation Party (PLD) from 2016 to 2020, and the Modern Revolutionary Party (PRM) from 2020 to 2024. This aims to characterize their internal variation in scenarios of low formal institutionalization that are not captured by traditional dichotomous classifications. Conclusions: The heterogeneity in the influence of party leadership illustrates how Dominican parties diverge from the party government model. The predominance of non-partisan profiles in the core planning ministries, along with the presence of politician- businessmen in the rest of the portfolios, highlights the risk of political capture in this country. Originality: These results call into question the influence of the party as the center of power in dominant presidentialism.

Elite persistence and inequality in the Danish West Indies, 1760–1914

The issue of how elites as a social group form, maintain their position, and influence the society they control is central to the debate on inequality. This paper studies one of the most extremely unequal societies ever recorded — the sugar-based economies in the West Indies — by focusing on the island of St. Croix in the Danish West Indies and examines the emergence and persistence of its economic elite. The study relies on a novel dataset that covers the entire population of the island over 154 years, allowing for a long-run analysis of elite persistence and the effects of significant economic, institutional, and social changes. Our study shows that elite persistence remained high in global comparison throughout the period of interest, despite several 'critical junctures'. These junctures only had a temporary effect. We contend that this result can be attributed to three mechanisms of persistence: inheritance, institutional co-optation and limited franchise. Finally, we find that although the Crucian elite maintained its relative standing, it came at the cost of severe impoverishment in absolute terms.

La dinámica del endeudamiento externo argentino y el rol de los grupos económicos en la demanda de divisas, 2015-2022

This work focuses on the central role that local economic groups played in the demand for foreign exchange in the period 2020-2022 and how this conditioned the accumulation of reserves - and thus economic policy - during the A. Fernández government (2019-2023) in Argentina. To accomplish this task, this study examines the main milestones of private debt in Argentina since 1976 and its relationship with public debt. Particular attention is paid to the administration of M. Macri (2015-2019) and the subsequent evolution of debt sustainability. Using the database of large companies (economic elite) collected by the FLACSO's Economy and Technology Division and the creation of a new database on the issuance of negotiable debt securities based on information from the National Securities Commission, we analyze the importance of large local economic groups in borrowing in the period 2015-2022 and the demand for foreign exchange in the period 2020-2022. One of the main conclusions of the paper is that in the context of the dollar shortage (2020-2022), the national government has allowed the cancellation of external obligations by the non-financial private sector, which has further influenced macroeconomic policies during this period. This was mainly a result of the local economic groups' strategy.

Concerted Cultivation from Afar: Wealthy Chinese Families and Their Children at Swiss International Boarding Schools.

Situated in the literature on China’s economic elites and Early Study Abroad, the study employs interviews to explore how wealthy Chinese families cultivate their children through schooling at Swiss international boarding schools. It reveals their approach to education as extending beyond academics and strategies for concerted cultivation from afar. By focusing on the parenting of the wealthy, it thus adds to the discussion on concerted cultivation, highlighting the lack of class anxiety and pivotal role of economic resources in such practices.

The politics of direct taxation in Chile, 1870s-1890s: ¿“será defecto de la raza”?

AbstractThis article deals with a fiscal reform implemented in Chile during the late 1870s, when the country was suffering a severe economic and fiscal crisis, on the eve of the War of the Pacific. In 1879, the Chilean government introduced a new set of direct levies, taxing inheritance, income and wealth, despite the historic resistance of most of the economic elites to direct taxation in a highly unequal society. The process also shows that not all the economic elite avoided direct taxation. Despite other challenges faced by any developing country in extracting taxes from its population (e.g. lack of both proper information and human capital), during c.1879-1884 collection of these new direct taxes was successful, mainly on account of the improved extractive capacity built up during the preceding decades. Yet, by the mid-1890s all direct taxes (new and old) had been either derogated or transferred to local government (in some cases after being modified). Once again, Chilean central government depended entirely on indirect taxes, with export duties on nitrate being the most important. Nitrate provides a good example of an export boom shaping taxation for the worse; rather than increasing and diversifying the sources of revenue, a dominant sector of the Chilean economic elite decided to stop paying direct taxes and to make the state entirely dependent on the cycles of the international economy. However, some members of the economic elite, although defeated in their purpose, were aware of the wide range of benefits of keeping direct taxation: social justice, financial health and less vulnerability to trade cycles. Unfortunately, the balance of power favoured elite groups with enough power to hinder direct taxation.