This paper focuses on the relationship between capitalism and the decline in democracy in the West over the past quarter-century. Using data from the V-Dem Institute, Freedom House, and the World Inequality Database, a strong correlation is found between inequality, the rise of tech...

This paper examines the potential for automation and artificial intelligence (AI) to induce a broader economic decline, impacting not only labor but also the owners of capital and advanced technology. While automation has traditionally favored skilled over unskilled workers, recent advancements...

2023년에 시작된 하마스와 이스라엘 간의 전쟁은 여러 장기 과정들에 의해 추동되지만, 여태껏 주변적이라고 여겨졌던 새로운 원인, 즉 랍비나트(Rabbinate)*와 이슬람 교회(Islamic churches)의 무장 민병대를 전면에 부각시켰다....

*** You can read, quote, reference and link this working paper, but you cannot reproduce or post it in any form unless permitted in writing by the authors ***** The war that started in 2023 between Hamas and Israel is driven by various long-lasting processes, but it also brings to the fore a new...

Russia's invasion of Ukraine in February 2022 led Western governments to impose extensive sanctions on the Russian economy and the people who maintain the regime - the so-called oligarchs. The enforcement of these sanctions and the manoeuvres of these oligarchs to evade them have created new...

The Russian war of aggression has deepened relations between the EU and Ukraine. This can be seen, above all, in Ukraine’s EU candidate status. Despite the war, Ukraine continues to pursue many reforms, even if their pace has slowed since February 2022. The strong concentration of power in the...

*** You can read, quote, reference and link this working paper, but you cannot reproduce or post it in any form unless permitted in writing by the authors ***** The war that started in 2023 between Hamas and Israel is driven by various long-lasting processes, but it also brings to the fore a new...

Autobauer, die Rekordsummen an Aktionäre ausschütten, dann aber nach staatlichen Hilfen rufen und mit Streichung von Arbeitsplätzen drohen. Luftfahrtunternehmen, die Flugzeuge bauen, die nicht fliegen können und Menschenleben kosten. Ein globaler Überbietungswettbewerb in...

At the end of the Cold War the west imposed economic "shock therapy" on the countries of the former Soviet Union to rapidly turn the communists into capitalists, creating oligarchs. One of the few Africa countries where shock therapy was imposed was Mozambique. Shock therapy was intended to push...

Martial Law exacerbated cronyism and oligarchy by concentrating power into the hands of one political clan. Technocratic industrial policy combined with political anti-oligarch rhetoric spurred the rationalization and liberalization of different economic sectors, with substantial state support...

"To an American, oligarchy is something that happens somewhere else. In Oligarchy in America, Luke Winslow reveals oligarchy's deep intellectual roots and alarming growth in America. The book provides conceptual tools the lack of which have prevented Americans from recognizing oligarchy at home....

This paper develops a model where this is a trade-off between the enforcement of the property rights of different groups. An oligarchic' society, where political power is in the hands of major producers, protects their property rights, but also tends to erect significant entry barriers,...

We develop a dynamic political economy model in which investment in the state capacity to levy taxes and deter crime is a policy variable, and we study the evolution of state capacity when policy is chosen by an elite. We show that democratization in the sense of expansion of the elite leads to...

This paper develops a partial equilibrium model to account for stylized facts about the behavior of oligarchs, politically and economically strong conglomerates in transition and developing countries. The model predicts that oligarchs are more likely than other owners to invest in productivity...

This paper is the 19th Jaime V. Ongpin Memorial Lecture delivered by the author last 21 October 2020. The first section discusses inequality and its double-edged nature with respect to inclusive growth and development. The paper then elaborates on the related features of oligarchy and...

The first ever guide to oligarchs as a global and historical phenomenon. Today, more than twenty oligarchs serve as heads of state or government in countries such as Russia, South Africa, Lebanon, and El Salvador. Many have a net worth in excess of $1 billion, and they all – whether directly...

We study an infinite-horizon multilateral bargaining game in which the status quo policy, players' recognition probabilities, and their voting weights are endogenously determined by the previous bargaining outcome. With perfectly farsighted players, we show that the equilibrium long-run outcome...

Who are the post-Soviet oligarchs? Have they been members of the nomenklatura before 1991? Did they accumulate their initial wealth before or after privatization? To answer these questions, I have compiled an original data set of oligarchs drawing on publicly available biographical data in the...

This paper analyzes the recruitment of executive board members for German sports clubs, an issue of key interest given that volunteers play a dominant role in these sports clubs. Based on a new, micro-level data set, we examine how members of a sports club advance to become executive board...

Based on an original large-N dataset of individual Ukrainian oligarchs and qualitative evidence, this article tests competing perspectives on the political power of big capital. We find, surprisingly, that neither the assumption of direct power by the oligarchs, nor the mobility of oligarchic...

Corporate law and governance scholarship has traditionally focused on understanding the agency costs that result from unresolved conflicts of interest between shareholders and management. This agency problem becomes trivial when corporate ownership is concentrated, as is the case in many...

We examine the decision of wealthy business owners to protect their holdings from expropriation and arbitrary taxation through proxies, shell companies, and offshore firms. Our theoretical framework emphasizes the role of political connections in decisions to obfuscate. Linking information from...

Over the past four decades, the Philippines has achieved significant advances in its growth performance and has undergone a series of transformations in its political, economic and social structures. However, while average incomes have risen, the country’s record in terms of generating quality...

"Oligarchy is a threat to the republic. Joseph Fishkin and William Forbath show that, for most of US history, Americans saw the Constitution as responding to that threat by imposing on legislators a duty to break up oligarchy, block corporate political power, and ensure a broad distribution of...

"This book presents a study of the complex relationship between the Russian state and big business during Vladimir Putin's first two presidential terms (2000-2008). Based on extensive original research, it focuses on the interaction of Russia's political executive with the 'oligarchs'. It shows...