The Nice Robber Barons: Elites’ Support in Redistribution as a Seduction Strategy

Author:

Schwarz Mordechai E.1

Affiliation:

1. Open University of Israel

Abstract

AbstractThis article explores why certain classes achieved social rights peacefully while others had to fight and the counterintuitive elites’ support for redistribution. Using the overlapping-generations model platform, I describe the economy as a political confederation of sub-economies defined by different economic horizons and the political process as a recursivebiform contest. I show that the elites’ support for redistribution is aseduction strategyto calm political tension through temporary transfers to lower classes while maintaining the elites’ steady-state social superiority. I provide necessary conditions for political equilibrium and present an application that provides a theoretical basis for Director’s law.JEL classification: C7, D3, D6, H2, I3.

Publisher

Research Square Platform LLC

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2. Acemoglu, D., Naidu, S., Restrepo, P., & Robinson, J. A. (2015). Democracy, redistribution, and inequality. In Handbook of Income Distribution (1st ed., Vol. 2). Elsevier B.V. https://doi.org/10.1016/B978-0-444-59429-7.00022-4

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