Social class and the spirit of capitalism

Matthias Doepke*, Fabrizio Zilibotti

*Corresponding author for this work

Research output: Contribution to journalArticle

45 Scopus citations

Abstract

One of the key social transformations that accompanied the British Industrial Revolution was the economic decline of the aristocracy. Standard theories of wealth inequality cannot explain why the aristocrats, in spite of their superior wealth and education, failed to be the main protagonists and beneficiaries of industrialization. We discuss recent research based on a model of endogenous preferences that is consistent with the demise of aristocracy.

Original languageEnglish (US)
Pages (from-to)516-524
Number of pages9
JournalJournal of the European Economic Association
Volume3
Issue number2-3
DOIs
StatePublished - 2005

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

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