Is This Time Different? Capture and Anti-Capture of U.S. Politics. The Economists’ Voice 9
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Notice bibliographique
Résumé
Societies are molded by their institutions that determine both their levels of prosperity and how that prosperity is distributed within society. For most of its history the United States has had economic institutions which have been inclusive in the sense that economic opportunities have been open to most, the playing field has been level, and property rights have been secure. The inclusiveness of economic institutions has meant that the United States has been fully able to harness the talent of its citizens who have consequently experienced high rates of social mobility. Take Thomas Edison, the inventor of the phonogram and the light bulb and the founder of General Electric, still one of the world's largest companies. Edison was the last of seven children. His father, Samuel Edison, followed many occupations from splitting shingles for roofs, to tailoring, to keeping a tavern. Thomas had little formal schooling but was home schooled by his mother. He was not an elite or well connected but the economic institutions of the US, like the patent law (he had a world record 1,093 patents issued to him in the US) allowed him to thrive to the benefit of himself and society. Sokoloff and Kahn (1990) showed that innovation, as measured by patenting, in the US in the 19 th century was driven by such non-elites. Obviously economic institutions were not inclusive everywhere in the US. The federal system allowed for institutional divergence within the US and the South had much more extractive institutions, with a tilted playing field in favor of elites and weak or absent property rights for many in society. The slave economy in the US South epitomizes the nature of extractive economic institutions. Instead of opening economic institutions to everyone or allowing social mobility, extractive institutions restrict opportunities to a powerful few and block social mobility. The children of slaves were also slaves, slaves could not own property, had no 1 The concepts and arguments used in this paper borrow heavily from our forthcoming book Acemoglu and
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| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,000 | 0,000 |
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| Méta-épidémiologie (sens large) | 0,001 | 0,000 |
| Bibliométrie | 0,000 | 0,000 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,000 | 0,000 |
| Science ouverte | 0,000 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,000 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,005 | 0,000 |
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