Rent-Seekers, Profits, Wages and Inequality The Top 20%
“This is an original account of two of the most important social trends today: rising income inequality and declining class mobility. Underlining the contemporary relevance of classical economics and sociology, the authors show how rent-seeking has
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The Top 20%
Péter Mihályi Iván Szelényi
Rent-Seekers, Profits, Wages and Inequality
Péter Mihályi · Iván Szelényi
Rent-Seekers, Profits, Wages and Inequality The Top 20%
Péter Mihályi Department of Macroeconomics Corvinus University of Budapest Budapest, Hungary and Central European University Budapest, Hungary
Iván Szelényi Yale University New Haven, CT, USA and New York University Abu Dhabi, UAE
ISBN 978-3-030-03845-8 ISBN 978-3-030-03846-5 (eBook) https://doi.org/10.1007/978-3-030-03846-5 Library of Congress Control Number: 2018961185 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG, part of Springer Nature 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © John Rawsterne/patternhead.com This Palgrave Pivot imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
1 Introduction 1 2 Rent in Classical Economic, Social, and Political Theory 25 3 Thirteen Types of Rent in the Globalized World 53 4 Class Reproduction of the Upper Middle Class (Top 20%)
73
5 Stages of Rent-Seeking Under Post-communism 87 6 Rent-Securing by the Nation-States and Rent Destruction by Globalization 103 7 Theoretical and Policy Conclusions 125 Bibliography 139 Author Index 149 Subject Index 153
v
List of Tables
Chapter 1 Table 1 The relative size of income classes based on net household income, in percentage (25 selected EU countries, 2011)
12
Chapter 2 Table 1 An overview of rent theories
49
Chapter 3 Table 1 Different types of rents in the advanced economies
65
Chapter 6 Table 1 The relative Size of natural resource rents in GDP: the most affected countries in 2015 111
vii
CHAPTER 1
Introduction
Abstract This book grew out from a partia
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