Research Seminar of International Laboratory for Macroeconomic Analysis: Dmitry Veselov «Wealth Distribution, Political Struggle, and Industrialization: Theory and Evidence»
Dear Colleagues,
International Laboratory for Macroeconomic Analysis invites everyone to join our research seminar on the 01st of December 2022 (Thursday) at 04:00 PM (Moscow).
Speaker: Dmitry Veselov
Theme: «Wealth Distribution, Political Struggle, and Industrialization: Theory and Evidence»
Abstract:
What role does concentrated capital ownership play in the historical process of lobbying for progressive reforms, industrialization, and growth? We propose a novel theoretical framework that integrates a micro-founded public policy contest into a standard two-sector growth model to investigate the role of wealth inequality in determining the outcomes of political struggle for pro-growth reforms.
We show that at the earlier stages of industrialization, places with more concentrated capital ownership are more successful in lobbying for pro-growth reforms. Moreover, the model generates the hump-shaped dynamics of political lobbying intensity, consistent with historical data on petitions to the British Parliament. We calibrate the model on British data from 1350 to 1900, focusing on the dynamics of structural change, inequality between and within social classes, and the intensity of political struggle.
The broader scale anecdotal evidence from the history of European and Islamic countries as well as the quantitative simulations justify the important role of capital distribution in determining the political prerequisites for growth take-offs.
Working language: English
Link: https://us06web.zoom.us/j/89876228693?pwd=aXFoQnA1MHFXKzB3dThMbDNIdmE2Zz09
ID: 898 7622 8693
Passport: 515938
Looking forward to see you.