Acemoglu, D et al ~ The Rise and Decline of General Laws of Capitalism

Acemoglu, David
Robinson, James A.
The Rise and Decline of General Laws of Capitalism

[In late medieval Venice], the economic power of the most prosperous and well-established families ultimately made it possible for them to block the access of others to political power, and once they thus monopolized political power, they could change economic institutions for their benefit by blocking the entry of other families into lucrative businesses and banning contracts that had previously made it possible for individuals with limited capital to enter into partnerships for long distance trade. This change in political institutions, feeding into a deterioration of economic institutions, heralded the economic decline of Venice.
Yet if the primary threat from the top 1 percent share is political, then the main response should be related to monitoring and containing the political implications of the increase in top-level inequality – not necessarily catchall policies such as wealth taxes. Such policies should be explicitly related to the institutional faultlines of the specific society, and should be conceived in the context of strengthening institutional checks against any potential power grab.
-> they fully disagree with Piketty

About the author

Woitek Konzal

Producer, Consultant, Lecturer & Researcher. I love working where technology meets media in novel ways. Once, I even won an Emmy for digital innovation doing that. Be it for a small but exciting campaign about underground electronic music collectives or for a monster project combining two movies, various 360° videos, 72 ARG-like mini puzzles, and a Unity game, all wrapped up in one cross-platform app – I have proven my ability to adapt to what is required. This passion for novel technologies has regularly allowed me to cross paths with tech startups – an industry and philosophy I am all set to engage with more. I intensely enjoy balancing out my practical work with academic research, teaching, and consulting. Also, I have a PhD in Creative Industries, a M.Sc. in Business Administration, and love to kitesurf.

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