Theoretical Pathways and Research on Elites Flashcards

A collection of vocabulary flashcards covering theoretical pathways, elite structures, market regulations, and sociological concepts related to wealth and power based on the lecture transcripts.

Decisional Power

The form of power used to make specific decisions on contested issues within a hierarchy.

Agenda Setting

A type of power used to control which issues are considered and which are excluded from decision-making processes.

Ideological Power

The ability to influence decisions through the belief in the virtue and legitimacy of a hierarchy.

SNA (Social Network Analysis)

A research pathway used to map the connections and structures of elite groups.

Economic Bifurcation

The process identifying three forces that intensify economic inequality, including the concentration of wealth at the top and higher rates of return on capital than growth.

Working Rich

A group in top income brackets, especially in the USA and UK, generated by an unprecedented surge in labor income.

Grand Tour

A rite of passage across Western Europe for young, wealthy aristocrats that served as an early form of transnational elite education.

Global Cities

Urban areas where elites share the same tastes, schools, and leisure activities, often associated with MBA programs and high carbon footprints.

Field Of Power

A social space where different elite groups (business, state, political, cultural) compete for dominance using various forms of capital.

State Nobility

Elite groups composed of individuals who have advanced through prestigious state education and administrative careers.

Integrated Corporate Elite

A period in Swiss history (specifically 1950 to 1980s) characterized by high cross-sector integration and coordinated committees.

Fragmented Core

The elite structure from the 1990s onward, characterized by less cohesion, fewer broad networks, and actions focused on specific group interests.

Regulatory Capture

A condition where regulators are controlled by the entities they regulate, often leading to decisions that benefit the industry over the public interest.

Cognitive Capture

The process where a regulator adopts the world view and perspective of the regulated industry.

SPVs (Special Purpose Vehicles)

Entities created by banks to hold assets in a way that follows the letter of the law but circumvents the spirit of regulation to lower asset balance sheets.

Celler-Kefauver Act (1951)

A U.S. law that outlawed horizontal and vertical mergers, forcing companies to grow by forming conglomerates through the purchase of unrelated businesses.

Conglomerates

Large firms composed of business units in unrelated fields, necessitating financial management over manufacturing or sales expertise.

Opportunity Hoarding

A concept derived from Weberian social closure where access to economic privileges is limited by exclusionary devices.

Glass Ceiling

The phenomenon where women make up a very small percentage of the top 1%, represent less of the elite than they do the general workforce, and face gender or motherhood penalties.

Homophily

The social tendency for individuals to be attracted to or prefer people who are similar to themselves.

Airport Test

A cultural matching practice in hiring where a recruiter evaluates if they would want to be stuck with a candidate in an airport.

Ideology Of Silence

A pedagogical approach in business schools where faculty avoid taking moral stances, treating business as a value-free environment.

Bodily Capital

The conversion of physical attributes, such as beauty, into economic capital within specific labor markets like VIP nightlife.

Relational Work

A form of labor for models and promoters that obscures the reality of work by framing it as "fun" or rewarding it with gifts rather than formal wages.

Deservingness Narrative

A dominant elite perspective linking wealth to human worth, which is rejected by those who advocate for wealth redistribution.

Radical Transparency

A strategy used by wealthy activists to disclose their financial assets as part of a move toward equality and wealth redistribution.