Elites and economic outcomes

In this short essay, we have summarized a new literature that analyzes the effects of the elite on economics, which is in the school of literature that departs from pure economics and goes on to analyze exogenous factors as psychology, political science and sociology. However, an entire economic history literature has enriched us with a wealth of knowledge on the business elite that we have almost ignored. The literature cited herein seems to show that the structure of this small group called the elite has numerous effects on the world economy. In the opposite direction, globalization will also affect the elite, as we are now facing a globalization of education of the elite. In its first wave, globalization of education will probably create a new collection of elites and elicit some changes, yet the unity and uniformity of the elite will be even greater, not only at the national level, but also at the global level. National elites will be replaced with a worldwide elite, along with uniformity in culture and education. We will face an international technocratic elite with its own norms, ethos, and identity, as well as its private clubs like the Davos World Economic Forum - a transnational oligarchy.