Das Human-Kapital: A Theory of the Demise of the Class Structure

This paper suggests that the demise of the capitalists—workers class structure was a socio-economic transformation orchestrated by the capitalists in reaction to the increasing importance of human capital in sustaining their profit rates. Physical capital accumulation in the process of industrializa...

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Bibliographic Details
Published in:The Review of economic studies 2006-01, Vol.73 (1), p.85-117
Main Authors: Galor, Oded, Moav, Omer
Format: Article
Language:English
Subjects:
Capital accumulation
Capital investments
Capitalism
Class structure
E25
Economic theory
Education systems
Educational reform
England
European history
Human capital
Income inequality
Industrialization
J24
Marxism
N33
N43
Public education
Social classes
Socioeconomic factors
Steady state economies
Structural capital
Studies
Theory
United Kingdom
Voter behavior
Wealth
Working class
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Summary:This paper suggests that the demise of the capitalists—workers class structure was a socio-economic transformation orchestrated by the capitalists in reaction to the increasing importance of human capital in sustaining their profit rates. Physical capital accumulation in the process of industrialization enhanced the importance of human capital in production and generated incentives for capitalists to support the provision of public education for the masses, triggering the demise of the existing class structure. The implications of the theory are consistent with the voting patterns on England's education reform of 1902.
ISSN:0034-6527
1467-937X
DOI:10.1111/j.1467-937X.2006.00370.x