Articles by Philipp Ager, Leah Boustan and Katherine Eriksson:

Do the Sons of Rich Families Recover After a Large Wealth Shock? Evidence From the US Civil War

One striking feature of many underdeveloped societies is that economic power is concentrated in the hands of very small powerful elites. Why is it the case that some elites show remarkable persistence and even retain their power after major economic disruptions, like civil wars or democratization? The fortune of wealthy white southern households and their sons after the American Civil War is one such case in point.  

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