Economic Elites and Global Shocks

The growing concentration of wealth has drawn greater attention to the study of socioeconomic inequalities. However, key questions about how elites reproduce and adapt to changing contexts, particularly during global shocks, remain scarcely explored. This Special Issue aims to address this critical nexus.

Here, we define global shocks as events that have deflagrating effects on economies and societies. Examples include economic, financial and climate crises; political regime collapses; natural disasters; war; and health emergencies such as pandemics. The impacts of these shocks vary considerably across regions, countries, social classes, and age groups. Since the 2007 to 2008 financial crisis, such events have become more frequent. For instance, the COVID-19 pandemic, which spread globally in 2020, significantly disrupted several global value chains and patterns of social interaction. Similarly, Russia’s full-scale invasion of Ukraine in February 2022 has destabilized international relations, driven inflation, and weakened prospects for economic growth. Meanwhile, the increasing effects of climate change have intensified debates about the sustainability of current economic models and possible countermeasures. These challenges have repeatedly reshaped the political agendas of national governments and international organizations.

Amid these upheavals, social inequalities have worsened. Territorial differences within countries have grown, and social distances have increased through two main dynamics: the impoverishment and increasing vulnerability of the lower classes and the rising wealth of the rich and super-rich. While affluent individuals and economic elites worldwide have expanded their assets, much of the research on global shocks has focused on their socioeconomic impacts on the lower classes. In contrast, the responses and adaptation strategies of the elites remain largely underexplored. Therefore, a deeper analysis on how these elites adapt to or exploit the emerging socioeconomic landscape is essential. The current context, shaped by sudden and disruptive changes, serves as a “natural experiment” setting, offering insights into economic and social trends among the wealthiest segments of society. Furthermore, the interplay between global shocks and the actions of economic elites is crucial to understanding contemporary socioeconomic dynamics. Economic elites often act as key actors in responding to, mitigating, or amplifying the impacts of these shocks, shaping societal trajectories through their resources, networks, and decision-making power. Thus, this Special Issue explores the (re)actions of economic elites in the face of global shocks, providing comparative perspectives across different regions and contexts.

More broadly, this Special Issue aims to bridge two fields of study: social stratification and political economy. In social stratification, research inspired by Weberian approaches has revisited the relationship between class and status-group membership, offering valuable insights for studying economic elites. Economic elites, in fact, constitute a distinctive social group due to their small size and the exceptional level of the resources they control. Given these unique features, economic elites are often studied using a combination of analytical tools designed to investigate various types of social aggregates, such as classes, status groups, power and influence groups, and lobbies. In political economy, the focus lies on understanding how individual and collective actors operate within institutional frameworks at both national and local levels, within the context of contemporary capitalism, characterized by globalization and financialization. By integrating these perspectives, this Special Issue seeks to provide a comprehensive framework for analyzing how economic elites navigate and influence the socioeconomic challenges posed by global shocks.

The special issue consists of six articles.

In their opening paper, Economic Elites and Global Shocks: A Conceptual Mapping, Magda Bolzoni, Joselle Dagnes, and Luca Storti examine the economic elites’ adaptation to global shocks from a theoretical standpoint, focusing on various types of adaptive behaviors. Through this lens, the article then investigates two key dimensions of elite behavior. First, it explores how elites maintain legitimacy and social acceptance amid rising inequalities by employing strategies of denial or justification, to preserve their social position. Second, it analyzes their evolving spatial practices, such as land acquisitions in desirable natural locations and the establishment of exclusive enclaves, which influence socio-spatial configurations. By linking these adaptive behaviors to broader societal dynamics, the article contributes to understanding elites as active agents who shape, rather than merely respond to, global shocks.

Mark S. Mizruchi’s article, Elite Fragmentation in the United States: Global or Domestic Phenomenon?, examines the American corporate elite—leaders of major U.S. corporations—from the post-World War II era to the present, highlighting how domestic and international forces have both constrained and enabled their actions. While U.S. corporations thrived on the country’s post-war dominance, their activities were limited by the Cold War, an active federal government, and a strong labor movement. The 1970s brought increased global competition and domestic turmoil, leading to a decline in U.S. power and a conservative shift among corporate leaders. Therefore, linking recent fragmentation and conservatism to the end of the Cold War and globalization does not fully explain the changes in the U.S. corporate elite. The article provides a detailed analysis of how both global and domestic shocks shape elite cohesion and political strategies, aligning closely with the focus of the Special Issue.

Lisa A. Keister and Hang Young Lee’s article, Global Financial Shocks and American Elites: Income and Wealth of the One Percent in the United States, 1989–2022, provides an empirical analysis of how the U.S. economic elite responded to the COVID-19 pandemic. While prior research has documented U.S. elite incomes and wealth before 2019, the impact of recent economic shocks, such as the COVID-19 pandemic, remains insufficiently addressed. Using data from the 1989 to 2022 Survey of Consumer Finances, this study examines changes in income sources (e.g., wages, business, capital), wealth components (e.g., real estate, financial assets), and demographics (e.g., age, education) of the top 1%. It also investigates the “double-rich”—households with both top incomes and top wealth. The findings reveal shifts in resource distribution and highlight the role of global processes in shaping U.S. economic inequality.

Jody Agius Vallejo’s contribution, Racist Policy Shocks in the U.S. and Latino Elites’ Identities and Actions: Prop 187, SB 1070, and Trump’s Racism, analyzes how racist and exclusionary immigration policy shocks—such as California’s Prop 187, Arizona’s SB 1070 in the 2010s, and Trump’s anti-immigration rhetoric and policies—impact the ethnic identity and philanthropic actions of Latino economic elites. Drawing on interviews with 65 upper-middle and upper-class Latinos, Vallejo argues that such policies create enduring shocks, influencing institutions, daily life, and public opinion over time. These “racist policy shocks” not only provoke immediate political protests and reinforce ethnic identity but also foster long-term ethnic solidarity and inspire actions aimed at uplifting Latino communities. The study highlights how personal factors, such as growing up in low-income neighborhoods and facing discrimination, interact with a hostile political climate that frames Latinos as threats, solidifying a collective sense of ethnic responsibility among Latino elites.

Alice Krozer and Alonso Pi’s study, Solving Inequality by Acculturating the Poor? Mexican Elites’ (Un)faltering Adherence to Education Under Changing Social and Political Conditions, examines Mexican economic elites’ views on education and whether these perspectives shifted in response to two major shocks: the federal government’s change in social policy discourse under President López Obrador and the transition to virtual learning during the COVID-19 pandemic. The study focuses on how elites perceive education’s role in a country characterized by high poverty, limited social mobility, and significant inequality. Considering education as both a driver of social mobility and a tool for elite reproduction, the analysis explores how elites view education as a solution to social challenges and as a means of maintaining their status. The findings reveal that while their core narratives remain intact, their tone has adapted to these recent shocks.

Elisabeth Schimpfössl’s article Wartime “Oligarch-Washing” by the West: Cancellations and Rehabilitation of Russian Elites in the Context of Global Shocks analyzes the interaction between Western elites and Russian oligarchs during a unique global shock, such as the geopolitical conflicts arising from war. The economic fallout from Russia’s invasion of Ukraine, in particular, has significantly discredited Russian economic elites. However, such cancellations are often temporary, and this one is likely to follow the same pattern. Schimpfössl introduces the concept of “oligarch-washing” to describe how Western elites initially distance themselves from oligarchs, only to later reintegrate them. The article explores how this process allows elites to restore their credibility and authority. Through unconventional data collection methods, Schimpfössl examines the effects of crises on oligarchs and the responses of global elites, providing insights into the strategies reintegrating Russian oligarchs into Western economies and social spheres.

Together, the articles of the Special Issue deepen our understanding of how elites adapt and evolve in response to global shocks, demonstrating their ability to maintain societal dominance even during periods of significant uncertainty, as well as their ability to take advantage, or even shape, such transformations. By highlighting these adaptive strategies, the articles underscore the deeply entrenched socioeconomic inequalities that characterize contemporary capitalism. Furthermore, this Special Issue calls for further research into the complex interplay between abrupt changes and elite power. These analyses, in fact, can provide scholars with valuable insights into the influence of elites in an increasingly unstable world.