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It's less that capital is more important and more that it's inherently more concentrated, and hence, more capable of expressing its political will.

A dynamic pointed out quite explicitly by Adam Smith in Wealth of Nations.




There's an economics term for this, though I'm spacing on the name. It's the same reason the taxi lobby is so strong - it's a subset of 1 issue voters with concentrated financial support of key issues. It's also behind why tax loopholes are so hard to close - a small subset cares a lot, but the masses less so.


There are several. Smith noted Hobbes's truism: wealth is power. You might be thinking of the logic of collective action, Mancur Olsen.


Yes - Mancur Olson it is. Thanks! It's more subtle than just Wealth is Power, as it also explains some counterintuitive results.

https://en.wikipedia.org/wiki/The_Logic_of_Collective_Action


Quite. A personal fave.




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