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1、Sustainable Value Creation Fundamental issues for society Global metrics for long-term economic and human deve lopmentELITE QUALITY REPORT 2021 COUNTRY SCORES AND GLOBAL RANKINGSEQx Country Scores6560555045 -Elite Quality +Tomas Casas i Klett,University of St.Gallen(FIM-HSG)Guido Cozzi,University of

2、 St.Gallen(FGN-HSG)Electronic copy available at:https:/ report is the result of a collective research and writing effort by its editors and authors.Substantial contributions are recognized in the corresponding sections of the report.The report was edited by Tomas Casas i Klett and Guido Cozzi,and au

3、thored by Tomas Casas i Klett,Guido Cozzi,Cline Die-bold,Neha Gupta,Alexander Tonn and Camille Zeller.If you wish to reference the report use the following citation format:Casas i Klett,T.&Cozzi,G.(2021).Elite Quality Report 2021:Country Scores and Global Rankings.Zurich:Seismo.doi:10.33058/seis-mo.

4、307812021 the Foundation for Value Creation,St.Gallen,Switzerland,distributed under the terms and conditions of the Creative Commons license CC BY-NC-ND(http:/creativecommons.org/licenses/by-nc-nd/4.0/).Published by Seismo Press AG,Zurich and Geneva in partnership with the Foundation for Value Creat

5、ion978-3-03777-256-0(Print)978-3-03777-781-7(EBook)https:/doi.org/10.33058/seismo.30781Available at SSRN:https:/ interested in the commercial use of the Elite Quality Report 2021:Country Scores and Global Rankings,parts thereof,Country Scores data or Global Rankings data,should obtain written permis

6、-sion by contacting:rightselitequality.org by Niedermann Druck AG,St.GallenCover World Map Attribution:MapBox OpenStreetMapPoliticalEconomicPowerValueElectronic copy available at:https:/ QUALITY REPORT 2021COUNTRY SCORES AND GLOBAL RANKINGSGlobal Academic PartnersAcademic LeadershipElectronic copy a

7、vailable at:https:/ of Use and DisclaimerThe Elite Quality Index(EQx)and the Elite Quality Report 2021:Coun-try Scores and Global Rankings(EQx2021 or Report)provide a unique interpretation of national political economies and their mid-to long-term prospects.The EQx2021 is based on a methodology that

8、 starts with the collection and collation of relevant,up-to-date datasets from a variety of organizations and sources(see Section 7.2 for the complete list).The datasets conceptually fit with the EQx and its theoretical basis(Casas i Klett,2021).The detailed EQx methodology is described in Measuring

9、 Elite Quality(Casas i Klett,Cozzi,Diebold,&Zeller,2020),a paper that has evolved for the EQx2021 with changes summarised in Section 2.4.It was devel-oped and inspired by a team of academics and practitioners with the aim of supporting Value Creation business models in elite national sys-tems and in

10、centivizing the tenets of the political economy that foster such models.The analysis and interpretations of the EQx results contained in the Elite Quality Report 2021,such as the commentaries on the Country Scorecards,are the result of individual or collective work and do not nec-essarily represent

11、the views of the editors,the project team or other proj-ect participantsELITE QUALITY,the Elite Quality Index(EQx)and its underlying meth-odologies are the exclusive intellectual property of the Foundation for Val-ue Creation(FVC)protected internationally by copyright and/or trade-mark registration.

12、All rights reserved 2021.The EQx2021 is the second of a series of reports that aims to elicit a dis-cussion among academics and initiate conversations with a broad range of other interested stakeholders.The EQx project is an innovative and timely initiative in our age of disruption,positioned at the

13、 intersection be-tween academia,business and policymaking.The EQx2021 was produced from datasets collected,collated and trans-formed by a committed international research team.The Reports under-lying datasets and all included information is subject to change without notice.For country classification

14、s,the Report uses the ISO 3166-1 al-pha-3 country codes defined by the ISO 3166 Maintenance Agency.The terms country and nation as used in the EQx2021 do not always refer to a territorial entity/state as understood by international law and practice.The term might also refer to self-contained economi

15、c areas that are not states,but for which statistical data are maintained on a separate and independent basis.The editors,contributors and research team cannot guarantee that the in-formation in the underlying datasets are correct,that there are no errors,or that calculations and described methodolo

16、gies have been consistently applied.The editors,publisher,contributors,and producers of the EQx2021 are not responsible for the suitability or fitness for any purpose of the contents,supporting information,interpretation and analysis found in the Report.The research team,authors,partners,contributor

17、s,editors and the Foundation for Value Creation accept no liability for any content of the Report or its parts,nor for any implications,nor decisions made,or actions taken on the basis of the Report.The research team,authors,partners,contributors,editors,and the Foun-dation for Value Creation might

18、not own nor control the rights of the un-derlying datasets or information(Data&Information)used in the Report.They are also not responsible for uses that any party might make of the Data&Information.Unless formally licensed,acquisition of the Report implies no authoriza-tion of third-party products

19、or services derived from any Data&Informa-tion or any content referred to or included in the EQx2021.The research team,authors,partners,contributors,editors and the Foun-dation for Value Creation are not responsible for the transformation by any third parties of information in this Report,or for the

20、 actions of anyone who might infringe upon the integrity of the Report or its underlying data and information.Any transformation of the Report and its related infor-mation must be clearly and visibly acknowledged,together with the man-datory citation to the source.Data&Information,as well as the dat

21、asets that were compiled for the Report from third parties,all of which have been duly credited in Chapter 7,References,are subject to these third parties terms of use.While every care has been exercised in preparing,compiling and pub-lishing the data contained in this Report,no responsibility whats

22、oever can be accepted in respect to any such information,data,analysis or opinion,any loss arising out of any use,or inability to use such,as well as for any error or omission contained herein.When the EQx2021 Report,parts thereof,its Country Scores or Global Rankings,directly or indirectly obtained

23、,is distributed,or reproduced,the attribution to the source shall be cited as:Casas i Klett,T.&Cozzi,G.(2021).Elite Quality Report 2021:Country Scores and Global Rankings.Zurich:Seismo.doi:10.33058/seismo.30781Any readers and users of the Report,whether obtained via download or otherwise,agree to ma

24、ke all reasonable efforts to comply with these terms themselves and to promote compliance with their own end users.Parties interested in partnering with the non-profit Foundation for Value Creation can e-mail us at:partnervaluecreation.org Electronic copy available at:https:/ Value Creation Fundamen

25、tal issues for society Global metrics for long-term economic and human developmentElectronic copy available at:https:/ of Contents EXECUTIVE SUMMARY 1.INTRODUCTION:MEASURING SUSTAINABLE VALUE CREATION IN THE POLITICAL ECONOMY 1.1 Better Quality Elites have Protected their Countries Against COVID-19

26、1.2 What are Elites?Coordination Capacity and Business Model Leadership 1.3 COVID-19 is More of the Same:The Old Continue to Extract Value from the Young 1.4 EQx Results at a Glance 1.5 Building and Shaping the EQx Community 2.INSIDE THE GLOBAL ELITE QUALITY INDEX(EQx)2.1 Conceptual Framework and De

27、finitions 2.2 EQx Architecture 2.3 EQx Pillars 2.4 EQx Methodology 2.5 Statistical Assessment 3.EQx2021 RESULTS 3.1 Elite Quality Country Score,Global Rankings and Highlights 3.2 State of Elites Framework:Country Mapping 3.3 Value Configuration Framework:Value Creation and Extraction as Shares of Ov

28、erall Economic Activity 3.4 Pillar Results 3.5 Outstanding Country Performances by Pillar 4.EQx2021 ANALYSIS AND INTERPRETATION 4.1 Country Scorecards:Deep-dive Analyses 4.2 Indicator Scorecards 4.3 EQx Indicator Family and Regional Analyses 4.4 Beyond a Thought Experiment:The EQx Places a Spotlight

29、 on Africas Promise 5.INDICATORS 5.1 Indicator Weighting Table Overview 5.2 Indicator Table:Definitions and Rationale 6.COUNTRY SCORECARDS 7.REFERENCES 7.1 Bibliography 7.2 Data Sources and Indicators References 7.3 Contributor Citations and Recognition 7.4 Artistic Acknowledgments.1.4.6.8.10.12.14.

30、15.16.20.24.30.32.34.36.48.51.98.112.118.120.122.142.294 .297.305.308ivElectronic copy available at:https:/ the paintings:Joaquim Chancho generously gave us permission to use his artwork to enhance the EQx2021 aesthetic experience.More details on all of the paintings included in the report can be fo

31、und in Section 7.4.Electronic copy available at:https:/ Abbey Library of St.Gallen(Stiftsbibliothek)in Switzerland has roots that can be traced back to medieval times,serving as a repository of knowledge for over a millennia.Luca Zanier Photography,Corridors of Power ProjectElectronic copy available

32、 at:https:/ Quality Report,EQx20211Executive Summary C Co ou un nt tr ry yR Ra an nk kS Sc co or re eChina2 26 657.6Russian Fed.6 65 548.9Brazil8 86 646.1South Africa1 10 00 044.9India1 11 18 842.9BRICS CountriesElite Quality is about Value Creation Elites are an empirical inevitability,dominating a

33、ll political economies.They provide the necessary coor-dination capacity for an economys resources,whether human,financial or knowledge-based.High-quality elites run Value Creation business mo-dels that give back more to society than they take.Low-quality elites do the opposite and operate Value Ext

34、raction models.What are the main findings of EQx2021?1.There are substantial differences in Elite Quality and Value Creation around the world that are expected to influence the patterns of economic and social recovery in response to the COVID-19 crisis.2.Singapore retains its position as the highest

35、 ranked country in the world for Elite Quality.Despite the high degree of Power enjoyed by the countrys political and economic elites,the city state remains the benchmark for global Value Creation.3.Sustainable long-term growth is predicted for over 70%of the African countries surveyed as a result o

36、f their comparatively high Elite Quality:Mauritius(rank#50),Rwanda(rank#52),Botswana(rank#56),Benin(rank#58)and Ghana(rank#63)lead the field.4.The UK(rank#3)and US(rank#5)have elite systems driven by Value Creation that have the ability to overco-me the divisive challenges of critical issues such as

37、 Brexit or American voter polarization.More worryingly,these Anglo-Saxon elites increasingly manage to rent seek(ranking#12 and#18 respectively in the Value Sub-In-dex)to a greater extent than their high quality institu-tions and checks and balances should allow.EQx is the global political economy i

38、ndex This report is the second international ranking and measurement of Elite Quality.The Elite Quality Index 2021(EQx2021)now covers 151 countries.EQx2021 uses 107 Indicators to describe the global landscape of Value Creation and Extraction.Elite Quality is an analytical framework designed to facil

39、itate sustainable and inclusive Value Creation and elite business model transformation.C Co ou un nt tr ry yR Ra an nk kS Sc co or re eMauritius5 50 051.6Rwanda5 52 250.9Botswana5 56 650.2Benin5 58 849.9Ghana6 63 349.3Leading African CountriesC Co ou un nt tr ry yR Ra an nk kS Sc co or re eSingapore

40、1 168.1Switzerland2 267.6United Kingdom3 364.7Netherlands4 464.5United States5 564.1Sweden6 663.7Israel7 763.6Norway8 863.5Australia9 963.5Denmark1 10 063.4Canada1 11 163.2Estonia1 12 262.9New Zealand1 13 362.6Finland1 14 462.6Germany1 15 562.4Korea,Rep.1 16 662.3Japan1 17 761.8United Arab Emirates1

41、 18 861.5Austria1 19 961.1Ireland2 20 060.8EQx Top 20 Countries 5.China(rank#26)is the outstanding performer from the BRICS,an outlier from its peers with an EQx2021 score as high as that of advanced nations that have nearly three times its wealth per capita.Post-COVID,the Value Creation of its elit

42、es will power global econo-mic growth.Of the remaining BRICS,runner-up Russia(rank#65),Brazil(rank#86),South Africa(rank#100)and India(rank#118)must engage more deeply with sustainable elite business model transformations.6.Within the EU,Germany(rank#15)was the hig-hest positioned country in last ye

43、ars EQx2020,but this year has been usurped by a superb showing from the Netherlands(rank#4)and very high rankings for the Scandinavian countries such as Sweden(rank#6)or Norway(rank#8).Interestingly,there have also been improvements in several Eastern European coun-tries such as Estonia(rank#12),Lit

44、huania(rank#24),Hungary(rank#33)and Poland(rank#35),that have now reached or exceeded the Elite Quality levels of France(rank#23),Spain(rank#27)and Italy(rank#36).The South may not yet be converging with the North,but the East certainly appears to be.7.The performance of elites with regard to the ma

45、-nagement of the COVID-19 pandemic is extremely relevant to the current public discourse.The EQx2021 finds that higher quality elites in places like Singapore(rank#1),Switzerland(rank#2),Israel(rank#7)and New Zealand(rank#13)have been better able to protect their countries from the health and econom

46、ic impacts COVID-19.Electronic copy available at:https:/ value of the EQxThe crisis of 2020 and 2021 will have wide-ranging im-pacts across the world.It is less evident that the most salient consequences of the COVID-19 pandemic will be distribu-tional and play out in the national arenas of the poli

47、tical economy.With the light now visible at the end of the pan-demic tunnel,we will see some elites,countries,and popula-tions emerge comparably stronger;better equipped both in-stitutionally and technologically to pursue Value Creation.But there will also be many losers.This will happen where the p

48、otential for Value Creation is spirited away because elites have invested in extractive business models.Only na-tions where elites used the crisis to raise the Value Creation potential of their business models will prosper.Rent-seeking models are now less sustainable than they have ever been.Calls f

49、or the urgent transformation of elite busi-ness models will become louder in many polities.Leading coalitions of business,political and knowledge elites must now systematically commit to engage with business model and institutional transformation to promote Value Creation.The EQx2020,launched last S

50、eptember,was a pilot project to measure elite quality and covered 32 countries using 72 Indi-cators.Its release elicited interest and created debate in both the academic and policy circles of countries as diverse as the US,China,Germany,Russia and Singapore,pleasantly sur-prising the authors.This su

51、ccess led the EQx teamthe global Elite Quality research community and the Foundation for Value Creationto redouble its efforts to release the first fully-fledged EQx as quickly as possible.The present edited work has ac-complished this aim.Coverage has expanded to 151 coun-tries based on 107 Indicat

52、ors,each evidencing either Value Extraction or Value Creation in the political economy.The EQx2021,therefore,represents a considerable undertaking,from the creation of the global index itself to further developing its conceptual basis and validating its methodology.Professor Basus highly supportive

53、words are extremely en-couraging for the author team,but what is the use and value of the EQx to you,the reader?A glimpse into the future:A fundamental assump-tion made by the EQx is that Value Creation business models lead to a future with better outcomes for eco-nomic and human development.The EQx

54、 identifies much variance across countries and within regions,which is especially relevant when analyzing similar insti-tutional or geographical settings such as the EU or Sub-Saharan Africa.For instance,some African coun-tries have far higher EQx scores than one would expect from their GDP per capi

55、ta,so,ceteris paribus,they are expected to see growth through the Value Creation mod-els of their elites(see Section 4.4).Design inclusive policies that offer low hanging fruit:Elite quality is a new entrant in the market for ideas with many practical applications.The EQx,with its multi-ple componen

56、ts,is meant to act as a toolbox for elite coa-litions to design and align specific policies towards the transformation of their business models to support sustain-ability.The granular results of the EQx2021 go far be-yond the Index and its Scores and Rankings,covering 2 Sub-Indices,4 Index Areas,12

57、Pillars and over 100 Indi-cators.With such hard data on the manifestations of Pow-er and Value in the political economy it is possible to de-sign policies that grasp the low hanging fruit on offer to maximize the winners and minimize the losers in each country to deliver the greatest impact.1.Introd

58、uction:Measuring Sustainable Value Creation in the Political Economy Chapter 1:Introduction“Whether one likes it or not,elites play a big role in a nations success or failure.They can promote all-round well-being;but they can also be ex-ploitative,stalling the nations overall progress.The newly crea

59、ted Elite Quality Index(EQx),under the academic leadership of the University of St.Gallen,is an exciting experiment in scoring and ranking the quality of elites in different nations.This work can potentially play a role in helping nations reform their leadership,thereby contributing to overall socia

60、l welfare.”Kaushik Basu,Professor of Economics and Carl Marks Professor of International Studies,Cornell University;Former Chief Economist of the World BankElectronic copy available at:https:/ Quality Report,EQx20213 Original assessments of social risk:Countries where elites continue to run extracti

61、ve business models(on aggregate)might soon face the wrath of non-elites.That will be painfully true in countries where the post-COVID economic pie shrinks overall,but the slice re-served for elite business models continues to grow.From interpretation to impactThe EQx Country Scores and Global Rankin

62、gs are the essen-tial data we use to offer interpretations.The analyses you will find in this edited work include commentaries on 21 coun-tries(from Austria to the United States)along with six discus-sions of specific phenomena in the political economy(from the Diversity&Inclusion Indicator Family t

63、o Global Trade Alert Indicators).The reader will identify two perspectives in these analyses.The first reviews the rankings on the score-cards to connect the dots and provide a birds-eye view of specific Indicator results,weaving these into a comprehen-sive story of a national political economy.The

64、second offers a more abstract analytical perspective,highlighting different levels of connectivity between,for example,Power(Sub-In-dex),Political Value(Index Area),and Creative Destruction(Pillar)and then illustrates the linkages with specific Indica-tors(such as those related to COVID-19).Both the

65、 birds-eye view and the high abstraction perspectives provide key in-sights and often lead to specific recommendations.Another significant aspect of the EQx2021 that will be of in-terest to readers is that its conceptual elements have been theoretically polished.The Indicator Table in Visual 5.2 off

66、ers both exact definitions and the Value Creation/Extraction ra-tionale for each of the 107 Indicators included in the Index.The Elite Quality framework is both simple and all-embrac-ing as it aims to integrate complex social phenomena.Some might see this approach as somewhat radicaland un-doubtedly

67、 ambitious.The EQx attributes every single phe-nomenon in the economy to elite business models.Tradition,inertia,external shocks,luck and stupidity are all valid fac-tors in determining the outcomes of the political economy,but here they take a back seat to elite agency.The EQx fol-lows the money,ev

68、en as it recognizes the independent agen-cy of narratives or political might.Profits motivate different elite types to coalesce and develop business models.Some of these models are extractive,based on rent seeking,dis-crimination,taking value from the next generation,establish-ing monopolies,and eve

69、n engaging in corruption or legal theft.Others focus on inclusive Value Creation through inno-vation,production or trade and lead to better futures for all of us.Hence,the Value Creation framework is an attempt to explain varied social phenomena:venture capital,female billionaires,press freedom,yout

70、h unemployment,trade wars,modern slavery,negative interest rates,or tolerance for crime are all outcomes of the political economy.The desired impact of the EQx2021 is sustainable Value Creation.The measurement of each countrys elite quality re-flects both the sustainability of its elites business mo

71、dels and the fundamental sustainability of entire societies.The post COVID-19 world is essentially an inflection point that will see countries emerge with distinct trajectories of opportunity and regression.Elite Quality is the key lever that can make a difference at this inflection point.Therefore,

72、this work is es-sentially about leadershipunlocking sustainable Value Cre-ation through elite business model transformation.Surprise 1:Elites are a mathematical certainty;they are inevitableSurprise 2:Elites supply essential coordination capacity to societiesFact 1:Elites can be high-quality value c

73、reatorsFact 2:Elites can also be low-quality value extractorsHypothesis:Elite Quality determines economic and human developmentAction:We measure Elite Quality through the Elite Quality Index(EQx)Takeaway:The EQx is a political economy index that measures the ability of national elite business models

74、 on aggregate to create value,rather than extract it from an economy.Basic notions about elites and Elite QualityDefinition:Elites are narrow,coordinated groups that run the largest income generating business models in an economy and which successfully accumulate wealth.Electronic copy available at:

75、https:/ Better Quality Elites have Protected their Countries Against COVID-19 Were better quality elites more capable of protecting their countries from the worst ravages of COVID-19?The short an-swer is an unambiguous yes.They reduced COVID-19 ex-cess deaths as a percentage of the total population

76、as well as overall COVID-19 fatality rates.What follows is a deep dive into the relationship between the family of EQx COVID-19 In-dicators and Elite Quality constructs to gain novel insights into how national approaches to the management of the pandem-ic affected outcomes and provided solutions.Ver

77、ifying the conclusions made is not straightforward because the countries with better elites tend to have a high proportion of their populations above the age of 65the critical age threshold for high COVID-19 mortality.Indeed,in every coun-try,the great majority of COVID-19 deaths involved people ove

78、r the age of 65.Hence,without correcting for demogra-phy,the results would be misleading.For instance,consider-ing data from 2020,a country like India(whose median pop-ulation age is 29.4 years)would have fewer deaths per capita than Italy(with a median age of 47.3).We circumvent this problem simply

79、 and transparently:we di-vided the excess death numbers by the fraction of the popula-tion aged 65 and over in each country.The resulting EQx In-dicator is COVID-19 excess deaths,age-adjusted(COV,iii.7).We do the same for the fatality ratethe percentage of people who became infected with COVID-19 an

80、d subsequently diedobtaining a fatality rate Indicator for the over 65s that we call COVID-19 fatality rate,age-adjusted(COF,iii.7).After adjusting for age,Visual 1.1 plots the EQx Country Score and the Indicator for COVID-19 excess deaths,age-ad-justed(COV,iii.8)and illustrates that countries with

81、higher lev-els of Elite Quality have experienced lower excess death rates.Similarly,Visual 1.2 shows that these countries have also had a lower COVID-19 fatality rate,age-adjusted(COF,iii.7)Delving into the details,both Value and Power Index Area scores reduce excess deaths and fatality rates.That i

82、s,they raise the COV and COF Indicator scores.Let us now examine the importance of each Indicator.Quite predictably,a high score in the Health Efficiency Index(HEI,iv.10)helps to miti-gate the COVID-19 fatality rate,age-adjusted(COF,iii.7).The correlation coefficient(c.c.)between the HEI and COF ran

83、k-ings is 0.50 and between the HEI and COVID-19 excess deaths,age-adjusted(COV,iii.8)the c.c.is 0.49.Quite strikingly,a countrys ranking in the Health Efficiency Index(HEI,iv.10)has the highest correlation with the ranking for the COVID-19 lost schooldays Indicator(CLS,iii.7;HEI and CLS c.c.0.47),wh

84、ich suggests that sacrificing the edu-cation of the younger generation is a suboptimal response to health system flaws.Instead,countries with better healthcare systems could also afford the risk of keeping schools running.Visual 1.1:COV Indicator and EQx Country Scores(purged)iii.7:Covid excess deat

85、hs,age-adjusted(COV)EQx Country Scores(purged)EQx Score range805020Chapter 1:IntroductionNote:Orange dashed line indicates a fitted regression line.Adjusted R-sqared:0.32Random selection of country codes are printed in case of country overlapsElectronic copy available at:https:/ Quality Report,EQx20

86、215Success in preserving the education system in the pandemic is also proof of the long-term orientation of the ruling elites.A clear confirmation of this comes from the second most CLS-cor-related indicator,the Network Readiness Index(NRI,iii.7).NRI measures not just the presence of physical networ

87、k infra-structures that digitally connect a country,but also how well-prepared individuals,businesses,and institutions are to make effective use of these technologies.A well-networked education system guarantees better education management,online learning,digital learning,and pandemic resilience.A s

88、triking finding is that extractive elites are more likely to re-duce value for the young generation.For instance,they pre-vent Social mobility(MOB,i.1),which the EQx measures as educational mobility.MOB correlates positively with perfor-mance in COVID-19 lost schooldays(CLS,iii.7;c.c.0.19)and COVID-

89、19 excess deaths,age-adjusted(COV,iii.7;c.c.0.48).Elites with a smaller Top 10%share of pre-tax national income(INE,iii.8)are also more protective of education(c.c.0.29),as are those more Open to business(OFB,iv.19;c.c.0.25).Even more striking is the stark correlation with the Ho-micide rate ranking

90、(HOM,iii.8;c.c.0.41);elites who deny public security to their citizens and thus deprive them of their very lives also deny students their education.Unsurprisingly,elites who allow a high Homicide rate(HOM,iii.8)also ap-pear to have allowed high COVID-19 excess deaths,age-ad-justed(COV,iii.7;c.c.0.53

91、)and an excessive COVID-19 fatality rate,age-adjusted(COF,iii.7;c.c.0.34).We also see a strong positive connection between a coun-trys School life expectancy(EDU;iii.7)and a lower level of COVID-19 excess deaths,age-adjusted(COV,iii.7;c.c.0.29)and COVID-19 fatality rate,age-adjusted(COF,iii.7;c.c.0.

92、67).A more educated population is probably more careful in effectively containing the virus by following the ad-vice from governments and health professionals.The COVID-19 fatality rate,age-adjusted(COF,iii.7)is also massively reduced in countries that have a high level of Polit-ical globalization(P

93、GL,i.1;c.c.0.75),who are able to provide affordable food security as mapped by The Global Food Security Index Availability,quality and safety(FSQ,iii.7;c.c.0.71),and rank well in the Environmental Perfor-mance Index(EPI,iii.9;c.c.0.69).To sum up,better quality value creating elites around the world

94、prepared their countries for the pandemic more effec-tively and intelligently coordinated their resources to mitigate its worst effects.Prof.Guido Cozzi,University of St.Gallen,SwitzerlandVisual 1.2:COF Indicator and EQx Country Scores(purged)Note:Orange dashed line indicates a fitted regression lin

95、e.Adjusted R-sqared:0.312Random selection of country codes are printed in case of country overlapsEQx Country Scores(purged)iii.7:Covid fatality,age-adjusted(COF)EQx Score range805020Electronic copy available at:https:/ What are Elites?Coordination Capacity and Business Model Leadership The literatu

96、re on elites is rich and far reaching.Clear con-ceptualizations of elites exist in the works of ancient think-ers like Aristotle(Politics,Book III)and Polybius(Histories,Book VI),just as they do in 19th century Marxist thought:“the history of all hitherto existing society is the history of class str

97、uggles”(Marx&Engels,1848).In the 20th century sociologists also critically assessed the elite construct with Mills The Power Elite(1956)and Domhoffs(1967,1970)Who Rules America and The Higher Circles re-ceiving much attention.Another highly influential develop-ment,classical elite theory,also known

98、as the Italian school of elitists,promulgated by Pareto(1968),Mosca(1939),and Michels(1962),posited in Machiavellian fashion that elites are reality as is;that is,all societies are ruled by an elite and this elite is,by definition,a minority.Olsons The Logic of Collective Action(1965)explains why th

99、is is by affirming that large groups have high costs when organizing for collective action,thus narrow distri-butional elite coalitions will invariably emerge.This notion of the coordination capacity of elites constitutes the theo-retical basis for the EQxs conceptualization of them and also makes t

100、he linkage to business models.Without elites there are no social networks,COVID-19 vaccines or green energy.The elite system aggregates the elite business mod-els of a polity and is the meso construct that links the mac-ro with the micro.The short definition of elites(Casas i Klett,2021,In press)whi

101、ch links to the measurements made by the EQx is:“Elites are coalitions operating societys leading value creation and appropriation business models that gen-erate the highest quantities of residual income.”Elites are here viewed in the abstract,but their coordination capacity is concretely embedded i

102、n business models.That embeddedness and the elite business models themselves are very sophisticated,as any critical political economy process is expected to be.Here a longer definition(ibid.):“An elite is a coalition of economic,political,and knowledge interests,usually narrower than the stake-holde

103、r groups to which it has direct or indirect ex-change relationships,that exercises leadership to suc-cessfully convert lower transaction costs,higher trust,and higher coordination capacity into power,and then that power into societys principal streams of re-sidual income.A successful elite has secur

104、ed from in-stitutionsthrough wins in the political economys market,non-market,and narrative market arenasthe limited rights that afford value appropriation ad-vantages when operating its proprietary elite busi-ness models,which it does from the position of discrete value creation.”The EQx,as an aggr

105、egate measurement of Value Cre-ation business models,describes the macro level and is designed both for policymaking and transformational leadership at the firm level.Institutional theory is essen-tial for a clear understanding of the EQx:“the elitethe group in power”(Acemoglu,2006,p.516)and its age

106、ncy is limited by institutional arrangements,and these lead to diverse economic development outcomes(Acemoglu&Robinson,2019).Relatedly,the concept of power is at the essence of this work:the concentration of power in the hands of narrow elites results from extractive political institutions(Acemoglu&

107、Robinson,2019).Rob-inson(2010,p.3)points out that the relationship goes both ways,noting that:“Economic institutions shape the incentives of key economic actors in society”and,critically,“a crucial factor in explaining the persistence of institutions is how elites form around sets of institutions an

108、d how elites persist and reproduce over time”.The EQx assumes,emphasizes,and operationalizes the posi-tion that elite Value Creation functions as an independent variable,and leads to institutional diversity.In their review of“literature that analyzes the effects of the elite on economics”,Brezis and

109、 Temin(2007,p.5)ascer-tain the non-mainstream nature of this research stream“that departs from pure economics”and strays into the fields of“psychology,political science and sociology”.Adding to these fields,the EQx project emphasizes the centrality of the business model.Elite agency is inexorably li

110、nked to the concrete residual income generation mecha-nism par excellence;the firm.That is why the micro-level concepts of sustainability and transformational leadership are so essential to the EQx research community.Residual income generating business models are the force that supplies clarity and

111、guidance to the agency of busi-ness,political and knowledge elites.For a business model to be successful in a modern political economy it must suc-ceed at aligning business elites(working the markets),po-litical elites(working the non-markets)and knowledge Chapter 1:IntroductionElectronic copy avail

112、able at:https:/ Quality Report,EQx20217elites(working the narrative).Once more:the gravitational force that holds the business,political and knowledge elite coalition together is the elite business model.Elite business models are distinct from others on account of their high ca-pacity for Value Crea

113、tion and value appropriation and hence their residual income levels.Without such elite busi-ness models,nations cannot muster the necessary coordi-nation capacity to innovate or to prosper.We add a further thought for our readers regarding the no-tion of elites as applied to daily work.Elites exist

114、every-where,in every social organization,including the ones we work for or with.The dominant coalition concept at the micro-organizational level was conceived by Cyert and March(1963)and coined by Thompson(1967)who saw groups that interact and coordinate on the basis of compat-ible interests.Thompso

115、ns theory gained ascendancy,with the emphasis now placed on the“political processes in or-ganizations”(Stevenson,Pearce,&Porter,1985,p.258).Elites project influence to enforce their preferences within the organization and these include achieving dominant co-alition status(e.g.,Scott&Davis,2017;Pearc

116、e,1995).*The ideas contained in this Section are based on the forthcoming book:Towards an Elite Theory of Economic Development(Casas i Klett,2021,In press)Elitebusiness modelleadershipBusiness elitesKnowledge elitesPolitical elitesMarketNon-marketNarrativemarketVisual 1.3:Elite business model leader

117、ship provides a structure for business,political and knowledge elites Source:derived from Figures 3.6 and 3.7(both modified)in Casas i Klett(2021,In press)The elite theory of economic development links elites with value creation,both at the national aggregate level and at the organizational level.Si

118、nce elites can generate residu-al incomes through both Value Creation and extractive business models,the moot point is which of these courses they pursue.For both countries and firms,the idea of Elite Quality aligns with the concept of sustainability.While the EQx measures the Elite Quality of natio

119、ns,the Elite Quality academic community is engaging in a parallel manage-ment research stream that aims to recognize elite business models on the basis of a sustainability framework rooted in their potential for Value Vreation.Transformational elite leadership will benchmark the resulting firm ratin

120、gs for the Value Creation of sustainable business models.*Electronic copy available at:https:/ COVID-19 is More of the Same:The Old Continue to Extract Value from the Young In recent years,the growing discontent of the young genera-tion has resulted in many student-led protests around the world.Youn

121、g adults feel ignored by policy makers and in-creasingly angry about what can essentially be described as intergenerational wealth transfers.That is,the older genera-tions extract wealth at the expense of the current young and future generations.How are we,the young(I write as a student),being burde

122、ned?These extractive business models take various forms and are captured in the EQx through In-dicators such as ever-increasing Government debt as%of GDP(DBT,iii.9),environmental damage(EPI,iii.9)or rigid labor markets leading to a surging Youth unemployment rate(YUN,iv.12).Amid growing intergenerat

123、ional frictions,COVID-19 hit and greatly exacerbated this rift.In the first months of the pandemic,young people abided by the restrictive measures without much complaint.But,as time has passed and the public discourse seems centered on the trade-off between health and the economy,feelings of injus-t

124、ice,anger and disillusionment have started to develop among young people.As all eyes are on the high-risk popu-lation mainly comprised of adults over 70 years of age young adults feel left out.It is as if the heavy burden that COVID has placed on our shoulders carries no weight at all and has not be

125、en factored into policy-making.The impact of COVID on the elderly is clearly understood and therefore fully accounted for,yet many seem to ignore,or at best do not fully grasp,the extent to which the pandemic has im-pacted the life of young adults.For the vast majority of us,this impact is not on ou

126、r health,but on our futures.Far from this being an unsensitive complaintthe young ev-idently care deeply about their eldersthis is an analysis that transcends individuals and affects the very future of our societies.Many Boomers and Gen Xersat least those whose jobs have not been directly impacted b

127、y the pan-demiccontinue to live an almost normal family life;losing only their annual vacations and visits to restaurants.Stu-dents and young professionals,on the other hand,have had to give up exchange semesters,long-planned back-packing trips,graduate programs overseas,etc.All of these experiences

128、 would have shaped us as citizens and been at the core of who we will become(besides constituting life-long memories!).Students entering higher education;the proverbial“best years of our lives”,are instead forced to stay at home,often in tiny studio apartments,jumping from one online lecture to the

129、next.Not only does this greatly af-fect the learning experience,but it also deprives them of the social interactions that are critical at this age.Even gradua-tion is now done online,freshers weeks and study trips are Visual 1.4:The example of Switzerland:Proportion of people with moderately severe

130、or severe depressive symptoms in relation to age.November 2020 May 2020 April 2020 February 2020Chapter 1:IntroductionSource:Based on Swiss National COVID-19 Science Task Force(20 Jan 2021).The impact of the COVID-19 pandemic on mental health in SwitzerlandElectronic copy available at:https:/ Qualit

131、y Report,EQx20219cancelled and almost all of the events organized by student clubs,which are the life of any campus,are prohibited.The young who do not go to university are not entering the job market,but instead find their lives moving in slow motion as they tread water instead of getting the on-th

132、e-job training and discipline that would hone their skills and provide in-come to allow them to get on the property ladder or start families.This accumulated experiential deficit will likely haunt themand society as a wholefor a long time.It is therefore no surprise that numerous studies point to th

133、e surg-ing mental health issues impacting young adults(as high-lighted in Visual 1.4),driven by increased stress,anxiety and loneliness.The crisis has also greatly widened inequalities among young adults,disproportionally impacting those relying on insecure temporary or student jobs and without any

134、finan-cial buffer.In fact,one in six adults aged 18-29 have lost their jobs during the pandemic with the remainder seeing their work hours fall by almost 25%on average(ILO,2020),more than in any other age group.Looking ahead,the future does not seem any brighter as the first steps on the job ladder

135、are critical determinants of long-term earnings and career paths.The Polish Economic Institute estimates that young peoples future earnings will be 6.2%lower as a result of the pandemic(Kutwa,2021).Who will pay for the tremendous financial costs resulting from the multiple lockdowns,government defic

136、its,and monetary inflation?Our generation.Overall,the costs of the pandemic for the young generation in mental,educational and labor terms are estimated to reach$1.7 trillion globally,or circa 2%of the worlds GDP.These figures might eventually turn out to be much higher.Despite all of these facts,th

137、e public discourse has only re-cently started to acknowledge this burden on the young.In France,for example,the term gnration sacrifie(the sacrificed generation)has been heavily used in the media in recent weeks.However,this late recognition will not pre-vent the profound and long-lasting damage don

138、e to a bro-ken,mentally strained and disillusioned generation.Let us not forget that the generation that is now sacrificing us once had the motto:“dont trust anyone over thirty”.Is the gener-ation now in charge worthy of our trust?Camille Zeller,University of St.Gallen,Switzerland Electronic copy av

139、ailable at:https:/ Score 58.3 Global Rank 23Solid performance with plenty of room for improvementSWITZERLANDCountry Score 67.4 Global Rank 2COVID-19 challenges a political economy tuned for high value creationPORTUGALCountry Score 57.3 Global Rank 28A downward trajectory unless the problem of lower

140、value creation is resolvedUNITED KINGDOMCountry Score 64.7 Global Rank 3A high elite quality ranking and ready to revive post-COVID growthEQx CountryScores6560505545UNITED STATESCountry Score 64.1 Global Rank 5Building back better,but to whom are American politicians beholden?GHANACountry Score 49.3

141、 Global Rank 63A nations potential waiting to be unleashedBRAZILCountry Score 46.1 Global Rank 86A rich country with an unfair political economy worsened by COVID-191.4 EQx2021 Results at a GlanceChapter 1:IntroductionVisual 1.5:EQx2021 Elite Quality Global Map,color-adjusted Country ScoresElectroni

142、c copy available at:https:/ Quality Report,EQx202111RUSSIACountry Score 48.9 Global Rank 65Better than it was,worse than it could have beenNORWAYCountry Score 63,5 Global Rank 8The nation of transparency and redistributionCHINACountry Score 57.3 Global Rank 26Towards a value creation formula to brea

143、k through the middle-income glass ceilingINDIACountry Score 42.9 Global Rank 118Divisive elites struggle to create prosperityINDONESIACountry Score 52.7 Global Rank 44Escaping the middle-income trapBANGLADESHCountry Score 41.7 Global Rank 126Poised to emerge if elite quality improvesFRANCECountry Sc

144、ore 58.3 Global Rank 23Solid performance with plenty of room for improvementSWITZERLANDCountry Score 67.4 Global Rank 2COVID-19 challenges a political economy tuned for high value creationPORTUGALCountry Score 57.3 Global Rank 28A downward trajectory unless the problem of lower value creation is res

145、olvedUNITED KINGDOMCountry Score 64.7 Global Rank 3A high elite quality ranking and ready to revive post-COVID growthEQx CountryScores6560505545UNITED STATESCountry Score 64.1 Global Rank 5Building back better,but to whom are American politicians beholden?GHANACountry Score 49.3 Global Rank 63A nati

146、ons potential waiting to be unleashedISRAELCountry Score 63.6 Global Rank 7More than just start-ups in the Start-up NationSINGAPORECountry Score 68.1 Global Rank 1Value creating elites lead the worldBRAZILCountry Score 46.1 Global Rank 86A rich country with an unfair political economy worsened by CO

147、VID-19Electronic copy available at:https:/ Building and Shaping the EQx Community The EQx research project was born with a spirit of open-ness,inclusiveness,and broad international participation.The conceptual framework and accompanying infrastruc-ture are designed to foster the growth of a vibrant

148、commu-nity motivated by transforming elites and sustainable Value Creation.We engage with both institutions and individu-als,from users who are stimulated by the EQx rankings to those who wish to become stakeholders in the project and contribute as partners,researchers or patrons.Call to researchers

149、The EQx2021 Report is a call to all researchers interested in joining the EQx academic community.We will be undertaking projects of both a theoretical and empirical nature,some targeted at publication in leading peer-re-viewed journals,while others will focus on the task of providing practical insig

150、hts for policymakers and firms,es-sential to create a real impact on business model transformation.Some research partners may wish to take respon-sibility for work in a particular country.We also encourage the submission of original ideas for new Indicators that describe Value Creation and Value Ext

151、raction phenomena in the economy.If you are interested in joining this unique research opportunity,or just learning more about our plans,get in touch with us at:researchelitequality.orgDo you wish to partner with the Foundation for Value Creation(FVC)?The non-profit Foundation for Value Creation lea

152、ds the EQx outreach efforts,supports our research and pub-lications program and develops other formats to advance sustainable Value Creation narratives.We would be delighted to hear from potential benefactors.You may wish to associate your institution with the FVCor become involved personallyfor a v

153、ariety of reasons.You could be a concerned citizen or running an elite business model;in either case there are many ways to support ideas that grow the pie in the political econ-omy.Together we can help steer our countries institutions and elite business models towards sustainable Value Creation.Sta

154、rt a conversation with us now at:partnervaluecreation.orgThe EQx for readers and followers The project aims to be meaningful to those who care about taking the long view,building a sustainable society,transforming the political economy,generating ideas for new business models,using power for the gre

155、ater good,creating value,investing in the future,or for others who are just interested in global rankings and cur-rent affairs.The EQx can be followed on key social media platforms at LinkedIn,Facebook,Twitter,Instagram and via our website:www.valuecreation.orgChapter 1:IntroductionElectronic copy a

156、vailable at:https:/ Quality Report,EQx202113Electronic copy available at:https:/ 2 presents the conceptual political economy frame-work of the EQx anchored by the dual notions of Power and Value and discusses how these are operationalized within the EQx architecture.The discussion proceeds to review

157、 the index construction methodology that has been applied to the EQx.The Chapter closes with the statistical assessment,tests and val-idation using the data of the EQx2021s 107 Indicators.2.1 Conceptual Framework and DefinitionsThe EQx proposes an analytical framework to interpretand possibly transf

158、ormthe state of the worlds political econo-mies.It is based on a simple idea.The EQx posits that the busi-ness models chosen and run by elites determine economic and human development.That is,elites(the who)affect human and economic development outcomes(the what),sometimes directly and mostly indire

159、ctly via their sway on institutions(the how)that set the rules of the game.These rules bestow on elites a license to operate.Both the how and the what have been theoretically discussed at great length and are amply measured.Measuring the who element in the political econo-my is the research gap that

160、 we seek to pursue.We do so at the national level,i.e.by considering the aggregate national elite systems in terms of the Value Creation and Value Extraction im-pacts of their primary business models.Elites are a mathematical certainty and exist in every society on earth.Their business models genera

161、te the most income and are run by leaders possessing the strongest coordination capacity over societys key resources,such as human,financial,and other capital.Moreover,the business models of elites successfully ac-cumulate wealth.Crucially,these business models can be locat-ed on a continuum,which r

162、anges from Value Creation to Value Extraction.The latter represent rent-seeking,where“a rent is an unearned reward sought through a quest for privilege”(Hillman&Ursprung,2015,p.3).While rent-seeking models are benefi-cial for the operators,they result in social loss.The EQx terms elites that run bus

163、iness models creating more value than they extract,high quality.They grow the whole(economic)pie to increase their own wealth and,in doing so,enrich society as a whole.Visual 2.1 describes this metaphor visually.Low quality elites,on the other hand,do the opposite and increase their own slice of the

164、 pie at the expense of non-elites.In short,elites can be high-quality value creators,or low-quality value extractors.Obviously,a value creating busi-ness model can be transformed into a rent-seeking one,or vice versa.This fluidity motivates the annual release of the EQx with the aim of highlighting

165、constructive changes towards transfor-mational leadership made by elites and policymakers.The EQx proposes that from a sustainability perspective the oper-ation of Value Creation business models is in the long-term best interests of the elites,their families,and associates.By doing this,not only do

166、elites grow their own wealth,but do so by growing non-elite wealth too,without prejudicing the opportunities of non-elites,thereby accruing social legitimacy.Social and political sta-bility are essential for prosperity.Furthermore,we argue that the prosperity of a nation as a whole depends primarily

167、 on the nature of the business models chosen by elites;more specifically,whether elites allocate societys key resources such as savings,talent,or land to value-boosting projects or to projects based on value trans-fers away from producers.At one extreme,rentier capitalism is when“economic and politi

168、cal power allows privileged individu-als and businesses to extract a great deal of such rent from every-body else”(Wolf,2019).In contrast,high-quality elites have a transformative role in the political economyand on society in generalas by definition,they give more than they take.2.Inside the Global

169、 Elite Quality Index(EQx)Chapter 2:Inside the Global Elite Quality Index(EQx)Visual 2.1:Macro perspective of Elite Quality:The economic impact of elite business model choicesGrow the slice The economyElite Quality:LowElite Quality:HighGrow the pie Electronic copy available at:https:/ Quality Report,

170、EQx2021152.2 EQx Architecture The EQx is a political economy index that measures the overall Elite Quality of nations in terms of the ability of elite business models to create value,rather than rent seek,as evidenced by aggregated datasets.At the top of the EQx architecture(see Visual 2.2),all of t

171、he components of the Index come together to produce the EQx,with its Country Scores and Global Rankings.We de-construct and operationalize Elite Quality through Sub-Indices I and II:Power and Value.The Value Sub-Index I provides direct evi-dence of Value Creation and Extraction through elite busines

172、s models,even though the latter might be easier to measure,since the results of rent-seeking are more visible.The Power Sub-Index II conceptualizes the potential for Value Extraction,since there can be no value extraction without power.Hence,power is not value extraction per se,but rather a necessar

173、y,albeit insufficient condition for it to take place.In many coun-tries,elites enjoying high degrees of power invest in and oper-ate inclusive Value Creation business models.Visual 2.2:EQx Architecture Source:derived from Figure 6.3(modified)in Casas i Klett(2021,In press)(x1)Index Level 1(x2)Sub-In

174、dices Level 2(x12)Pillars Level 3(x107)Indicators Level 4Electronic copy available at:https:/ of EQxs two Sub-Indices contain a political and an eco-nomic dimension.The former indicates where the rules of business are determined and Value Creation/Extraction is en-abled,and the latter denotes where

175、Value Creation/Ex-traction is actually implemented via suitable business models.This conceptual 2x2 brings to life the EQxs matrix-like 4 In-dex Areas.Firstly,Political Power measures the capture of three kinds of rules:rules of the state,business regulation,and the rules of human labor.Secondly,Eco

176、nomic Power mea-sures elite dominance in the economy,at both firm and in-dustry level,as well as in terms of creative destruction.Third-ly,Political Value measures Value Extraction in the political dimension;the states unearned income,its taking of in-come,and its giving of income.Fourthly,Economic

177、Value measures Value Extraction from the economys three mar-kets:products and services,the capital markets,and the la-bor markets.The 4 Index Areas act as a matrix,the 4 quad-rants of which are represented in Visual 2.3.Visual 2.3:Index Areas matrix,where Power and Value Sub-Indices meet Political a

178、nd Economic Dimensionsman Capture(i.3).State Capture addresses how distributional coalitions capture the state and its government branches,for ex-ample,through Political corruption(COR,i.1).Regulatory Cap-ture suggests the extent to which rules and regulations,both in terms of process and output,hav

179、e been captured by interest groups.Human Capture accounts for the power of labor and civ-il service coalitions,the power of those who can implement dis-criminatory practices,and the power of elite business models to influence wages and working conditions.2.3 EQx PillarsEach EQx Index Area is then co

180、mplemented by 3 conceptually-re-lated Pillars;yielding a total of 12 Pillars in all(see Visual 2.4).The purpose of the Pillars is to define and create conceptual lenses through which we can approach,understand and measure spe-cific phenomena.The Political Power Pillars(i)were selected to address the

181、 capture of 3 kinds of rules:the rules of the state via State Capture(i.1),the rules of business regulation via Regulatory Capture(i.2),and the rules for labor markets and civil service jobs via Hu-Chapter 2:Inside the Global Elite Quality Index(EQx)Electronic copy available at:https:/ Quality Repor

182、t,EQx202117Visual 2.4:EQx Architecture,specifying Level 2 and 3 constituentsCoalition Dominance(ii.4)FirmDominance(ii.5)CreativeDestruction(ii.6)StateCapture(i.1)RegulatoryCapture(i.2)HumanCapture(i.3)CapitalValue(iv.1 1)LaborValue(iv.12)ProducerValue(iv.10)GivingIncome(iii.7)UnearnedIncome(iii.9)P

183、Po ow we er rSub-Index IV Va al lu ue eSub-Index IIEconomic Power(ii)Index AreaPolitical Power(i)Index AreaEconomic Value(iv)Index AreaPolitical Value(iii)Index AreaTakingIncome(iii.8)Index PillarsLevel 1Level 2Level 3The Economic Power Pillars(ii)measure elite Coalition Dominance(ii.4)and Firm Domi

184、nance(ii.5)within the econo-my,as well as their opposite:the extent of Creative Destruction(ii.6).Coalition Dominance examines the economic power of leading industries by measuring the degree of business diversity and the distribution of power in an economy through Indicators such as the Economic Co

185、mplexity Index(ECI,ii.4).Firm Domi-nance measures the power of single businesses within the econo-my,using Indicators such as Top 3 firms revenues as%of GDP(FRG,ii.5).We borrow Schumpeters(1942)concept of Creative Destructionthe replacement of outdated business practices with innovative new structur

186、esfor the third Economic Power Pillar,which includes measures for Entrepreneurship(ENT,ii.6)and VC finance(VCK,ii.6).The aim is to measure the pressure for renew-al and disruption that exist within an economy and fuel Value Cre-ation.The Political Value Pillars(iii):Giving Income(iii.7),Tak-ing Inco

187、me(iii.8)and Unearned Income(iii.9),reflect policy de-cisions in the political sphere that relate to redistribution in its broadest sense:“from one subset of society to benefit a different subset”(Acemoglu&Robinson,2012,p.76).An important point here is that we only consider the merits of such redist

188、ribution in terms of Value and try to assess whether it has been extracted or created for each surveyed Indicator.Giving Income measures how the government manages and uses public finances,in terms of the provision of public goods such as education or the amount of subsidies distributed in an econom

189、y.Taking Income addresses how the state collects such income,as in Tax revenue as%of GDP(dev.fm optimum)(DTR,iii.8),or whether it allows the exis-tence of business models that take the ultimate Valuelifeas in Death rates from substance use disorders per 100,000 people(SUB,iii.8).The Unearned Income

190、Pillar focuses on the ex-ploitation of natural resources,such as Dutch disease propensity(DUT,iii.9),or of the future at the expense of the present,like Government debt as%of GDP(DBT,iii.8).Thus,the Political Val-ue Pillars offer a picture of the degree to which production has been channeled into or

191、 shifted away from innovative and wealth-creating sectors of the economy(Porter,1990).The Economic Value Pillars(iv)directly measure the extent of Value Creation and Value Extraction from the economys three markets:the products and services markets,the capital markets and the labor markets.Producer

192、Value(iv.10)estimates the val-ue created or the rents extracted by producers and suppliers in the market for goods and services.Capital Value(iv.11)mea-sures the value created or the rents extracted both directly and indirectly through participation in the financial market.Labor Value(iv.12),which i

193、ncludes Indicators such as Unemployment rate(UEM,iv.12)and the Gender wage gap(GVG,iv.12),al-lows us to assess the value created or the rents extracted in the labor markets,for example,from interventions in both supply and demand.Electronic copy available at:https:/ What is Power?The capacity to enf

194、orce ones preferences;Power also has the potential for Value Extraction What is Value?The outcome of productive activities;its creation increases the overall economic pie What is Political?The dimension where business model rules are determined,and Value Creation/Extraction is enabled What is Econom

195、ic?The dimension where Value Creation/Extraction is implemented via suitable business models Chapter 2:Inside the Global Elite Quality Index(EQx)Electronic copy available at:https:/ Quality Report,EQx202119Electronic copy available at:https:/ of indicators and dataset collection(Step 3)All 107 EQx I

196、ndicators provide evidence of Value Creation or Value Extraction in the political economy,either at present,or potentially in the future.As a whole,their aim is to capture and measure all relevant aspects of Elite Quality,according to the Elite Quality theoretical framework,summarized in the In-trod

197、uction Chapter.For the full list of EQx Indicators see Sec-tion 5.2.The underlying datasets are collected from renowned interna-tional organizations(Section 7.2 lists the data sources for each individual Indicator).Datasets are then categorized,ac-cording to whether and how they are transformed befo

198、re be-ing used to produce the EQx Indicators.For instance,some Indicators are obtained directly from the original data(e.g.In-stitutional quality(DBI,i.2)uses the final scores from the World Banks Ease of Doing Business Index).Other Indicators are obtained after some basic transformation of the sour

199、ce data-set,e.g.by setting absolute numbers in relation to a countrys number of inhabitants,or GDP.Another set of Indicators is ob-tained after more complex transformation,implying data cleaning and more extensive data repurposing,as is the case for Top 3 Industries as%of VA(IVA,ii.4).Generally,the

200、most recently available data is used to compute EQx Indicators.That is,if possible,the Index uses data from 2020 and in some cases even from 2021.2.4 EQx Methodology The EQx aims to be an academically grounded and statisti-cally valid measure of Elite Quality.The multi-dimensionality of the underlyi

201、ng concept is mirrored in the four level architec-ture of the index,which allows for an easy interpretation of the state of Elite Quality in a country.Visual 2.5 below illustrates the 9 separate steps in the process for constructing the index.Steps 1 and 2 are detailed in Ca-sas i Klett(2021,In pres

202、s)and discussed in Sections 1.1 and 1.2 of this Report.Steps 3 to 6 are summarized hereinafter.Step 8,the statistical assessment,is provided in Section 2.5.The results of Step 7 are presented in this Report,which is the realization of Step 9 in the year 2021.Throughout the index construction process

203、,judgement calls are inevitable.Hence,our goal is to follow the OECD Hand-book on Constructing Composite Indicators(2008),in that“transparency must be the guiding principle of the entire ex-ercise”(p.17).As a result,the following Section describes exactly how the EQx is calculated,as well as the und

204、erlying assumptions.EQx Concept Step 1Discussion of the theoretical frameworkStep 2Theoretically consistent selecti-on of IndicatorsEQx Input Step 3Datacollection and preparationStep 4Handling of missing dataStep 5Normalization Step 6Weighting and aggregationEQx OutputStep 7Determination of Country

205、Scores&Global RankingsStep 8Robustness andsensitivityStep 9Visualization of results and publicationVisual 2.5:EQxs 9 step construction process Chapter 2:Inside the Global Elite Quality Index(EQx)Electronic copy available at:https:/ Quality Report,EQx202121Handling of missing data(Step 4)Fortunately,

206、the datasets considered for the EQx are,for the most part,characterized by being relatively complete.General-ly,the EQx approach to missing values aims to avoid any sys-tematic bias in index scores as a result of missing datapoints.That is,a lack of data should not penalize or favor any country but

207、should solely influence the accuracy of its score.High data quality is achieved in three main ways.Firstly,the EQx solely considers Indicators as well as countries that meet several minimum data requirements.Datasets are only included in the EQx analysis if they cover a minimum of 15%of the countrie

208、s un-der consideration,and provide recent information on a countries Elite Quality,i.e.no later than 2017(although there are,on oc-casion,some exceptions to this rule).Furthermore,countries are only included in the EQx if their index score is based on at least 40 datapoints,and more specifically,at

209、least 3 datapoints per In-dex Area and 1 datapoint per Pillar in at least 11 Pillars.Secondly,if recent data is not available for only a small set of countries,missing datapoints are imputed with the latest avail-able data,up to 3 years prior to the most recent year.Thirdly,the EQx implements an“ava

210、ilable-case analysis”(Little&Rubin,2002,p.54),where Indicators are not omitted if they have missing values,but used if they fulfil the above minimum requirements.As a consequence,if the value of an Indicator is missing for a particular country,the weight of the missing Indi-cator is distributed amon

211、g the remaining Indicators of the same Pillar,in proportion to their respective weights.The EQx meth-odology thus builds on the premise that Indicators within the same Pillar measure similar aspects of Elite Quality.For the EQx2021,a countrys Index Score is derived from a minimum of 41 datapoints(th

212、e case of Turkmenistan),with an overall av-erage of 79.2 datapoints for all countries considered.An obvious concern is that missing values are not completely random but based on a systematic pattern(OECD,2008,p.24),as data availability might be related to a countrys Elite Quality.This could represen

213、t an important endogeneity bias for the EQx.However,a positive relationship between Country Scores and data availability would not necessarily indicate bias.Provided that the existing Indicators are unbiased,the EQx Scores would not be biased,just less precise.By using less,but correct information,t

214、he state of Elite Quality would still be depicted.We are confident that this argument applies here,since the EQx uses data from renowned and trustworthy inter-national organizations.Still,data constraints might hamper the cross-country compa-rability of EQx Country Scores.Some Indicators stem from d

215、if-ferent years,and some Indicators cover a heterogenous set of countries.The latter implies that each Country Score relies on a different set of Indicators(Little&Rubin,2002,p.54),which might limit the meaningfulness of the international rank-ing.However,while these important limitations should be

216、kept in mind,we are confident that the EQx offers valuable insights on aggregate Elite Quality in the considered coun-tries.Reassuringly,a range of robustness tests suggest that the EQx Rankings are largely robust to modifications in key mod-eling assumptions(see Section 2.5).Electronic copy availab

217、le at:https:/ of Indicator values(Step 5)Because Indicators initially have different scales and measure-ment units,normalization is necessary prior to aggregating the data to“avoid adding up apples and oranges”(OECD,2008,p.27).Initially,a logarithmic transformation is applied to indicator datasets:f

218、irstly,if Pearsons second coefficient of skewedness exceeds unity,which indicates strong skewedness(Belfiore and Favero 2019,p.63);and secondly,if that Indi-cator is not already based on an existing index.This is to im-prove the distribution of the data and thus yield more mean-ingful Indicator scor

219、es.In total,21 of the 107 EQx Indicators are based on a log transformation.Then,data is standardized,i.e.converted to a common scale(with mean zero and standard deviation one)by calculating z-scores:where xq,c indicates the value of indicator q of country c,and Iq,c denotes the standardized value.Th

220、is improves the compa-rability of datasets with large differences in scales and units,as is the case with the EQx Indicators.Next,if necessary,out-liers are winsorized to fall within a-2,+2 interval.The result-ing values are then rescaled so that the Indicator scores all range between 0 and 100,usin

221、g:Lastly,if necessary,Indicators are adjusted for polarity.That is,they are transformed so thatconsistently across all data-setsa value close to 100 indicates a high level of Elite Quali-ty,and a value close to 0 represents a low level of Elite Quality.Weighting scheme(Step 6a)The weighting scheme o

222、f any index is decisive since it rep-resents an important determinant of the resulting scores and rankings.By weighting index elements,varied relevance can be attributed to them.Best practice in index construction sug-gests that weights must be explicitly consistent with the index concept and fully

223、transparent.In other words,first,a weighting scheme must reflect what the index aims to measure and sec-ond,each of the datasets that constitute the index must have their weight assigned in a documented and traceable manner.The weight of each Indicator in the EQx depends on the weight of that Indica

224、tor within its Pillar,the weight of that Pillar within its Index Area,the weight of that Index Area within its Sub-In-dex,and the weight of that Sub-Index within the overall EQx.What does the EQx aim to measure?Again,the aim is to por-tray the overall Elite Quality of nations in terms of the aggre-g

225、ate Value Creation of a nations elite business models as evi-denced by aggregated datasets.Sub-Index weightsThe EQx premise sees Power as a necessary condition for Val-ue Extraction and rent seeking.The Power Sub-Index I is thus the Indicator of potential future Value Extraction.Therefore,the relati

226、ve weighting for the two Sub-Indices,Power and Value,is conceptual and has been determined by the authors after thorough deliberation:the Power Sub-Index I has a weight of 1/3 whereas the Value Sub-Index II is weighted at 2/3.Index Area weightsThe EQx could also have been called the political econom

227、y index because it measures Power and Value in the political economy.Accordingly,each of the EQxs two Sub-Indices con-tain a political and an economic dimension.The weights of the resulting two Index Areas within the Power Sub-Index I and the Value Sub-Index II are also the result of the conceptual

228、EQx design and of the authors judgement:the weights for both are established at roughly 1/3:2/3(conceptual deliberations 2 and 3).This determines the weights of all four Index Areas:Political Power(PP),Economic Power(EP),Political Value(PV)and Economic Value(EV).For the Power Sub-Index I,the ratio-n

229、ale is that Economic Power is supreme,while Political Power reflects potentially extractive processes if these successfully transition to the economic arena.For the Value Sub-Index II,the rationale is the higher significancein terms of direct im-pact on citizens and economic agentsof the economic ov

230、er Chapter 2:Inside the Global Elite Quality Index(EQx)zElectronic copy available at:https:/ Quality Report,EQx202123the political in the overall Value Creation processes of the po-litical economy.Anticipating the linear aggregation scheme discussed hereinafter,the conceptual deliberation in weight-

231、ing 1,2 and 3 as just described implies the following index area weights within the overall EQx:11.1%(PP),22.2%(EP),22.2%(PV),and 44.4%(EV).Pillar and Indicator weightsWhile the weights of the Sub-Indices and Index Areas are de-termined by conceptual deliberation,a panel of experts deter-mines the w

232、eights of the Pillars and Indicators.They employ a Budget Allocation Process(BAP)to establish the weighting of Pillars within each of the 4 Index Areas,as well as weighting the Indicators within each of the 12 Pillars.Visual 2.6 summarizes the structure and weighting of the EQx.Section 5.1 lists all

233、 Indicators with their respective weights,both within their Pillar,as well as within the overall EQx.Visual 2.6:EQx weighting overviewLevel 1Level 2Level 3Level 4Conceptual Deliberation 1Conceptual Deliberation 2,3Budget Allocation ProcessBudget Allocation ProcessEQxPowerValuePolitical PowerEconomic

234、 PowerPolitical ValueEconomic Value12 Pillars107 IndicatorsIndividual Indicators within Pillar weightsIndividual Pillar within Index Area weights34%66%IndexSub-Index ISub-Index IIIndex Area(i)Index Area(ii)Index Area(iii)Index Area(iv)34%34%66%66%Aggregation scheme(Step 6b)Finally,the EQx applies a

235、linear aggregation scheme.This im-plies constant and full compensability between each aggre-gated element at the respective aggregation level(OECD,2008,p.33).Within Pillars,Indicators are assumed to mea-sure similar aspects of Elite Quality,and as a consequence,full compensability is intended.A simi

236、lar reasoning applies to the aggregation of Pillars within Index Areas.Moreover,a lin-ear aggregation scheme transmits the relative importanceas determined by the underlying weighting schemeof the ele-ments that are aggregated at the respective level to the index(Santeramo,2017,p.131).Therefore,Inde

237、x Areas and Sub-Indices are also linearly aggregated,to ensure a full trans-mission of the relative weights as implied by the theoretical framework.Electronic copy available at:https:/ Statistical AssessmentAs the previous steps highlight,the EQx is based on several judgement calls and is the result

238、 of a multilevel calculation exercise.This raises the question of how reliable and mean-ingful the EQx is.Evidence of the reliability of the EQx2021 is obtained by a range of robustness tests,presented and discussed below.The tests aim to validate the previously presented judgement calls by gauging

239、the sensitivity of the Index to modifications in its set-up,and,in particular,inves-tigating how sensitive the EQx Global Rankings are,ceteris paribus,to changes in key modeling assumptions.In sum-mary,the 5 tests performed on EQx2021 data suggest that EQx Country Scores and the implied Global Ranki

240、ngs are not driven by(i)individual Indicators,(ii)data availability,and are robust to a range of alternative(iii)normalization(iv)weighting and(v)aggregation schemes.Visual 2.7:EQx statistical assessment tests,overview tableTest 1 Leave-one-out robustness Test 1 assesses the sensitivity of the Index

241、 to the selection of underlying Indicators and aims to show the balanced struc-ture of the EQx.Are all of the 107 Indicators equally import-ant?Are some redundant,or,on the contrary,dominating Index scores?Furthermore,as small changes in scores might imply important changes in the rankings,we would

242、certain-ly not want the EQx Global Ranking to be dominated by a small set of Indicators.This is because the explanatory pow-er of the EQx is substantially based on a comparative anal-ysis of a countrys performance,that is,how a country is ranked in comparison to other countries.Furthermore,this is t

243、o ensure that the EQx provides a balanced measure of elite quality,which fully accounts for the multi-dimensional nature of this concept.Hence,firstly,we test the impact of each Indicator in the EQx Global Ranking by excluding one Indicator at a time,and comparing the emerging ranking to the EQx bas

244、eline ranking.Visual 2.9 illustrates the results.The distribution of the devia-tion of a countrys implied EQx Rank(when a single Indicator is omitted)from its baseline ranking,is illustrated by vertical lines for each excluded Indicator.A small box and short ver-Test Nr.Test NameMain Results1Leave-o

245、ne-out robustnessEQx2021 has a relatively balanced structure.While all Pillars and Indicators contribute to final scores,none overly dominate the overall ranking.2Sensitivity to data availabilityWhile countries with the highest scores have the most datapoints,in general,EQx scores are not expected t

246、o be biased as a result of data availability,due to the high-quality data used.3Sensitivity of the normalization schemeThe EQx2021 Rankings are relatively stable to alterna-tive normalization schemes of Indicators(e.g.Min-Max and Ranking instead of z-scores standardization):the resulting rankings ar

247、e highly and significantly correlated.4Sensitivity to the weighting schemeThe EQx2021 Rankings are largely robust to slight and even far-reaching modifications in the weighting scheme(e.g.a ranking resulting from equal final Indicator weights highly and significantly correlates with the base-line ra

248、nking,with a Kendall Tau-b coefficient of 0.936).5Sensitivity to the aggregation schemeThe EQx2021 Rankings are largely stable to a modifi-cation in the aggregation scheme:applying a geometric instead of a linear scheme at the highest aggregation level implies a Kendall Tau-b correlation coefficient

249、 of 0.988 between the resulting and baseline ranking.Chapter 2:Inside the Global Elite Quality Index(EQx)Electronic copy available at:https:/ Quality Report,EQx202125Secondly,we assess whether the EQx has a balanced concep-tual structure.Hence,we re-run the previous test,but now we examine the effec

250、t of omitting one Pillar at a time on the Glob-al Rankings.The results are available in Visual 2.8 below,which show that the median deviation from the EQx Rank is zero in each case.For 50%of countries,omitting any Pillar af-fects their ranking by less than 10 positions.Furthermore,all Pillars contri

251、bute to the final EQx Rankings,since omitting any Pillar has an effect on the overall ranking.Visual 2.11 lists the Kendall Tau-b and Spearman correlation coefficients between the EQx Global Ranking and the im-plied ranking when omitting one Pillar at a time.The correlation coefficients are smaller

252、than 1 for all Pillars,which again shows that all Pillars contribute to the EQx Global Ranking.Pillars 6(Creative Destruction),11(Capital Value)and 12(Labor Value)are the most important Pillars,since their omis-sion shift the index rankings the most.However,the correlation coefficients are high and

253、statistically significant in all cases.Thus,the results suggest that while all Indicators and Pillars contribute to the EQx,with some having a larger impact than others,no single Indicator or Pillar dominates the final EQx Global Rankings.tical line close to the zero-difference horizontal red dashed

254、 line indicates that the respective Indicator does not signifi-cantly affect the EQx Ranking.Figure 2.9 shows that no Indi-cator overly dominates the rankings,even though the omis-sion of individual Indicators can imply considerable shifts in the rankings for single countries.The impact of Indicator

255、s is larger in the right half of the graph,which reflects the higher weights allocated to the Indicators in the Value Sub-Index.Furthermore,we compute the Spearman and Kendall Tau-b rank correlation coefficients,two non-parametric measures of the strength and direction of statistical association,bet

256、ween the rankings.This allows us to quantify and assess the similar-ity between the EQx Ranking and alternative rankings.Our calculations show that the alternative rankings,when omitting any one Indicator at a time,are highly and signifi-cantly correlated with the baseline EQx,with a Kendall Tau-b c

257、orrelation coefficient of at least 0.927(Spearman:0.99).Still,when omitting any single Indicator,a countrys rank shifts on average by 0.983 positions,i.e.by roughly one ranking position.This shows that all Indicators contrib-ute somewhat to the final EQx,without any Indicator overly dominating the E

258、Qx Global Rankings.Visual 2.8:Test 1,on Pillars:Deviation from baseline ranking when excluding one Pillar at a timeDeviation from the Baseline Rank 030-20EQx Pillarsi.1 State Capturei.3 Human Captureii.4 Coalition Dom.ii.5 Firm Dom.ii.6 Creative Destructioniii.7 Giving Incomeiii.9 Unearned Incomeiv.

259、10 Producer Valueiv.11 Capital Valueiv.12 Labor Valueiii.8 Taking Incomei.2 Regulatory Capture2010-10-30Note:Boxes include 50%of all countries;the horizontal line within a box indicates the median deviation.Whiskers span up to+/-1.5 times the interquartile range(IQR:Q3-Q1),up to the lower observed p

260、oint from the data that falls within this distance.All other observed points are plotted as outliers(dots).Electronic copy available at:https:/ 2.9:Test 1,on Indicators:Deviation from baseline ranking when excluding one Indicator at a time DeviationChapter 2:Inside the Global Elite Quality Index(EQx

261、)Electronic copy available at:https:/ Quality Report,EQx202127Chapter 2:How Elite Quality Became a Global IndexTest 2 Sensitivity to data availability Test 2 investigates how data availability might impact the meaningfulness and cross-country comparability of the EQx.Are EQx Scores related to data a

262、vailability?Indeed,Visual 2.10 shows that countries with more data tend to score higher in the EQx.This relation is particularly strong at the extremes of index performance:the countries that score highest in the EQx also have the most data,and the coun-tries that score lowest,the least data.However

263、,the Visual also shows that there is a large variation in data availability for countries with a middling EQx performance,colored in green.This mid-level performance Section of the EQx Rank-ings does not seem to be related to data availability.More generally,as discussed in Section 2.4,Step 4,if a c

264、oun-try is missing Indicator data,its state of Elite Quality will be depicted using less,yet still correct information,provided that the considered Indicators are unbiased.In view of the high-quality data that constitutes the EQx,the scores are not expected to be biased in terms of data availability

265、.Test 3 Sensitivity of the normalization schemeIndicators are converted to a common scale in the process of constructing the EQx.The EQx normalization scheme is detailed in Section 2.4,Step 5.In summary,the EQx ap-plies a z-score standardization,before rescaling the result-ing values to range betwee

266、n 0 and 100.Test 3 evaluates the sensitivity of the EQx Country Rankings to this normal-ization scheme,by applying two alternative normalization schemes:the standardization of values according to the Min-Max procedure,and the normalization of values by ranking them(for formulas,see OECD,2008,p.30).F

267、or almost 50%of countries,applying a different normaliza-tion procedure affects their Global Rankings by less than 6 positions.Visual 2.12 compares the resulting Rankings to the EQx baseline Rankings by means of the Spearman and Kendall Tau-b rank correlation coefficients.The Rankings that use diffe

268、rent normalization schemes are highly and significantly correlated with the baseline Rankings.Visual 2.10:Correlation between EQx Scores and data availabilityNumber of available datapointsEQx Score range805020EQx ScoresElectronic copy available at:https:/ 4 Sensitivity to the weighting schemeWould t

269、he Global Rankings change considerably if a differ-ent weighting scheme were used?Since key insights must be robust to a plausible range of weights,special consider-ation is given to this question in Test 4.We compare the rankings resulting from nine alternative weighting schemes to the baseline EQx

270、 Country Rankings.Visual 2.13 specifies the applied schemes and how they are related to the base-line EQx weighting scheme.The resulting alternative rank-ings are highly and significantly correlated with the EQx Global Rankings.Test 5 Sensitivity to the aggregation schemeThe EQx applies a linear agg

271、regation scheme,where a weighted arithmetic mean is taken at each aggregation level.To assess the sensitivity of the EQx Global Rankings towards this functional form,we alternatively consider a geometric ag-gregation scheme,where a weighted geometric mean is tak-en when aggregating the two Sub-Indic

272、es,Power and Value.The resulting ranking is again highly and significantly cor-related with the EQx Global Rankings,with a Kendall Tau-b correlation coefficient amounting to 0.988(Spearman:ap-proximately 1).For more than 80%of countries,the implied ranking deviates not at all or by only one position

273、 from the baseline EQx Rankings.In conclusion,these results suggest that the EQx has a rela-tively balanced structure,and the implied Global Rankings are largely robust to concerns related to data availability,the chosen normalization method,as well as the weighting and aggregation scheme.Chapter 2:

274、Inside the Global Elite Quality Index(EQx)Electronic copy available at:https:/ Quality Report,EQx202129Visual 2.11:Correlation coefficients between the EQx Global Rankings and alternative rankings when omitting one Pillar at a timeVisual 2.12:Correlation coefficients between EQx Global Rankings and

275、alternative rankings applying a different normalization schemeVisual 2.13:Correlation coefficients between EQx Global Rankings and alternative rankings applying a different weighting schemeOmitted Pillari.1i.2i.3ii.4ii.5ii.6iii.7iii.8iii.9iv.10iv.11iv.12Kendall Tau-b0.9780.9540.9720.9390.9510.8610.9

276、440.9520.950.8970.8430.779Spearman0.9990.9960.9980.9930.9950.9710.9940.996 0.9960.9830.9620.928Note:Coefficients are rounded to three decimals.Both the Kendall and Spearman correlation coefficients are significant at the 1%level.Applied normalization schemeMin-MaxRankingKendall Tau-b0.8470.867Spearm

277、an0.960.973Note:Coefficinents are rounded to three decimals.Both the Kendall and Spearman correlation coefficients are significant at the 1%level.EQxAltern.1Altern.2Altern.3Altern.4Altern.5Altern.6Altern.7Altern.8Altern.9Indicaror weight within PillarBAPeeeeEqual final Indicatorweights of1 107Pillar

278、 weight within Index areaBAPeeeeIndex area weight within Sub-Index Political Power0.3eee Economic Power0.6eee Political Value0.3eee Economic Value0.6eeeSub-Indices Power0.3e0.25ee Value0.6e0.75eeKendall Tau-b10.9360.9450.9210.880.8420.9360.9530.9120.863Spearman10.9930.9950.990.9790.9630.9930.9960.98

279、60.969 Note:The above part of the table shows the weighting scheme used for the EQx(column 1),as well as 9 alternative weighting schemes(columns 2 to 10).BAP indicates weights determined by the Budget Allocation Process.e denotes equal weighting within the respective level.The checkmark indicates th

280、at the baseline weighting scheme is not changed.The lower part of the table shows the Kendall Tau-b and Spearman correlation coefficient between the EQx Rankings and a ranking using an alternative weighting scheme.Coefficients are rounded to three decimals.Both the Kendall and Spearman correlation c

281、oefficients are significant at the 1%level.Electronic copy available at:https:/ 3.1:EQx2021 table of Country Scores and Global Rankings with Power and Value Sub-IndicesR Ra an nk kS Sc co or re eSingapore1 168.11 15 563.11 170.6Switzerland2 267.61 11 164.72 269.1United Kingdom3 364.73 369.91 12 262.

282、1Netherlands4 464.55 566.24 463.7United States5 564.11 170.21 18 861.0Sweden6 663.77 765.89 962.6Israel7 763.68 865.28 862.8Norway8 863.51 18 862.53 364.0Australia9 963.51 13 363.76 663.4Denmark1 10 063.49 965.21 10 062.6Canada1 11 163.26 665.91 15 561.8Estonia1 12 262.92 270.02 22 259.4New Zealand1

283、 13 362.62 20 060.95 563.5Finland1 14 462.61 14 463.61 13 362.1Germany1 15 562.41 10 064.91 16 661.2Korea,Rep.1 16 662.31 16 663.01 14 462.0Japan1 17 761.82 22 260.71 11 162.3UAE1 18 861.54 468.42 26 658.0Austria1 19 961.12 21 160.91 17 761.2Ireland2 20 060.83 32 256.07 763.2Qatar2 21 160.22 25 558.

284、81 19 960.9Czech Republic2 22 259.23 33 355.82 20 060.9France2 23 358.31 17 762.52 29 956.3Lithuania2 24 457.91 19 962.43 33 355.6Malaysia2 25 557.82 29 956.72 24 458.4China2 26 657.63 34 455.82 23 358.5Spain2 27 757.32 23 359.83 31 156.0Portugal2 28 857.31 12 264.34 42 253.7Slovenia2 29 957.22 24 4

285、59.33 30 056.1Thailand3 30 057.15 53 351.62 21 159.8Cyprus3 31 156.34 42 253.82 27 757.5Belgium3 32 256.12 28 857.43 35 555.4Hungary3 33 355.63 35 555.83 34 455.5Bahrain3 34 455.64 47 752.62 28 857.1Poland3 35 555.23 30 056.73 37 754.4Vietnam3 36 654.37 74 446.92 25 558.0Italy3 37 754.33 36 655.34 4

286、1 153.8Latvia3 38 854.22 26 658.15 50 052.2Oman3 39 953.66 67 748.83 32 256.0Slovak Republic4 40 053.43 38 854.54 46 652.9Chile4 41 153.02 27 757.85 58 850.6Azerbaijan4 42 252.95 57 751.13 39 953.8Croatia4 43 352.94 46 652.84 45 552.9Indonesia4 44 452.74 48 852.54 47 752.84 45 55 58 84 44 4Kazakhsta

287、n4 46 652.26 68 848.83 38 853.9Greece4 47 751.85 52 251.75 52 251.8Romania4 48 851.75 56 651.35 51 151.8Bulgaria4 49 951.64 45 553.55 57 750.7Mauritius5 50 051.66 61 150.24 49 952.3Belarus5 51 151.37 70 048.54 48 852.7Rwanda5 52 250.94 40 054.16 65 549.3Cuba5 53 350.81 10 02 242.53 36 655.0Kuwait5 5

288、4 450.65 59 950.95 59 950.4Mexico5 55 550.33 37 755.07 79 947.9Botswana5 56 650.23 39 954.27 77 748.2Costa Rica5 57 750.05 54 451.66 69 949.2Benin5 58 849.97 71 147.95 55 550.9North Macedonia5 59 949.74 49 952.07 74 448.5Peru6 60 049.65 55 551.57 72 248.7Uruguay6 61 149.64 43 353.88 83 347.5Mongolia

289、6 62 249.48 84 445.45 53 351.4Ghana6 63 349.36 65 549.87 70 049.1Saudi Arabia6 64 449.05 51 151.88 80 047.7Russian Fed.6 65 548.97 73 347.76 63 349.5Kenya6 66 648.94 41 153.89 97 746.4Philippines6 67 748.88 81 146.06 62 250.3Papua New G.6 68 848.71 12 22 238.43 39 953.8Moldova6 69 948.36 63 349.98 8

290、2 247.5Serbia7 70 048.26 60 050.78 89 946.9Colombia7 71 148.16 63 349.98 86 647.2Georgia7 72 248.09 99 943.16 60 050.4Cambodia7 73 347.81 13 36 636.04 43 353.7Dominican Rep.7 74 447.69 90 044.46 65 549.3Uganda7 75 547.51 10 06 641.96 61 150.3Ukraine7 76 647.38 85 545.37 76 648.2Albania7 77 747.27 76

291、 646.58 81 147.6Guinea-Bissau7 78 846.99 93 344.27 78 848.2Burkina Faso7 79 946.61 10 01 142.67 73 348.6Trinidad and T.8 80 046.68 87 745.38 85 547.2Cte dIvoire8 81 146.58 82 245.89 91 146.9Uzbekistan8 82 246.48 83 345.48 88 847.0Lao PDR8 83 346.41 12 27 737.55 55 550.9Paraguay8 84 446.31 11 10 041.

292、17 71 148.9Togo8 85 546.21 11 16 639.76 64 449.4Brazil8 86 646.15 50 052.01 12 20 043.2Turkey8 87 746.06 66 649.31 11 15 544.4Jamaica8 88 846.07 78 846.21 10 01 145.9Tanzania8 89 945.91 11 11 140.87 75 548.5Nepal9 90 045.79 95 544.09 96 646.6Ecuador9 91 145.79 92 244.39 99 946.4Senegal9 92 245.68 80

293、 046.01 10 08 845.4Niger9 93 345.69 96 643.99 97 746.4Timor-Leste9 94 445.69 98 843.29 93 346.8Madagascar9 95 545.51 14 40 034.05 54 451.3Guinea9 96 645.31 12 26 637.56 68 849.2Bolivia9 97 745.21 10 09 941.28 84 447.2Jordan9 98 845.06 62 250.11 12 24 442.4Armenia9 99 944.98 86 645.31 11 11 144.7Sout

294、h Africa1 10 00 044.93 31 156.41 13 37 739.2Zimbabwe1 10 01 144.51 11 14 439.99 94 446.7Malawi1 10 02 244.31 10 04 442.31 10 09 945.4Mozambique1 10 03 344.31 11 17 739.69 95 546.6Burundi1 10 04 444.21 13 38 834.26 67 749.3Cameroon1 10 05 543.91 12 25 537.68 87 747.1Namibia1 10 06 643.97 74 446.91 12

295、 25 542.3Nigeria1 10 07 743.81 10 03 342.41 11 12 244.6Eswatini1 10 08 843.81 11 15 539.81 10 02 245.8Guatemala1 10 09 943.81 11 18 839.21 10 00 046.0Honduras1 11 10 043.78 89 944.51 11 18 843.4Morocco1 11 11 143.66 69 948.71 13 30 041.1Congo,Rep.1 11 12 243.61 12 29 937.39 92 246.8Sierra Leone1 11

296、13 343.48 88 845.01 12 23 342.7Bosnia and Herz.1 11 14 443.49 91 144.31 12 21 143.0Mali1 11 15 543.31 12 21 138.41 10 03 345.7Argentina1 11 16 643.27 72 247.91 13 33 340.8Sri Lanka1 11 17 743.09 97 743.31 12 22 242.8India1 11 18 842.94 44 453.71 14 44 437.5Ethiopia1 11 19 942.71 10 07 741.31 11 17 7

297、43.5Myanmar1 12 20 042.51 13 30 036.71 10 07 745.4Kyrgyz Republic1 12 21 142.31 10 00 042.81 12 26 642.1Egypt1 12 22 242.31 11 12 240.31 11 19 943.3Nicaragua1 12 23 342.21 12 24 437.81 11 14 444.4Congo,D.R.1 12 24 442.21 14 44 432.78 89 946.9Venezuela,RB1 12 25 542.11 13 34 436.11 11 10 045.1Banglad

298、esh1 12 26 641.71 13 39 934.11 10 06 645.5Liberia1 12 27 741.61 13 37 735.81 11 13 344.4Central African R.1 12 28 841.51 14 41 133.41 10 05 545.6Chad1 12 29 941.51 14 42 233.11 10 04 445.7El Salvador1 13 30 041.51 10 08 841.31 12 27 741.6Gambia,The1 13 31 141.19 94 444.01 13 36 639.7Tunisia1 13 32 2

299、41.07 79 946.11 13 39 938.5Equatorial Guin.1 13 33 340.21 11 19 938.71 13 31 141.0Algeria1 13 34 440.11 12 20 038.41 13 32 240.9Lesotho1 13 35 540.07 77 746.51 14 45 536.8Lebanon1 13 36 640.01 11 13 340.11 13 35 539.9Afghanistan1 13 37 739.91 13 32 236.61 12 28 841.5Zambia1 13 38 839.81 10 05 542.11

300、 13 38 838.7Turkmenistan1 13 39 939.81 14 49 931.81 11 16 643.9Tajikistan1 14 40 039.61 13 33 336.11 12 29 941.3Gabon1 14 41 139.51 12 23 338.11 13 34 440.2Pakistan1 14 42 238.01 12 28 837.41 14 40 038.3Angola1 14 43 337.51 13 31 136.71 14 42 237.9Haiti1 14 44 436.21 14 45 532.61 14 41 138.0Mauritan

301、ia1 14 45 536.01 14 43 332.91 14 43 337.6Iraq1 14 46 635.01 14 48 831.81 14 46 636.6Iran1 14 47 734.71 14 47 732.01 14 47 736.0Syria1 14 48 833.81 13 34 436.11 14 49 932.6Yemen,Rep.1 14 49 932.81 15 51 128.41 14 48 835.0Sudan1 15 50 028.51 14 46 632.61 15 50 026.4Libya1 15 51 127.315031.31 15 51 125

302、.3E EQQx xS Su ub b-I In nd di ic ce es sP Po ow we er r (I I)V Va al lu ue e (I II I)Very High Quality ElitesHigh Quality ElitesQuality ElitesChapter 3:EQx2021 Results3.EQx2021 Results3.1 Elite Quality Country Scores and Global Rankings4 44 44 48 84 47 7Panama4 45 552.75 58 851.04 44 453.5Kazakhsta

303、n4 46 652.26 68 848.83 38 853.9Greece4 47 751.85 52 251.75 52 251.8Romania4 48 851.75 56 651.35 51 151.8Bulgaria4 49 951.64 45 553.55 57 750.7Mauritius5 50 051.66 61 150.24 49 952.3Belarus5 51 151.37 70 048.54 48 852.7Rwanda5 52 250.94 40 054.16 65 549.3Cuba5 53 350.81 10 02 242.53 36 655.0Kuwait5 5

304、4 450.65 59 950.95 59 950.4Mexico5 55 550.33 37 755.07 79 947.9Botswana5 56 650.23 39 954.27 77 748.2Costa Rica5 57 750.05 54 451.66 69 949.2Benin5 58 849.97 71 147.95 55 550.9North Macedonia5 59 949.74 49 952.07 74 448.5Peru6 60 049.65 55 551.57 72 248.7Uruguay6 61 149.64 43 353.88 83 347.5Mongolia

305、6 62 249.48 84 445.45 53 351.4Ghana6 63 349.36 65 549.87 70 049.1Saudi Arabia6 64 449.05 51 151.88 80 047.7Russian Fed.6 65 548.97 73 347.76 63 349.5Kenya6 66 648.94 41 153.89 97 746.4Philippines6 67 748.88 81 146.06 62 250.3Papua New G.6 68 848.71 12 22 238.43 39 953.8Moldova6 69 948.36 63 349.98 8

306、2 247.5Serbia7 70 048.26 60 050.78 89 946.9Colombia7 71 148.16 63 349.98 86 647.2Georgia7 72 248.09 99 943.16 60 050.4Cambodia7 73 347.81 13 36 636.04 43 353.7Dominican Rep.7 74 447.69 90 044.46 65 549.3Uganda7 75 547.51 10 06 641.96 61 150.3Ukraine7 76 647.38 85 545.37 76 648.2Albania7 77 747.27 76

307、 646.58 81 147.6Guinea-Bissau7 78 846.99 93 344.27 78 848.2Burkina Faso7 79 946.61 10 01 142.67 73 348.6Trinidad and T.8 80 046.68 87 745.38 85 547.2Cte dIvoire8 81 146.58 82 245.89 91 146.9Uzbekistan8 82 246.48 83 345.48 88 847.0Lao PDR8 83 346.41 12 27 737.55 55 550.9Paraguay8 84 446.31 11 10 041.

308、17 71 148.9Togo8 85 546.21 11 16 639.76 64 449.4Brazil8 86 646.15 50 052.01 12 20 043.2Turkey8 87 746.06 66 649.31 11 15 544.4Jamaica8 88 846.07 78 846.21 10 01 145.9Tanzania8 89 945.91 11 11 140.87 75 548.5Nepal9 90 045.79 95 544.09 96 646.6Ecuador9 91 145.79 92 244.39 99 946.4Senegal9 92 245.68 80

309、 046.01 10 08 845.4Niger9 93 345.69 96 643.99 97 746.4Timor-Leste9 94 445.69 98 843.29 93 346.8Madagascar9 95 545.51 14 40 034.05 54 451.3Guinea9 96 645.31 12 26 637.56 68 849.2Bolivia9 97 745.21 10 09 941.28 84 447.2Jordan9 98 845.06 62 250.11 12 24 442.4Armenia9 99 944.98 86 645.31 11 11 144.7Sout

310、h Africa1 10 00 044.93 31 156.41 13 37 739.2Zimbabwe1 10 01 144.51 11 14 439.99 94 446.7Malawi1 10 02 244.31 10 04 442.31 10 09 945.4Mozambique1 10 03 344.31 11 17 739.69 95 546.6Burundi1 10 04 444.21 13 38 834.26 67 749.3Cameroon1 10 05 543.91 12 25 537.68 87 747.1Namibia1 10 06 643.97 74 446.91 12

311、 25 542.3Nigeria1 10 07 743.81 10 03 342.41 11 12 244.6Eswatini1 10 08 843.81 11 15 539.81 10 02 245.8Guatemala1 10 09 943.81 11 18 839.21 10 00 046.0Honduras1 11 10 043.78 89 944.51 11 18 843.4Morocco1 11 11 143.66 69 948.71 13 30 041.1Congo,Rep.1 11 12 243.61 12 29 937.39 92 246.8Sierra Leone1 11

312、13 343.48 88 845.01 12 23 342.7Bosnia and Herz.1 11 14 443.49 91 144.31 12 21 143.0Mali1 11 15 543.31 12 21 138.41 10 03 345.7Argentina1 11 16 643.27 72 247.91 13 33 340.8Sri Lanka1 11 17 743.09 97 743.31 12 22 242.8India1 11 18 842.94 44 453.71 14 44 437.5Ethiopia1 11 19 942.71 10 07 741.31 11 17 7

313、43.5Myanmar1 12 20 042.51 13 30 036.71 10 07 745.4Kyrgyz Republic1 12 21 142.31 10 00 042.81 12 26 642.1Egypt1 12 22 242.31 11 12 240.31 11 19 943.3Nicaragua1 12 23 342.21 12 24 437.81 11 14 444.4Congo,D.R.1 12 24 442.21 14 44 432.78 89 946.9Venezuela,RB1 12 25 542.11 13 34 436.11 11 10 045.1Banglad

314、esh1 12 26 641.71 13 39 934.11 10 06 645.5Liberia1 12 27 741.61 13 37 735.81 11 13 344.4Central African R.1 12 28 841.51 14 41 133.41 10 05 545.6Chad1 12 29 941.51 14 42 233.11 10 04 445.7El Salvador1 13 30 041.51 10 08 841.31 12 27 741.6Gambia,The1 13 31 141.19 94 444.01 13 36 639.7Tunisia1 13 32 2

315、41.07 79 946.11 13 39 938.5Equatorial Guin.1 13 33 340.21 11 19 938.71 13 31 141.0Algeria1 13 34 440.11 12 20 038.41 13 32 240.9Lesotho1 13 35 540.07 77 746.51 14 45 536.8Lebanon1 13 36 640.01 11 13 340.11 13 35 539.9Afghanistan1 13 37 739.91 13 32 236.61 12 28 841.5Zambia1 13 38 839.81 10 05 542.11

316、 13 38 838.7Turkmenistan1 13 39 939.81 14 49 931.81 11 16 643.9Tajikistan1 14 40 039.61 13 33 336.11 12 29 941.3Gabon1 14 41 139.51 12 23 338.11 13 34 440.2Pakistan1 14 42 238.01 12 28 837.41 14 40 038.3Angola1 14 43 337.51 13 31 136.71 14 42 237.9Haiti1 14 44 436.21 14 45 532.61 14 41 138.0Mauritan

317、ia1 14 45 536.01 14 43 332.91 14 43 337.6Iraq1 14 46 635.01 14 48 831.81 14 46 636.6Iran1 14 47 734.71 14 47 732.01 14 47 736.0Syria1 14 48 833.81 13 34 436.11 14 49 932.6Yemen,Rep.1 14 49 932.81 15 51 128.41 14 48 835.0Sudan1 15 50 028.51 14 46 632.61 15 50 026.4Libya1 15 51 127.315031.31 15 51 125

318、.3E EQQx xS Su ub b-I In nd di ic ce es sP Po ow we er r (I I)V Va al lu ue e (I II I)Very High Quality ElitesLagging ElitesHigh Quality ElitesQuality ElitesMiddle Quality ElitesC Co ou un nt tr ry yG Gl lo ob ba al l R Ra an nk kC Co ou un nt tr ry y S Sc co or re eR Ra an nk kS Sc co or re eR Ra a

319、n nk kS Sc co or re eE EQQx xS Su ub b-I In nd di ic ce es sP Po ow we er r (I I)V Va al lu ue e (I II I)C Co ou un nt tr ry yG Gl lo ob ba al l R Ra an nk kC Co ou un nt tr ry y S Sc co or re eR Ra an nk kS Sc co or re eR Ra an nk kS Sc co or re eE EQQx xS Su ub b-I In nd di ic ce es sP Po ow we er

320、 r (I I)V Va al lu ue e (I II I)Electronic copy available at:https:/ Quality Report,EQx2021318 82 28 83 38 88 8Lao PDR8 83 346.41 12 27 737.55 55 550.9Paraguay8 84 446.31 11 10 041.17 71 148.9Togo8 85 546.21 11 16 639.76 64 449.4Brazil8 86 646.15 50 052.01 12 20 043.2Turkey8 87 746.06 66 649.31 11 1

321、5 544.4Jamaica8 88 846.07 78 846.21 10 01 145.9Tanzania8 89 945.91 11 11 140.87 75 548.5Nepal9 90 045.79 95 544.09 96 646.6Ecuador9 91 145.79 92 244.39 99 946.4Senegal9 92 245.68 80 046.01 10 08 845.4Niger9 93 345.69 96 643.99 97 746.4Timor-Leste9 94 445.69 98 843.29 93 346.8Madagascar9 95 545.51 14

322、 40 034.05 54 451.3Guinea9 96 645.31 12 26 637.56 68 849.2Bolivia9 97 745.21 10 09 941.28 84 447.2Jordan9 98 845.06 62 250.11 12 24 442.4Armenia9 99 944.98 86 645.31 11 11 144.7South Africa1 10 00 044.93 31 156.41 13 37 739.2Zimbabwe1 10 01 144.51 11 14 439.99 94 446.7Malawi1 10 02 244.31 10 04 442.

323、31 10 09 945.4Mozambique1 10 03 344.31 11 17 739.69 95 546.6Burundi1 10 04 444.21 13 38 834.26 67 749.3Cameroon1 10 05 543.91 12 25 537.68 87 747.1Namibia1 10 06 643.97 74 446.91 12 25 542.3Nigeria1 10 07 743.81 10 03 342.41 11 12 244.6Eswatini1 10 08 843.81 11 15 539.81 10 02 245.8Guatemala1 10 09

324、943.81 11 18 839.21 10 00 046.0Honduras1 11 10 043.78 89 944.51 11 18 843.4Morocco1 11 11 143.66 69 948.71 13 30 041.1Congo,Rep.1 11 12 243.61 12 29 937.39 92 246.8Sierra Leone1 11 13 343.48 88 845.01 12 23 342.7Bosnia and Herz.1 11 14 443.49 91 144.31 12 21 143.0Mali1 11 15 543.31 12 21 138.41 10 0

325、3 345.7Argentina1 11 16 643.27 72 247.91 13 33 340.8Sri Lanka1 11 17 743.09 97 743.31 12 22 242.8India1 11 18 842.94 44 453.71 14 44 437.5Ethiopia1 11 19 942.71 10 07 741.31 11 17 743.5Myanmar1 12 20 042.51 13 30 036.71 10 07 745.4Kyrgyz Republic1 12 21 142.31 10 00 042.81 12 26 642.11 12 22 21 11 1

326、2 21 11 19 9Nicaragua1 12 23 342.21 12 24 437.81 11 14 444.4Congo,D.R.1 12 24 442.21 14 44 432.78 89 946.9Venezuela,RB1 12 25 542.11 13 34 436.11 11 10 045.1Bangladesh1 12 26 641.71 13 39 934.11 10 06 645.5Liberia1 12 27 741.61 13 37 735.81 11 13 344.4Central African R.1 12 28 841.51 14 41 133.41 10

327、 05 545.6Chad1 12 29 941.51 14 42 233.11 10 04 445.7El Salvador1 13 30 041.51 10 08 841.31 12 27 741.6Gambia,The1 13 31 141.19 94 444.01 13 36 639.7Tunisia1 13 32 241.07 79 946.11 13 39 938.5Equatorial Guin.1 13 33 340.21 11 19 938.71 13 31 141.0Algeria1 13 34 440.11 12 20 038.41 13 32 240.9Lesotho1

328、 13 35 540.07 77 746.51 14 45 536.8Lebanon1 13 36 640.01 11 13 340.11 13 35 539.9Afghanistan1 13 37 739.91 13 32 236.61 12 28 841.5Zambia1 13 38 839.81 10 05 542.11 13 38 838.7Turkmenistan1 13 39 939.81 14 49 931.81 11 16 643.9Tajikistan1 14 40 039.61 13 33 336.11 12 29 941.3Gabon1 14 41 139.51 12 2

329、3 338.11 13 34 440.2Pakistan1 14 42 238.01 12 28 837.41 14 40 038.3Angola1 14 43 337.51 13 31 136.71 14 42 237.9Haiti1 14 44 436.21 14 45 532.61 14 41 138.0Mauritania1 14 45 536.01 14 43 332.91 14 43 337.6Iraq1 14 46 635.01 14 48 831.81 14 46 636.6Iran1 14 47 734.71 14 47 732.01 14 47 736.0Syria1 14

330、 48 833.81 13 34 436.11 14 49 932.6Yemen,Rep.1 14 49 932.81 15 51 128.41 14 48 835.0Sudan1 15 50 028.51 14 46 632.61 15 50 026.4Libya1 15 51 127.315031.31 15 51 125.3E EQQx xS Su ub b-I In nd di ic ce es sP Po ow we er r (I I)V Va al lu ue e (I II I)Very High Quality ElitesLagging ElitesHigh Quality

331、 ElitesQuality ElitesMiddle Quality Elites1 12 21 11 10 00 01 12 26 6Egypt1 12 22 242.31 11 12 240.31 11 19 943.3Nicaragua1 12 23 342.21 12 24 437.81 11 14 444.4Congo,D.R.1 12 24 442.21 14 44 432.78 89 946.9Venezuela,RB1 12 25 542.11 13 34 436.11 11 10 045.1Bangladesh1 12 26 641.71 13 39 934.11 10 0

332、6 645.5Liberia1 12 27 741.61 13 37 735.81 11 13 344.4Central African R.1 12 28 841.51 14 41 133.41 10 05 545.6Chad1 12 29 941.51 14 42 233.11 10 04 445.7El Salvador1 13 30 041.51 10 08 841.31 12 27 741.6Gambia,The1 13 31 141.19 94 444.01 13 36 639.7Tunisia1 13 32 241.07 79 946.11 13 39 938.5Equatori

333、al Guin.1 13 33 340.21 11 19 938.71 13 31 141.0Algeria1 13 34 440.11 12 20 038.41 13 32 240.9Lesotho1 13 35 540.07 77 746.51 14 45 536.8Lebanon1 13 36 640.01 11 13 340.11 13 35 539.9Afghanistan1 13 37 739.91 13 32 236.61 12 28 841.5Zambia1 13 38 839.81 10 05 542.11 13 38 838.7Turkmenistan1 13 39 939.81 14 49 931.81 11 16 643.9Tajikistan1 14 40 039.61 13 33 336.11 12 29 941.3Gabon1 14 41 139.51 12