Interesting counterexample: https://en.wikipedia.org/wiki/John_Crichton-Stuart%2C_2nd_Marquess_of_Bute … Not sure how many aristocrats did likewise
Has been a long time since I studied this, but my recollection is that the landed aristocracy did capture most of the profits.
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The paper perhaps overlooked this by excluding aristocrats from the analysis, on the grounds that their wealth came from land originally.pic.twitter.com/9jZgDQ0qfG
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