Ticchi, Davide; Vindigni, Andrea - Institute for the Study of Labor (IZA) - 2008
an oligarchy adopting a mass-army may voluntarily decide to promise some amount of income redistribution to its citizens …-compatible redistribution, they may cope with the moral hazard problem of the citizens-soldiers only by relinquishing political power to them … through the extension of franchise. This is because democracy always implements a highly redistributive fiscal policy, which …