The majority rule and the hierarchically dictatorial rule are both characterized when preferences are defined over two alternatives. The majority rule is characterized in terms of seven axioms. The hierarchically dictatorial rule is characterized in terms of six of these seven axioms and the...

In this paper an attempt has been taken to describe various types of voting system and manipulation of them. French philosophers Marquis de Condorcet (1743-1794) and Jeans-Charles Borda (1733-1799) introduced modern voting system. Duncan Black first introduced the manipulation of voting in 1958...

This paper investigates the effect of inequality on economic growth in nondemocratic regimes. We provide a model where a self-interested ruler chooses an institution that constrains the policy choice of the ruler. The ruler must care about the support share of citizens to keep power. Under an...

The paper examines how political institutions in comparison to legal, social and economic institutions fare with different measures of inequality in a cross section framework. The empirical analysis suggests that countries which practice democracy are less prone to unequal outcomes especially...

We compare banking in economic systems of different type, namely X-type (redistributive economy) and Y-type (market economy). In an X-type economic system banking has a peculiar institutional design and is organized “top-down”, whereas in a Y-type market economy we see a “bottom-up...