costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free … the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of … enterprise. The great economists of the 1930s and 1940s failed to see the dangers of socialism in part because they focused on …

corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism … externality since the existence of corrupt entrepreneurs hurts good entrepreneurs by reducing the electoral appeal of capitalism …

's global share of GDP means that liberal Asian nations will be poised to take up the role of promoting liberal democracy …

years. Democratic capital -- measured by a nation's historical experience with democracy and by the incidence of democracy … in its neighborhood -- reduces the exit rate from democracy and raises the exit rate from autocracy. In democracies, a …, promoting economic development jointly with the consolidation of democracy …

We present a new theory of pervasive shortages under socialism, based on the assumption that the planners are self … suggests that market socialism is bound to fail even without computational complexities facing the planners …

that increases in income are conducive to increases in democracy levels. This doubt stems mainly from the fact that while a … strong positive correlation exists between income and democracy levels, the relationship disappears when one controls for …, such as institutional quality. In this paper, we reexamine the robustness of the income-democracy relationship. We extend …

The conventional view in the direct democracy literature is that spending against a measure is more effective than …