In this paper I argue that profit-maximizing firms, even though they contribute to social welfare when they compete in the market, may not do so when they influence the political process. In particular, I suggest, through several examples from both the real world and from economic theory, that...

In this paper I argue that profit maximizing firms, even though they contribute to social welfare when they compete in the market, may not do so when they influence the political process. In particular, I suggest, through several examples from both the real world and from economic theory, that...

The article reveals empirical analysis for the political economy of trade protection in developing countries and emerging economies. Accordingly, industries that are supported by assertive interest groups and are very well organized are likely to be granted a higher degree of protection from...

1. Before the Indus Valley Civilisation – 5000BC to 2999BC -- 2. The Indus Valley Civilisation – 3000BC to 1600BC -- 3. The Rig Vedas – 1599BC to 1000BC -- 4. The Mahajanapadas and the Upanishads – 600BC to 345BC -- 5. The Nanda Empire – 400BC to 322BC -- 6. Alexander the Great,...

Do capitalism and conflicts go hand in hand? Are the military and markets complements? Indeed, many conservative advocates of markets also passionately support the military, and many people who oppose war also oppose markets. Nineteenth-century writer Richard Cobden, however, maintained that the...

Over the last four decades, the direction of research on international trade policy formation has been significantly influenced by Wolfgang Mayer's contributions to both the positive and normative theory of international trade and, in particular, to the political economy of actual policy...

1. The Gupta Empire – 400AD to 600AD -- 2. Chalukya and Kamataa: King Pulakeshin – 543AD to 753AD -- 3. The Pallava Dynasty -275AD to 897AD -- 4. The Chola Dynasty – 846AD to 1215AD -- 5. The Delhi Sultanate – 1226AD to 1526AD -- 6. The Mughal Dynasty – 1526AD to 1857AD -- 7. The...

We provide evidence indicating that countries with well-developed social security systems do not necessarily face a trade-off between social spending and competitiveness. On average, countries that spend a lot on social needs score well in the competitiveness league. We investigate the...