We study the formation of a ruling coalition in nondemocratic societies where institutions do not enable political commitments. Each individual is endowed with a level of political power. The ruling coalition consists of a subset of the individuals in the society and decides the distribution of...

The concept of political capitalism -- Political capitalism as an economic system -- The political and economic elite -- Interest groups and political exchange -- Political creation of economic rents -- Transitional gains and rent extraction -- The regulatory state -- Capitalism versus democracy...