Facing Crises: Economy, Democvracy, and Political Transaction Costs

Claude Menard

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: This paper investigates the issues coming out of the existence of political transactiuon costs. Section 2 digs deeper in the concept of political transaction costs and assesses its relevance for understanding the (often chaotic) running of democracy. Section 3 discusses the conditions framing the formation and implementation of coalitions, pointing out the key role of ‘meso-institutions' in making coalitions possible and stable. Section 4 shows the complexity of issues involved in keeping political transaction costs under control, a necessary condition for democracies to survive. Section 5 derives some lessons from this analysis to explore why reforms are so difficult to draw and implement. Section 6 concludes with some comments about the hybrid nature of democratic regimes and the sources of their fragility.

Keywords: Democracy; Economy; Political Transaction Costs Economy (search for similar items in EconPapers)
Date: 2017
Note: View the original document on HAL open archive server: https://univ-rennes.hal.science/hal-04000979
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Published in Democracy and Open Economy World Order, Springer International Publishing, 2017, ⟨10.1007/978-3-319-52168-8⟩

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Working Paper: Facing Crises: Economy, Democvracy, and Political Transaction Costs (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-04000979

DOI: 10.1007/978-3-319-52168-8

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