Political Capitalism and the Power of Elites: Randall Holcombe
The Answer Is Transaction Costs
Political Capitalism and Democratic Dynamics
This chapter explores the concept of political capitalism, highlighting its divergence from traditional capitalist ideals and the interactions between private enterprises and the state. It examines voter behavior, the influence of political elites, and the need for competition in democracy, while reflecting on historical perspectives of capitalism and socialism. The speakers also introduce their upcoming book, 'Politics as Exchange,' discussing the essential role of a political elite in shaping public policy.
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