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- W2095653005 abstract "This essay, which reports on the economic analysis of law and norms as it pertains to economic development, has two themes. First, effective business law aligns with business norms through an evolutionary process that I call “market modernization.” Market modernization is decentralized and competitive. Modernization of law through politics (“political modernization”), which is centralized and noncompetitive, plays a smaller role. Second, stable politics in developing countries comes from median democracy, which occurs when the median voter determines political outcomes. A presidential executive, direct democracy (referenda and ballot initiatives), and factoring governments into special districts for the supply of local public goods (school boards, water districts, etc.) empowers the median voter. In contrast, a parliamentary executive (prime minister), indirect democracy (legislative rule), and splicing the supply of local public goods into comprehensive governments (e.g. the city council) creates bargain democracy, which is less stable." @default.
- W2095653005 created "2016-06-24" @default.
- W2095653005 creator A5000445678 @default.
- W2095653005 date "2002-01-01" @default.
- W2095653005 modified "2023-09-26" @default.
- W2095653005 title "Market Modernization and Median Democracy: An Essay on Law and Economic Development" @default.
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