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- W89502446 abstract "Most interest groups must look with no small degree of envy at the quite remarkable success of professional sports teams in the United States when it comes to attracting public transfers. Out of twenty-one professional sports facilities under construction in 1998, only three had no government financing. Indeed, in fourteen of the twenty-one projects government was financing more than 50 percent of the total cost. In all, various levels of government spent about $3.3 billion on facilities for professional sports teams between 1998 and 2001 (Grange 1998, A25). This success rate is all the more remarkable given the overwhelming evidence that there is little economic reason for subsidies. This unusually successful record provides an interesting opportunity to examine two contrasting theories that seek to explain the allocation of government transfers among competing societal demands. The more popular among mainstream economists is public choice interest group theory, which emphasizes individual rational maximization of gains in the political process and the accompanying waste of resources. Institutionalists provide an alternative explanation. Drawing on Thorstein Veblen's idea of sabotage, they argue that corporations have an inherent political advantage in a capitalist economic system because of their ability to affect the economy through investment decisions. An important implication of this theory is that corporate political power will fluctuate with the credibility of their threats to alter the amount they will invest. This paper will use sports subsidization as a case study to test the explanatory power of these two theories. The first and second sections will provide a brief outline of public choice and institutional explanations of state transfers. The third section will apply these two theories to the case of professional sports subsidization." @default.
- W89502446 created "2016-06-24" @default.
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- W89502446 date "2002-12-01" @default.
- W89502446 modified "2023-10-16" @default.
- W89502446 title "Sabotage versus Public Choice: Sports as a Case Study for Interest Group Theory" @default.
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- W89502446 doi "https://doi.org/10.1080/00213624.2002.11506536" @default.
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