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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 368.31+0.6%Nov 7 4:00 PM EST
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To: zamboz who wrote (23488)10/4/2007 12:57:15 PM
From: elmatador  Read Replies (1) of 217620
 
The stable democracy will tend to accumulate more and more distributional coalitions whose political power will accumulate, thus gradually impeding the economic growth of the society. This becomes the key to his most famous argument in Mancur Olson’s views of his book, The Rise and Decline of Nations (1982),

He especially focused on the post-World War II performance of Germany and Japan as compared with the United Kingdom, arguing that the defeat of Germany and Japan in the war had led to the overthrow of the power of narrow special interest groups that impeded growth whereas in the UK such groups reached a peak of power that was responsible for the relatively weak performance of the British economy.

He emphasized that this was not a sudden development, but that after leading the world in economic growth during the Industrial Revolution during the “long eighteenth century” (1688-1834), Britain began to fall behind in the mid-19th century compared to such rising powers as Germany and the United States, this deceleration and relative decline only worsening in the aftermath of World War II. While he discussed a variety of other examples, this was the book’s central inspiring case.

the accumulation of interest groups in a democratic society may lead to its economic stagnation.

Special interest groups representing small numbers of firms in oligopolistic industries could support monopolistic or protectionist legislation. Such legislation could damage the broader economy, especially groups unable to organize themselves that would then have to “suffer in silence.”

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