How do political institutions help promote prosperity in some
countries and poverty in others? What can be done to encourage
leaders to govern not for patronage but for economic growth? In
this book, such distinguished political economists as Douglass
North, Robert Barro, and Stephen Haber answer these questions,
providing a solution to one of the most important policy puzzles of
the new century: how to govern for prosperity.
The authors begin from a premise that political leaders are
self-interested politicians rather than benign agents of the people
they lead. When leaders depend on only a few backers to stay in
power, they dole out privileges to those people, thereby
dissipating their country's total resources and national growth
potential. On the other hand, leaders who need large coalitions to
stay in office implement policies that generally foster growth and
political competition over ideas. The result is that those who
promote politics that lead to stagnation tend to stay in office for
a long time, and those who produce prosperity tend to lose their
jobs. Analyzing countries in North and South America and Asia, the
authors discuss the range of political regimes that permit or even
encourage leaders to rule by mismanaging their nation's resources.
And they show that nations must forge institutions that allow all
social groups to participate in and benefit from the economy as
well as force political leaders to be responsible for policy
outcomes.
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