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Books > Social sciences > Politics & government > International relations
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The Volatility Curse - Exogenous Shocks and Representation in Resource-Rich Democracies (Paperback)
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The Volatility Curse - Exogenous Shocks and Representation in Resource-Rich Democracies (Paperback)
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The Volatility Curse examines the conditions under which economic
voting can (and cannot) function as a mechanism of democratic
accountability, challenging existing theories that are largely
based on experiences in developed democracies. Drawing on
cross-national data from around the world and micro-level evidence
from Latin America, Daniela Campello and Cesar Zucco make two
broad, related arguments. First, they show that economic voting is
pervasive around the world, but in economically volatile developing
democracies that are dependent on commodity exports and inflows of
foreign capital, economic outcomes are highly contingent on
conditions beyond government control, which nonetheless determine
relevant political outcomes like elections, popular support, and
government transitions. Second, politicians are aware of these
misattribution patterns and are often able to anticipate their
electoral prospects well before elections. This reduces incumbents'
incentives to maximize voter welfare, as anticipated by economic
voting theories, and increases the likelihood of shirking, waste,
and corruption.
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