Home Accounting and Finance Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download. Senator Edwards is not alone in observing a lack of accountability in America’s democracy. Indeed, both popular and academic media offer considerable support for this sentiment. The popular Cable News Network (CNN) criticized “government, big business, and special interest groups” for enriching themselves at the expense of the common electorate and characterized elected offices as “accountability free zones” while arguing that “our government no longer works for us.”2 Important scholars like John Matsusaka have added weight to this type of argument.

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

Building on Robert Erikson et al.’s (1993) measure of government quality as “the responsiveness of public policymaking to the preferences of the mass public”, for example, Professor Matsusaka found evidence that “government responds more to powerful interests
than the general public” (2006, p. 1). Instead of evidencing an undesirable lack of accountability in governance, however, observations like these are also consistent with democratic influences being so strong that economic performance suffers as a consequence. This conclusion follows from evaluating the quality of governance not against the popular standard of what people say but against the more revealing standard of what they do.

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

The results can be surprising, and not only argue against blanket calls for increased accountability but also suggest that accountability may have already become too strong in important areas of politics, law, and business. Attempting to strengthen democratic
governance in cases like these risks a further weakening of economic performance. Understanding this risk, and how institutional and organizational strategies can productively address it, should interest students and scholars who work at the intersection of social science and the law and can help professionals improve their own performance in policy, legal, and business settings.

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

In short, democratic institutionsthat are regularly applauded for aligning the actions of political, legal, and business agents with the preferences of their principals (e.g., campaign finance restrictions, competition laws and regulations, and shareholder access to the corporate ballot) can also facilitate the taking of economic output for strategic redistributions. And like more widely appreciated sources of political expropriation (e.g., powerful governance agents rather than principal constituents), this one also constrains a society’s economic opportunities. Consequently, while democratic governance is frequently measured by the responsiveness of policy to the preferences of principals, institutions that tighten this responsiveness can instead reduce government quality when evaluated against the standard of economic performance.

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

This type of political risk regularly threatens economic performance and the frequency with which even the most advanced economies realize its adverse consequences may be considerable. Following the devastation of Hurricane Katrina in the United States, for example, political agents arguably responded to electoral pressure by expanding insurance coverage beyond the bounds for which constituent premiums were paid.

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

In particular, protection against wind-related damages was allegedly expanded after the fact to cover flood-related losses. Moreover, this expansion appears to have served constituent preferences, as electorates subsequently rewarded political agents who pushed for the expansion and punished those who opposed it. Accountability may have come at the price of economic performance, however, as suppliers of important insurance services soon exited the market (Wilson 2007).

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download

Democratic Governance and Economic Performance by Dino Falaschetti pdf free download


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