Institutions as Tools in the Competition to Rule: Political Markets as Third-party Enforcement for Rule of Law

• In Event: Corruption, Rule of Law, and Economic Development

Brief Overview

The transaction costs associated with competing to rule via a choice for rule of law versus rule of men are modeled, demonstrating when and how the political market provides the third party enforcement necessary to adopt rule of law.

Author

• Mona Lyne, University of Missouri-Kansas City