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Power, Distributive Conflicts, and Multiple Growth Paths

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  • Saint Paul, Gilles
  • Verdier, Thierry

Abstract

This article shows that multiple growth paths may occur in a politico-economic model of endogenous growth. This multiplicity is characterized by the coexistence of the low-tax, low-capital-flight equilibrium and a high-tax, high-capital-flight equilibrium. The likelihood of multiplicity is crucially related to the structure of power in society--namely, it is necessary that the politically decisive agents have a greater access to international capital markets than the average in the economy. Copyright 1997 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Economic Growth.

Volume (Year): 2 (1997)
Issue (Month): 2 (July)
Pages: 155-68

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Handle: RePEc:kap:jecgro:v:2:y:1997:i:2:p:155-68

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Web page: http://www.springerlink.com/link.asp?id=102931

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  1. Saint-Paul, Gilles & Verdier, Thierry, 1992. "Education, Democracy and Growth," CEPR Discussion Papers 613, C.E.P.R. Discussion Papers.
  2. Calvo, Guillermo A, 1988. "Servicing the Public Debt: The Role of Expectations," American Economic Review, American Economic Association, vol. 78(4), pages 647-61, September.
  3. Oded Galor & Joseph Zeira, 2013. "Income Distribution and Macroeconomics," Working Papers 2013-12, Brown University, Department of Economics.
  4. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Fiscal Increasing Returns, Hysteresis, Real Wages and Unemployment," NBER Working Papers 2034, National Bureau of Economic Research, Inc.
  5. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
  6. Saint-Paul, Gilles & Verdier, Thierry, 1992. "Historical accidents and the persistence of distributional conflicts," Journal of the Japanese and International Economies, Elsevier, vol. 6(4), pages 406-422, December.
  7. Perotti, Roberto, 1993. "Political Equilibrium, Income Distribution, and Growth," Review of Economic Studies, Wiley Blackwell, vol. 60(4), pages 755-76, October.
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