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Effects Of Political Monopoly On Economic Development

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  • Wai-Man Liu
  • Xiaokai Yang

Abstract

This paper has two objectives. First, it presents a survey of the literature surrounding the relation between political monopoly and economic development. Second, it offers an analysis of how commoners' high degree of tolerance towards unfair inequality of income distribution between theirs and the monopolizing ruling elites leads to poor economic development. We assert that free migration between states causes monopoly rent to shrink because it poses a threat to the ruling elites due to fiscal competition between states. The shrinking in monopoly rent implies a higher level of division of labour, which results in a greater extent of the market and higher aggregate productivity. Copyright 2007 The Authors Journal compilation 2007 Blackwell Publishing Ltd

Suggested Citation

  • Wai-Man Liu & Xiaokai Yang, 2007. "Effects Of Political Monopoly On Economic Development," Pacific Economic Review, Wiley Blackwell, vol. 12(1), pages 69-78, February.
  • Handle: RePEc:bla:pacecr:v:12:y:2007:i:1:p:69-78
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0106.2007.00341.x
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    Cited by:

    1. Liu, Wai-Man & Ngo, Phong, 2012. "Voting with Your Feet: Political Competition and Internal Migration in the United States," MPRA Paper 43601, University Library of Munich, Germany.

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