Empire: Public Goods and Bads
Theodore Roosevelt used the US military to create what he called â€œcivilized societies.â€ A growing literature focuses on the economic benefits of empires, benefits sometimes referred to as â€œglobal public goodsâ€. Some authors, such as Mitchener and Weidenmier (2005) and Ferguson and Schularick (2006), neglect the associated public bads. This paper highlights the potential public bads. We formulate the leading public bads. We explore the public bads in the context explored by Mitchener and Weidenmier, namely, the Roosevelt Corollary and Latin America. Our discussion also moves to the broader plane, suggesting that the Roosevelt Corollary set a precedent for subsequent US military interventions around the world. We use the ratings of political institutions issued by the well-known Polity IV index to further support a skeptical view of imperial public good provision.
Volume (Year): 4 (2007)
Issue (Month): 1 (January)
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- Ferguson, Niall & Schularick, Moritz, 2006.
"The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880 1913,"
The Journal of Economic History,
Cambridge University Press, vol. 66(02), pages 283-312, June.
- Niall Ferguson & Moritz Schularick, 2004. "The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880-1913," Working Papers 04-03, New York University, Leonard N. Stern School of Business, Department of Economics.
- Deepak Lal, 2000. "Globalization, Imperialism and Regulation," UCLA Economics Working Papers 810, UCLA Department of Economics.
- Mitchener, Kris James & Weidenmier, Marc, 2005. "Empire, Public Goods, and the Roosevelt Corollary," The Journal of Economic History, Cambridge University Press, vol. 65(03), pages 658-692, September.
- Kris James Mitchener & Marc D. Weidenmier, 2004. "Empire, Public Goods, and the Roosevelt Corollary," NBER Working Papers 10729, National Bureau of Economic Research, Inc.
- Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
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