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ArtikelExiting a Lawless State  
Oleh: Hoff, Karla ; Stiglitz, Joseph E
Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 118 no. 531 (Aug. 2008), page 1474.
Topik: Exit; Lawless State; Coordination; Economy
Fulltext: 1474.pdf (761.42KB)
  • Perpustakaan Pusat (Semanggi)
    • Nomor Panggil: EE28.29
    • Non-tandon: 1 (dapat dipinjam: 0)
    • Tandon: tidak ada
    Lihat Detail Induk
Isi artikelAn earlier paper showed that an economy could be trapped in an equilibrium state in which the absence of the rule of law led to asset-stripping and the prevalence of asset-stripping led to the absence of a demand for the rule of law, highlighting a coordination failure. This article looks more carefully at the dynamics of transition from a non-rule-of-law state. The article identifies a commitment problem as the critical feature inhibiting the transition: the inability, under a rule of law, to forgive theft. This can lead to the perpetuation of the non-rule-of-law state, even when it might seem that the alternative is Pareto-improving.
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