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Political economy has been an essential realm of inquiry and has attracted myriad intellectual adherents for much of the period of modern scholarship, although its formal split into the distinct disciplines of political science and economics in the nineteenth century has limited the study of important social issues. This volume calls for a reaffirmation of the importance of the unified study of political economy, and explores the frontiers of the interaction between politics and markets. It brings together intellectual leaders from various areas, drawing on state-of-the-art theoretical and empirical analysis from each of the underlying disciplines. Each chapter, while beginning with a survey of existing work, focuses on profitable lines of inquiry for future developments. Particular attention is devoted to fields of active current development.
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MODERN POLITICAL ECONOMY POLITICAL ECONOMY OF INSTITUTIONS AND DECISIONS Editors James E. Alt, Harvard University Douglass C. North, Washington University in St. Louis Other books in the series James E. Alt and Kenneth Shepsle, eds., Perspectives on positive political economy Alberto Alesina and Howard Rosenthal, Partisan politics, divided government and the economy Yoram Barzel, Economic analysis of property rights Robert Bates, Beyond the miracle of the market: the political economy of agrarian development in Kenya Peter Cowhey and Mathew McCubbins, Structures and policy in japan and the United States Gary W. Cox, The efficient secret: the cabinet and the development of political parties in Victorian England Jean Ensminger, Marking a market: the institutional transformation of an African society Murray Horn, The political economy of public administration: institutional choice in the public sector Jack Knight, Institutions and social conflict Michael Laver and Kenneth Shepsle, Cabinet ministers and parliamentary government Leif Lewin, Ideology and strategy: a century of Swedish politics (English Edition) Gary Libecap, Contracting for property rights Mathew D. McCubbins and Terry Sullivan, eds., Congress: structure and policy Gary J. Miller, Managerial dilemmas: the political economy of hierarchy Douglass C. I%>rth, Institutions, institutional change, and economic performance Mark Ramseyer and Frances Rosenbluth, The politics of oligarchy: institutional choice in Imperial Japan Elinor Ostrom, Governing the commons: the evolution of institutions for collective action Jean-Laurent Rosenthal, The fruits of revolution: property rights, litigation, and French agriculture Charles Stewart III, Budget reform politics: the design of the appropriations process in the House of Representatives, 1865—1921 John Waterbury, Exposed to innumerable delusions: public enterprise and state power in Egypt, India, Mexico, and Turkey MODERN POLITICAL ECONOMY Old topics, new directions Edited by JEFFREYS. BANKS ERIC A. HANUSHEK University of Rochester CAMBRIDGE UNIVERSITY PRESS PUBLISHED BY THE PRESS SYNDICATE OF THE UNIVERSITY OF CAMBRIDGE The Pitt Building, Trumpington Street, Cambridge CB2 1RP, United Kingdom CAMBRIDGE UNIVERSITY PRESS The Edinburgh Building, Cambridge CB2 2RU, United Kingdom 40 West 20th Street, New York, NY 10011-4211, USA 10 Stamford Road, Oakleigh, Melbourne 3166, Australia © Cambridge University Press 1995 This book is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 1995 Reprinted 1997 Printed in the United States of America Typeset in Sabon A catalogue record for this book is available from the British Library Library of Congress Cataloguing-in-Publication Data is available ISBN 0-521-47233-4 hardback ISBN 0-521-47810-3 paperback Co