Weingast on the Violence Trap

Barry Weingast talks with host Russ Roberts about the role of violence and the threat of violence in maintaining destructive economic policies that reduce growth and development. He argues that the threat of violence encourages leaders to create monopolies and other unproductive policies to pay off special interests that would otherwise threaten a coup or revolution. Weingast shows there is a surprising amount of violent regime change in modern times and discusses how this discourages growth-enhancing economic policies. The conversation closes with an analysis of similar ideas in Book III of Adam Smith's Wealth of Nations

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