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Political Economy of Democratic Institutions
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Majority rules are generally unstable and not binding for future voters, and so are insufficient for the required security of a market economy. In this book, Peter Moser argues that stability can be achieved by democratic political institutions limiting the influence of majorities. Peter Moser examines the contribution to stable policy choices of a wide range of political institutions including constitutional rules, the organizational structure of legislatures and administrative and judicial procedures. He contributes new insights about the importance of decision rules in democracies by combining theory with empirical studies. He analyzes legislative procedures in the US, the European Union and Switzerland, tests a novel explanation for central bank independence, discusses the implications of political decision rules for regulatory behaviour, and provides a concise survey of recent critical research on democratic institutions.
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