ARE MONARCHIES BETTER THAN REPUBLICS? Proof of Hoppe’s Thesis in a Paper by UW’s

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1548222WHY ARE MONARCHIES BETTER THAN REPUBLICS?

Proof of Hoppe’s Thesis in a Paper by UW’s Victor Menaldo.

MY FAVORITE PARAGRAPH:

“This paper argues that the [Arab Spring] region’s monarchs have been particularly well-suited to deter political unrest. Through the strategic use of constitutions, formal political institutions, Islamic principles, and informal norms, MENA monarchs have “invented” a political culture that has helped create a stable distributional arrangement and self-enforcing limits on executive authority. A monarchic political culture has promoted cohesion among regime insiders, such as ruling families and other political elites, and bolstered their stake in the regime. Moreover, this unique political culture has provided the region’s monarchs with legitimacy: regime outsiders have benefited from the positive externalities associated with secure property rights for the political elite—sustained economic growth and increased economic opportunities. This has helped monarchs consolidate their authority and foster political stability. Conversely, the region’s non-monarchs have relied on a divide-and-conquer strategy and terrorized potential opponents into submission, gutting their societies of rival institutions and creating layers of militias and secret police.” Victor Menaldo, UW.

(Where has Victor Menaldo been? In my back yard, and I’ve never heard of him! Now I have to read his other ten papers. Hopefully all tonight!)