Money for Nothing
Politicians, Rent Extraction and Political Extortion
By (author) Fred S. McChesney
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Money for Nothing by Fred S. McChesney
Book DescriptionSurveys reveal that the majority of Americans believe government is run for special interest, not public interest. The increased power of lobbyists in Washington and the excesses of campaign contributions and other favours seem to indicate a government corrupted by big private-interest groups. This gives only a partial understanding of why private interests are paying. The book argues that payments to politicians are often made not for political favour, but to avoid political disfavour as part of a system of "rent extraction". Politicians can legally extort from private parties payments to not expropriate private wealth. In this sense it is money for nothing, money paid in exchange for a politician's inaction. The author tests this model of wealth extraction with many examples and shows how it applies more generally to regulation.
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Book DetailsISBN: 9780674583306
(235mm x 155mm x 21mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 2-Jun-1997
Country of Publication: United States
Books By Author Fred S. McChesney
Property Rights, Paperback (November 2002)
The institution of property is as old as mankind, and property rights are deemed vital to a prosperous economic system. This book explores how property rights arise, and how they bolster economic development. It also examines as well how controversies over valuable property rights are resolved: by agreement, by violence, or by law.
Economic Inputs, Legal Outputs, Hardback (April 1998)
Brings together a selection of articles which discuss the role of economists in the enforcement of antitrust law. Presents the various ways economists function in the world of antitrust. Includes econometric market delineation, monopolies, and antitrust analysis.
Causes and Consequences of Antitrust, Paperback (December 1994)» View all books by Fred S. McChesney
Assessing 100 years of antitrust policy in the USA, this text shows that although antitrust laws claim to serve the public, they are vulnerable to the influence of special interest groups. An analysis of how antitrust bows to self-serving business interests instead of the consumer is also included.
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Author Biography - Fred S. McChesney
Fred S. McChesney is Professor of Law at the Cornell Law School.
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