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Power, disributive conflicts, and multiple growth paths

Power, disributive conflicts, and multiple growth paths
Power, disributive conflicts, and multiple growth paths
This article shows that multiple growth paths may occurin a politico-economic model of endogenous growth. This multiplicityis characterized by the coexistence of the low-tax, low-capital-flightequilibrium and a high-tax, high-capital-flight equilibrium.The likelihood of multiplicity is crucially related to the structureof power in society—namely, it is necessary that the politicallydecisive agents have a greater access to international capital markets than the average in the economy.
growth, taxation, capital flight, multiple equilibria, redistribution
1381-4338
155-168
Saint Paul, Giles
aba97f67-da98-49f9-98e3-6d06c59b651e
Verdier, Thierry
87c483ea-f473-408f-9776-d0381cab6454
Saint Paul, Giles
aba97f67-da98-49f9-98e3-6d06c59b651e
Verdier, Thierry
87c483ea-f473-408f-9776-d0381cab6454

Saint Paul, Giles and Verdier, Thierry (1997) Power, disributive conflicts, and multiple growth paths. Journal of Economic Growth, 2 (2), 155-168. (doi:10.1023/A:1009729117637).

Record type: Article

Abstract

This article shows that multiple growth paths may occurin a politico-economic model of endogenous growth. This multiplicityis characterized by the coexistence of the low-tax, low-capital-flightequilibrium and a high-tax, high-capital-flight equilibrium.The likelihood of multiplicity is crucially related to the structureof power in society—namely, it is necessary that the politicallydecisive agents have a greater access to international capital markets than the average in the economy.

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More information

Published date: June 1997
Keywords: growth, taxation, capital flight, multiple equilibria, redistribution

Identifiers

Local EPrints ID: 33462
URI: http://eprints.soton.ac.uk/id/eprint/33462
DOI: doi:10.1023/A:1009729117637
ISSN: 1381-4338
PURE UUID: b28f4b24-2b72-4f5f-b506-d3d36126912d

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Date deposited: 14 Dec 2007
Last modified: 15 Mar 2024 07:44

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Contributors

Author: Giles Saint Paul
Author: Thierry Verdier

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