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