From liberal economic policies to liberal political institutions? Democracy, development clusters and wellbeing

Besley, Timothy ORCID: 0000-0002-8923-6372 and Persson, Torsten (2025) From liberal economic policies to liberal political institutions? Democracy, development clusters and wellbeing. In: Besley, Tim, Bucelli, Irene and Velasco, Andrés, (eds.) The London Consensus: Economic Principles for the 21st Century. LSE Press, London, UK, 535 - 575. ISBN 9781911712435

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Abstract

The period since the Washington Consensus has seen a gradual, though sometimes stuttering, growth in liberal political institutions that support free speech, open contests for power, and constraints on the arbitrary use of power. Meanwhile, economists and other social scientists have studied the interplay of economics and politics along alternative paths of development – paths associated with more or less solid underpinnings for a market economy and more or less peaceful resolutions of domestic conflict. Our chapter explores whether this research supports a consensus around the kind of political institutions, values, and norms that can produce flourishing economies and societies.

Item Type:	Book Section
Additional Information:	© The Authors 2025
Divisions:	Economics
Subjects:	H Social Sciences > HB Economic Theory
Date Deposited:	22 Oct 2025 08:09
Last Modified:	23 Oct 2025 08:46
URI:	http://eprints.lse.ac.uk/id/eprint/129920

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