Hirschman's Exit, Voice, and Loyalty (1970) proposed that organizations persist when loyalty tempers incentives to exit after adverse shocks. We test this argument using newly digitized individual-level voting records from 28 English constituencies (1832-1868), covering 134,000 real votes....

We develop a theory of democratization that integrates both electoral calculations and economic incentives to explain the institutional choices of political actors. Left-leaning (liberal) politicians, who, given their location in the policy space, are more likely to receive the support of newly...

This paper throws new light on the relationship between income and democracy. Using data for 162 countries over 1960-2018, we show that the causal relationship between political and economic development is U- shaped: "intermediate" political regimes significantly lead to inferior economic...