Acemoglu, Daron; Robinson, James A - C.E.P.R. Discussion Papers - 2006
non-democracy to democracy, alters the distribution of de jure political power, but the elite can intensify their … the elite in democracy or for costs of changing economic institutions, the equilibrium takes the form of a Markov regime …We construct a model of simultaneous change and persistence in institutions. The model consists of landowning elites …