We show using a theoretical framework that embeds a voting model in a general-equilibrium model of a rural economy with two interest groups defined by land ownership that the effects of democratization - a shift from control of public resources by the landed elite to a democratic regime with...

The disappointments of the Washington Consensus have led to the search for a new paradigm to replace it. The chief failing of the Washington Consensus was that it represented an approach based on "rules of thumb". As such it was not well grounded either in economic theory or in the reality of...