Special economic zones (SEZs) have been touted as “tools for development”, and yet their results have often been disappointing. We explain how SEZs can be used to reform a country from a system dominated by rent-seeking to a liberalized economy, where officials derive their revenues from...

We contribute to the post-crisis literature on macroeconomic stability by arguing that polycentric banking systems can better achieve stability than monocentric systems. Building on the theories of E. Ostrom, we engage the literature on free banking systems to show that these systems met the...