Since at least Adam Smith, political economists have inquired into the nature and causes of the wealth of nations. From a public choice perspective, this economic transition from poverty to wealth can be reframed in terms of an escape from the transitional gains trap (Tullock 1975). Understood...

Must the rule of law spring upon us solely by accident and force, or can it also emerge as a product of political reflection and choice? As the lessons in the political and economic transition of centrally planned economies in Europe and Asia illustrate, the transitional movement requires an...