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  3. Politics as Exchange
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  • Publisher:
    Cambridge University Press
    Publication date:
    October 2025
    November 2025
    ISBN:
    9781009693967
    9781009693936
    9781009693974
    DOI:
    https://doi.org/10.1017/9781009693967
    Dimensions:
    (229 x 152 mm)
    Weight & Pages:
    0.546kg, 300 Pages
    Dimensions:
    (229 x 152 mm)
    Weight & Pages:
    0.489kg, 300 Pages
    • Subjects:
    Economics, Economics: General Interest, Politics: General Interest, Macroeconomics, Political Economy, Politics and International Relations
    Series:
    Cambridge Studies in Economics, Choice, and Society
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    Subjects:
    Economics, Economics: General Interest, Politics: General Interest, Macroeconomics, Political Economy, Politics and International Relations
    Series:
    Cambridge Studies in Economics, Choice, and Society
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    Book description

    Political institutions have been depicted by academics as a marketplace where citizens transact with each other to accomplish collective ends difficult to accomplish otherwise. This depiction supports a romantic notion of democracy in which democratic governments are accountable to their citizens, and act in their best interests. In Politics as Exchange, Randall Holcombe explains why this view of democracy is too optimistic. He argues that while there is a political marketplace in which public policy is made, access to the political marketplace is limited to an elite few. A small group of well-connected individuals-legislators, lobbyists, agency heads, and others-negotiate to produce public policies with which the masses must comply. Examining the political transactions that determine policy, Holcombe discusses how political institutions, citizen mobility, and competition can limit the ability of elites to abuse their power.

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