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Thin Political Markets: The Soft Underbelly of Capitalism
Ramanna, Karthik
57/2  (Winter 2015): 5-19

"Thin Political Markets" are the processes through which some of the most complex and critical institutions of our capitalist system are determined - e.g., our accounting-standards infrastructure. In thin political markets, corporate managers are largely unopposed - because of their own expertise and the general public's low awareness of the issues. This enables managers to structure the "rules of the game" in self-serving ways. The result is a structural flaw in the determination of critical institutions of our capitalist system, which, if ignored, can undermine the legitimacy of the system. This article provides some ideas on how to fix the problem.

 

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