We all know that government and business are
deeply entangled. From Wall Street bailouts, to the military
industrial complex, to the housing crisis. And yet economists have long treated these
institutions as distinct and separate: regarding government as a “lord of the
manor” which acts independently, while remaining uncorrupted by special interests.
In his new book Richard Wagner argues that economists must recognize the fundamental
entanglement between politics and commerce in order to properly analyze and understand government
and society. This dynamic theory explains how limited governments can morph into a system
of destructive politics, and why democracy is difficult to maintain.
To learn more, and discover insights on what reforms are possible to limit this corrosive
relationship, read Politics as a Peculiar Business: Insights from a Theory of Entangled
Political Economy by Richard Wagner