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Monopolistic competition, auction and authorization: a Schumpeterian view of leadership and the political market
Monopolistische Konkurrenz, Auktion und Autorisierung: eine Schumpetersche Analyse
[journal article]
Abstract "The market analogy of democracy played a central role in one of the leading versions of democratic theory in the last fifty years, in the so-called 'elite' or 'competitive' theory of democracy. In the present paper, 1 first clarify that the dominant school of the market analogy (Downs and his follo... view more
"The market analogy of democracy played a central role in one of the leading versions of democratic theory in the last fifty years, in the so-called 'elite' or 'competitive' theory of democracy. In the present paper, 1 first clarify that the dominant school of the market analogy (Downs and his followers) turned its back on the approach of the originator of the analogy, Joseph Schumpeter. Schumpeter argued that both economic and political competition - due to the activity of entrepreneurs - are necessarily monopolistic and destroy equilibrium. Second, I show how followers of the Schumpeterian market analogy improved upon it by using the concept of natural monopolies and making it conform to the characteristics of politics, while further distancing themselves from Downsian interpretation and the dominant Public Choice approach. Finally, I demonstrate a normative implication of monopolistic competition, namely its consequences for the concept of 'agency loss'." (author's abstract)... view less
Keywords
economic elite; comparative political science; elite research; historical development; market; political elite; theory of society; economic theory; monopoly; elite; democracy; competition; research approach; theory; politician; Schumpeter, J.
Classification
Political Process, Elections, Political Sociology, Political Culture
Basic Research, General Concepts and History of Economics
Method
theory formation; basic research
Document language
English
Publication Year
2012
Page/Pages
p. 57-72
Journal
Historical Social Research, 37 (2012) 1
Issue topic
Elite foundations of social theory and politics / Elitetheoretische Grundlagen sozialwissenschaftlicher Theoriebildung und politischer Analyse
DOI
https://doi.org/10.12759/hsr.37.2012.1.57-72
ISSN
0172-6404
Status
Published Version; peer reviewed