Realism, Ideology, and the Convulsions of Democracy (Studies in Public Choice, 44)

This edited volume explores the tension between reason and sentiment in democracies and its contribution to the decline of liberalism. Bringing together classical liberal scholars with a deep knowledge of public choice ideas, the chapters delve into this tension from a variety of perspectives. Building on the principle of entangled political economy, as articulated by Richard E. Wagner, this volume engages with new facets of the relationship between choice and consequence and their implications for democratic politics. Advocating for a reframing of public choice theory as compatible with civic republicanism, this volume will be of interest to students and scholars of public choice, political economy, political theory, governance, and economic policy. Preface Acknowledgments Introduction Contents Editors and Contributors Contributors List of Figures List of Table Social Science, Administrative Science, and Entangled Political Economy Classical Economics: Economics as Social Theory Neoclassical Economics: Economics as Resource Administration Two Distinct Objects for Economic Inquiry: Society and Administration Entanglement and Systems-Theoretic Political Economy In Conclusion References Duality, Liberty, and Realism in Entangled Political Economy Introduction The Coercion-Liberty Nexus Entangled Political Economy Duality, Liberty, and Realism Duality of Liberty Versus Coercion: The Additive Framework The Entangled Political Economy of Liberty and Coercion Discussion Appendix References Community, Pluralism, and Public Reason: An Entangled Analysis of Early Modern England Introduction Social Contract in an Entangled Moral Science Reformation and Moral Revolution New Roles Demand Moral Adaptation Broadening Our Conception of Democracy References The Emotional Decay of Liberalism: Trust, Polarization, and Affective Looping Why Are Falling Trust and Rising Polarization Problems? Trust, Social Trust, and Political Trust Trust and Affect – Jones’s Model Affective and Cognitive Polarization and Divergence Judging Trustworthiness – Affective and Cognitive Components Settled Cognitive Distrust A Model of Liberal Order Exogeneous Trust Shocks The United States Conclusion References Toward a Constitutional Theory of Property Rights to Escape the Transitional Gains Trap: A View from the Machiavellians Introduction James Burnham and the Machiavellians: An “Imperfect” Vision of Political Processes A Constitutional Theory of Property Rights: Insights from Entangled Political Economy Conclusion and Implications References From Entangled Political Economy to Civil Association: A Difficult Journey Reason Properly Understood Does Not Equate with Rationalism Using “Moral Sentiments” to Control Rent-Seeking Behaviors Legitimizing the Trimming of an Entangled Political Economy Building Upon Expectations of Reciprocal Fair Treatment Conclusion References Mr. President, Tear Down This Fence Introduction Founding Documents Rules, Procedures, and Getting Things Done Corporations Guided by Reason Governments Guided by Sentiment Sentiment, Reason, and the Use of Facades Business: Reason Behind a Facade of Sentiment Politics: Sentiment Behind a Facade of Reason Entangled Political Economy and the Spread of Sentiment Conclusion References Economic Efficiency and the Quest for a More Just World Introduction The Strangeness and Subtlety of the Concept of Economic Efficiency Pluralism and Egalitarianism Efficiency and the Problem of Evil Kaldor-Hicks and Pareto Efficiency Revisited Efficiency Versus Justice Federalism and Polycentricity Quadratic Auctions Conclusion References