Political Competition: Real Race to the Bottom

Source: EconTalk
by Pierre Lemieux

“The current presidential election in Turkey gives an example of a phenomenon that is characteristic of politics and which is not absent from the American scene: unrestrained political competition is the ne plus ultra of the proverbial race to the bottom. … Compare politics and the market. Unrestrained market competition leads to the production of everything that somebody, however small his minority, is willing to pay for. Unrestrained political competition produces everything that powerful enough groups want and that can be forced onto somebody else. In politics, you win by fighting down to the bottom of the barrel.” (05/21/23)