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xi | |
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xiii | |
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xv | |
Preface |
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xvii | |
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1 | (16) |
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1.1 Deficits and debts in contemporary democracies |
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2 | (7) |
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1.2 Complacency and acquiescence of the central banks |
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9 | (6) |
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15 | (2) |
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2 Money-related institutions in classical Athens |
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17 | (16) |
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2.1 Public governance and Archai in charge of the currency |
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17 | (11) |
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2.1.1 Making the best of the Laurion mines |
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19 | (3) |
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2.1.1.1 The board of poletai (sellers) |
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22 | (1) |
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2.1.1.2 Mining-related tasks of Boule |
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23 | (2) |
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2.1.2 Minting of coins and maintaining their integrity |
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25 | (1) |
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2.1.2.1 The Athenian mint |
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25 | (1) |
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2.1.2.2 Dokimastai (testers) |
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26 | (2) |
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2.2 Financial intermediation in the private sector |
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28 | (3) |
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28 | (2) |
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2.2.2 Argyramoiboi or Kollybistai (moneychangers) |
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30 | (1) |
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2.2.3 Enechirodaneistai (pawnbrokers) |
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31 | (1) |
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31 | (2) |
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3 The system and the tenets of public finance |
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33 | (26) |
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3.1 A brief overview of the fiscal administration |
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34 | (14) |
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3.1.1 Setup of the state's financial services |
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35 | (4) |
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3.1.2 Sources and uses of public funds |
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39 | (1) |
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39 | (3) |
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3.1.2.2 Public expenditures |
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42 | (3) |
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3.1.3 Democratic control of financial magistrates |
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45 | (3) |
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3.2 Balancing the budget through war and peace |
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48 | (5) |
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3.3 Public budget and lenders of last resort |
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53 | (2) |
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55 | (4) |
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4 Main currency-related policies |
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59 | (22) |
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4.1 Economics of minting in classical times |
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60 | (4) |
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4.1.1 Taxing through reminting |
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63 | (1) |
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4.2 Regulatory framework of coinage |
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64 | (15) |
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4.2.1 Coinage Decree (449 BCE) |
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66 | (3) |
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4.2.2 The Decree of Kallias (434/433 BCE) |
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69 | (1) |
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4.2.3 Law of Nicophon (375/374 BCE) |
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70 | (3) |
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4.2.4 Currency issues in ancient Greek Federations |
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73 | (6) |
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79 | (2) |
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5 Structure and evolution of the economy |
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81 | (47) |
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83 | (16) |
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83 | (1) |
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83 | (3) |
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5.1.1.2 Defense and power posture |
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86 | (3) |
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5.1.1.3 Courts and law enforcement |
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89 | (1) |
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5.1.1.4 Financial, regulatory and other services |
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90 | (4) |
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5.1.2 Infrastructural and cultural facilities |
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94 | (1) |
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95 | (1) |
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5.1.2.2 Civil infrastructures |
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95 | (2) |
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5.1.2.3 Cultural infrastructures |
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97 | (1) |
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97 | (2) |
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99 | (26) |
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5.2.1 Household production for own use and sale |
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100 | (1) |
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5.2.2 Trade-oriented production of goods and services |
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101 | (1) |
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102 | (1) |
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5.2.2.2 Handicraft and manufacturing |
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103 | (5) |
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108 | (1) |
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5.2.2.4 Money and banking |
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109 | (2) |
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111 | (2) |
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113 | (3) |
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116 | (1) |
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5.2.2.8 Other public services |
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117 | (2) |
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5.2.3 Distribution of goods and services |
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119 | (2) |
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5.2.4 Export-import trade |
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121 | (4) |
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125 | (3) |
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6 Money in an economy without a central bank |
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128 | (13) |
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6.1 Demand and supply of currency and bullion |
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129 | (3) |
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6.2 Demand and supply of primary deposits |
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132 | (2) |
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6.3 Demand and supply of bank credit |
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134 | (3) |
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6.4 Equilibrium in the money market |
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137 | (2) |
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139 | (2) |
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7 An assessment of comparative performance |
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141 | (51) |
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143 | (10) |
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7.1.1 Inflation in part and in general |
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143 | (1) |
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7.1.1.1 Evidence regarding inflation |
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144 | (3) |
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7.1.1.2 The case of general inflation |
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147 | (1) |
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7.1.2 Relative prices and economic flexibility |
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148 | (5) |
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153 | (4) |
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157 | (6) |
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163 | (10) |
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7.4.1 Real interest rates in the United States and ancient Athens |
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165 | (1) |
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7.4.1.1 The interest rate in the United States in the postwar period |
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165 | (3) |
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7.4.1.2 The interest rate in ancient Athens |
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168 | (2) |
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7.4.1.3 Comparative assessment |
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170 | (1) |
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7.4.2 Public goods and the rate of interest |
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171 | (2) |
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7.5 The two currencies from an international perspective |
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173 | (14) |
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7.5.1 The U.S. dollar in the postwar period |
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173 | (1) |
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7.5.1.1 From fixed exchange rates to freely floating fiat currencies |
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174 | (3) |
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7.5.1.2 Foreign trade policies |
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177 | (3) |
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7.5.2 The drachma in classical times |
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180 | (1) |
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7.5.2.1 State commitment to no debasement |
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181 | (1) |
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7.5.2.2 Safeguarding the integrity of the drachma through democratically controlled institutions |
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182 | (1) |
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7.5.2.3 Market determined exchange rates |
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183 | (2) |
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7.5.2.4 Foreign trade policies |
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185 | (2) |
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187 | (5) |
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8 Alternatives to common central banking |
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192 | (32) |
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8.1 Central bank as the fourth power of the state |
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194 | (4) |
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8.2 Currency and credit based on free banking |
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198 | (7) |
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8.2.1 An adaptation of the White-Selgin (WS) model of Scottish free banking |
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199 | (6) |
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8.3 Attic drachma: private currency with state standards |
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205 | (5) |
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8.4 On the evolving prospects of electronic money |
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210 | (5) |
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8.5 Clues for money from classical Athens |
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215 | (3) |
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8.5.1 Central bank with nonconvertible paper currency |
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215 | (1) |
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8.5.2 Free banking with commodity-based currencies: the Athenian vs. the Scottish model |
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216 | (1) |
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8.5.3 Free banking with digital currencies |
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217 | (1) |
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8.6 Concluding assessments |
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218 | (2) |
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8.7 Appendix: on the inversion of Gresham's law in classical Athens |
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220 | (4) |
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8.7.1 Aristophanes' circumstantial evidence |
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221 | (1) |
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8.7.2 In classical Athens good money drove out bad money |
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221 | (3) |
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9 Why back and how to direct democracy |
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224 | (37) |
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9.1 Core weaknesses of contemporary democracy |
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227 | (7) |
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9.1.1 The self-interest of politicians |
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227 | (1) |
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228 | (1) |
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9.1.3 Uncoordinated administrative polycentrism |
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229 | (1) |
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230 | (1) |
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9.1.5 Regulatory and state capture |
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231 | (1) |
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9.1.5.1 Banking industry regulation and banks too-big-to-fail |
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231 | (1) |
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9.1.5.2 Concentration of capital ownership and inequality |
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232 | (2) |
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9.2 Sources of inherent weaknesses in contemporary democracy |
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234 | (7) |
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9.2.1 Impossibility of representation in groups |
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234 | (1) |
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9.2.2 Asymmetry of information |
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235 | (2) |
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9.2.3 The deleterious role of political parties |
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237 | (3) |
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240 | (1) |
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9.3 The superior advantages of direct democracy |
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241 | (12) |
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9.3.1 No representation, no political parties, no voter alienation |
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242 | (3) |
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9.3.2 Procedural counterbalancing of informational asymmetries |
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245 | (2) |
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9.3.3 Election, accountability and personal responsibility of all officials |
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247 | (2) |
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9.3.4 Resiliency through multiple checks and balances |
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249 | (4) |
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9.4 The long march back to citizen sovereignty |
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253 | (5) |
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9.4.1 Gradualist pathways to substantive democracy |
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253 | (3) |
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9.4.2 Radical return to direct democracy |
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256 | (2) |
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9.5 Summary and concluding remarks |
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258 | (3) |
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261 | (1) |
Ancient Greek authors |
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261 | (3) |
More recent literature |
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264 | (13) |
Contemporary literature in Greek |
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277 | (2) |
Glossary of Greek Terms |
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279 | (10) |
Index |
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289 | |