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1 results

  • 4 - Democracy, Capitalism, and Random Events

  • from Part I - Uncertain Future Events and Reactions to Them
  • Vito Tanzi
  • Book:
    Fragile Futures
    Published online:
    28 April 2022
    Print publication:
    19 May 2022, pp 32-36

  • Summary

    Description: Democratic governments and market economies tend to create particular obstacles in preparing for the possible coming of uncertain events. Frequent elections discourage governments from spending scarce resources to deal with events that are uncertain and that may never materialize. The need to minimize costs and to stay competitive discourages private enterprises from spending resources on uncertain future events and disasters. The result is underpreparation for what are considered Acts of God.