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the tyee
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Jan
31
Markets and Democracy
January 31, 2006 |
In this concept, which I have elaborated in my book Law, Pragmatism, and Democracy (2003), and which seems to me descriptive of most modern democracies, including that of the United States, there is a governing class, consisting of people who compete for political office, and a citizen mass. The governing class corresponds to the selling side of an economic market, and the citizen mass to the consuming side. Instead of competing for sales, however, the members of the governing class compete for votes. The voters are largely ignorant of policy, just as consumers are ignorant of the inner workings of the products they buy. But the power of the electorate to turn elected officials out of office at the next election gives the officials an incentive to adopt policies that do not outrage public opinion and to administer the policies with some minimum of honesty and competence.
richard posner
Richard Posner is writing about the election of Hamas; but his points are equally well taken in any analysis of political activity.
The problem which voters face is that the opportunity cost of acquiring the degree of knowledge necessary to make informed decisions on a policy by policy basis is simply too high. So, instead, they express brand preferences in terms of political parties.
However, and here is where the Liberals lost the election even if the Tories did not win it, over time a brand may begin to lose its reputation by turning out shoddy goods. At first, very few buyers notice and those who do are not inclined to switch brands just because of one or two bad experiences. However, at some point enough people have been lied to or disappointed or ignored or simply taken for granted that the brand begins to lose market share.
The bad news for the Liberals is that this slide is not likely to be halted by a single, relatively minor, election defeat. If anything the erosion of the brand will accelerate as a) people discover that they get along just fine without the Liberals, b) the Conservatives in power turn out not to be too scary, c) the Conservatives in power are able to deliver on their brand’s hitherto unproven promises.
Managed well, Harper has the opportunity to turn the CPC into the National Governing Party. It is not at all clear what the Liberal’s opportunity is here. Which is, no doubt, one of the reasons an old pro like McKenna is sitting this one out.
Comments
2 Comments so far
Too triumphal. Harper has a chance of being Mulroney if he is lucky and, perhaps unfortunately for us, a mass of thinking people still reject SoCon and NuCon brandings and will reinvent Liberal. Harper’s job has just begun and he is surrounded by those with debts owed in their minds. Tories also have a bad habit of eating their own. Everything has not changed with a 36.5% majority.
That would be “if” Harper is able to do all those things Jay. In fact, we’re overdue for a recession and Harper will probably get the blame, whether he’s due it or not.