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Empire: Public Goods and Bads

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Listed:
  • Christopher J. Coyne
  • Steve Davies

Abstract

Theodore Roosevelt used the US military to create what he called “civilized societies.†A growing literature focuses on the economic benefits of empires, benefits sometimes referred to as “global public goods†. Some authors, such as Mitchener and Weidenmier (2005) and Ferguson and Schularick (2006), neglect the associated public bads. This paper highlights the potential public bads. We formulate the leading public bads. We explore the public bads in the context explored by Mitchener and Weidenmier, namely, the Roosevelt Corollary and Latin America. Our discussion also moves to the broader plane, suggesting that the Roosevelt Corollary set a precedent for subsequent US military interventions around the world. We use the ratings of political institutions issued by the well-known Polity IV index to further support a skeptical view of imperial public good provision.

Suggested Citation

  • Christopher J. Coyne & Steve Davies, 2007. "Empire: Public Goods and Bads," Econ Journal Watch, Econ Journal Watch, vol. 4(1), pages 3-45, January.
    • Handle: RePEc:ejw:journl:v:4:y:2007:i:1:p:3-45
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    References listed on IDEAS

    as
    1. Kris James Mitchener & Marc D. Weidenmier, 2004. "Empire, Public Goods, and the Roosevelt Corollary," NBER Working Papers 10729, National Bureau of Economic Research, Inc.
    2. Lester D. Langley, 1988. "Anti-Americanism in Central America," The ANNALS of the American Academy of Political and Social Science, , vol. 497(1), pages 77-88, May.
    3. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
    4. Deepak Lal, 2000. "Globalization, Imperialism and Regulation," UCLA Economics Working Papers 810, UCLA Department of Economics.
    5. Ferguson, Niall & Schularick, Moritz, 2006. "The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880–1913," The Journal of Economic History, Cambridge University Press, vol. 66(2), pages 283-312, June.
    6. Mitchener, Kris James & Weidenmier, Marc, 2005. "Empire, Public Goods, and the Roosevelt Corollary," The Journal of Economic History, Cambridge University Press, vol. 65(3), pages 658-692, September.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Monten, Jonathan, 2013. "Intervention, Aid, and Institution-Building in Iraq and Afghanistan: A Review and Critique of Comparative Lessons," WIDER Working Paper Series 108, World Institute for Development Economic Research (UNU-WIDER).
    2. Christopher Coyne & Abigail Hall, 2014. "The empire strikes back: Adam Smith, John Stuart Mill, and the Robust Political Economy of empire," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 359-385, December.
    3. Christopher Coyne, 2015. "Lobotomizing the defense brain," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(4), pages 371-396, December.
    4. Fred E. Foldvary, 2008. "Uncovering the Costs of the Iraq War," Econ Journal Watch, Econ Journal Watch, vol. 5(3), pages 373-379, September.
    5. Alan Martina, 2007. "A Class of Poverty Traps: A Theory and Empirical Tests," ANU Working Papers in Economics and Econometrics 2007-482, Australian National University, College of Business and Economics, School of Economics.

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    More about this item

    Keywords

    empire; imperialism; global public goods; global public bads; Roosevelt Corollary;
    All these keywords.

    JEL classification:

    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative
    • N46 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Latin America; Caribbean
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform

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