A democratic society in which the distribution of wealth is unequal elects political parties that are likely to represent the interest of poor people. It is in the interest of clientele of the resulting governments to attempt to levy inflation taxes in order to erode the real value of debt service and redistributive from the rich to poor.
The Economic Journal of Emerging Markets (EJEM) is a peer-reviewed journal which provides a forum for scientific works pertaining to emerging market economies. Published every April and October, this journal welcomes original research papers on all aspects of economic development issues. The journal ...