Political Economy of Black Markets, Corruption and Crime - Fall 2010 - E698Course DescriptionThis course deals with the economics of informal or unlawful exchange, which includes corruption, illegal or informal markets, market rigging, and more generally any attempts to circumvent price, quantity, or property right regulations. Using case studies, the course reviews governments’ motivations and the tools used to set up and implement regulatory intervention. It provides a political economy perspective on governments’ attempts at favouring some economic or social groups on state capture by administrative and/or economic elites and their incidence on the emergence of the informal economy. Among the consequences of the implementation of regulations are the criminalisation of some trades, and the emergence of gangs/mafias, etc. While hard to measure precisely, the existing economic losses show that these problems contribute to underdevelopment. The class identifies relevant policy issues and provides both a clarification of analytical issues and measures of inefficiencies.
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