Golden Rule ─ The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems

In the first essay in this volume, Party Realignment and American Industrial Structure: The Investment Theory of Political Parties in Historical Perspective , Ferguson spells out what is wrong with the "median voter" approach to electoral democracy and puts forth an alternative in which as long as basic property rights do not emerge as the dominating issues competition between blocs of major investors drives the system. This essay, in its original version, attracted considerable attention, and considerable objection (in the appendix, Ferguson replies to the critics of his investment approach). The other essays in the volume put this investment approach to practical use, analyzing real political coalitions. Annotation copyright Book News, Inc. Portland, Or.