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The Political Economy of Democracy and Tyranny Gisela and device-specific PHIGS to theOne theme that has emerged from the recent literature on political economy concerns the transition to democracy: why would dominant elites give up oligarchic power? This book addresses the fundamental question of democratic stability and the collapse of tyranny by considering a formal model of democracy and tyranny. The formal model is used to study elections in developed polities such as the United States, the United Kingdom, the Netherlands, Canada,