Bootleggers and Baptists: How Economic Forces and Moral Persuasion Interact to Shape Regulatory Politics

The Bootlegger and Baptist theory reveals how regulations emerge from the interplay between two distinct interest groups: those seeking private gain (the "bootleggers") and those promoting the public good (the "Baptists"). Economists Adam Smith and Bruce Yandle explore this innovative public choice theory, providing accessible insights and numerous real-world examples. They apply the theory to contemporary issues like the financial crisis and environmental regulation, offering a new perspective on the complex dynamics of special interest groups in politics.