An Economic Interpretation of Rhode Island’s 1788 Referendum on the Constitution

In their 1788 popular referendum, Rhode Island voters overwhelmingly rejected ratification of the Federal Constitution: 92 percent against and 8 percent for adoption. The town-by-town voter lists, correlated with tax and estate records, show that yea voters were significantly wealthier than “nay” voters. Available data also indicates that yea wealth was concentrated in personal estate rather than real estate. Both these findings support Charles Beard\u27s original economic interpretation of the Constitution. Our detailed data provides new evidence about town-level voters, supplementing the usual data Beard’s supporters and critics have used from state ratifying conventions and the Philadelphia constitutional convention. We trace the outlines of the scholarly debate, provide political and economic context for the Rhode Island referendum, report on our initial findings, and suggest further avenues of research and analysis

Polls and the political process: the use of opinion polls by political parties and mass media organizations in European post‐communist societies (1990–95)

Opinion polling occupies a significant role within the political process of most liberal-capitalist societies, where it is used by governments, parties and the mass media alike. This paper examines the extent to which polls are used for the same purposes in the post-communist countries of Central and Eastern Europe, and in particular, for bringing political elites and citizens together. It argues that these political elites are more concerned with using opinion polls for gaining competitive advantage over their rivals and for reaffirming their political power, than for devolving political power to citizens and improving the general processes of democratization

Money: A Market Microstructure Approach

The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary instrument to reduce transaction costs. This finding is supported by empirical evidence from foreign exchange markets