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The election of populist politicians in recent years seems to challenge the commitment to democracy, if not its ideal. This book argues that majority rule is not the problem; rather, the institutions that stabilize majorities are responsible for the suppression of minority interests. Despite the popular notion that social choice instability (or “cycling”) makes it impossible for majorities to make sound legislation, Yuhui Li argues that the best part of democracy is not the large number of people on the winning side; it is that the winners can be easily divided and realigned with the losers in the cycling process. He shows that minorities’ bargaining power depends on their ability to exploit division within the winning coalition and induce its members to defect, an institutionalized uncertainty that is missing in one-party authoritarian systems.

Dividing the Rulers theorizes why such division within the majority is important and what kind of institutional features can help a democratic system maintain such division, which is crucial in preventing the “tyranny of the majority.” These institutional solutions point to a direction of institutional reform that academics, politicians, and voters should collectively pursue.
 

Rulers and Capital in Historical Perspective explains why modern banking and credit systems emerged in the nineteenth century only in certain countries that then subsequently industrialized and became developed.

Tracing the contemporaneous cases of India and the United States over time, Abhishek Chatterjee identifies the factors that were crucial to the development and regulation of a modern banking and credit system in the United States during the first third of the nineteenth century. He contrasts this situation with India’s, where the state never formally incorporated a sophisticated private credit system, and thus relegated it to the sphere of the informal economy.

Chatterjee identifies certain features in both societies, often—though not always—associated with colonialism, that tended to restrict the formation of modern institutionalized money and credit markets. Rulers and Capital in Historical Perspective demonstrates thatnotwithstanding the many other differences between the North American colonies (prior to independence), and India, the same facets of their relationships with Great Britain prevented the emergence of a modern banking system in the two respective societies.