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Public Spirit in the Thrift Tragedy (Paperback)

P&S History > Social Science & Culture > Politics > Political Sciences & Current Affairs

Imprint: University of Pittsburgh Press
Pages: 326
ISBN: 9780822956006
Published: 15th May 1996
Casemate UK Academic

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Winner of the Harold Lasswell Award of the American Political Science AssociationThe FSFIC failed spectacularly during the 1980s, costing taxpayers an estimated $200 billion. In this award-winning analysis, Rom examines the political causes of this \u201cthrift tragedy.\u201d He directly confronts-and rejects-the dominant scholarly \u201cpublic choice\u201d view that public officials were motivated mainly be self-interest. Instead, Rom argues that politicians and bureaucrats generally acted in the \u201cpublic spirit\u201d by attempting to obtain the common interest as they saw it. Using new evidence and innovative methods, Rom demonstrates that FSLIC's failure unfolded because of commitments that officials had made in the past and their uncertainties about how to fulfill these obligations in the future.

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