A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.
Monarchies have a better incentive for the monarch to have a lower time preference.
OceanSlim
npub1zmc…7f60
2024-06-19 20:53:29
in reply to nevent1q…q8tx
Author Public Key
npub1zmc6qyqdfnllhnzzxr5wpepfpnzcf8q6m3jdveflmgruqvd3qa9sjv7f60Published at
2024-06-19 20:53:29Event JSON
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