Case studies of empires, crises, and businesses

Principal-agent problem • Concentration risk • Sovereign customer-regulator risk • Succession risk • Regulatory arbitrage

State capacity • Principal-agent problem • Rent-seeking • Soft budget constraints • Balance of power

Security dilemma • Balance of power • Credible commitment • Institutions as rules of the game

Goodhart's law • Soft budget constraints • Catch-up growth • Legitimacy vs coercion