This paper explores key ideas in constitutional political economy by analyzing the writings of H.S.H Prince Hans-Adam II of Liechtenstein. As a hereditary head of state, His Highness has significant political power. However the constitution and political institutions of Liechtenstein give each element of the government -the monarch, the parliament, and the people-checks on the ability of the others to behave arbitrarily. Through examining His Highness's ideas on constitutional governance in his recent book, The State in the Third Millennium, this paper offers a new perspective on the balance of political power necessary to keep state activity within its appropriate bounds.
Find article at The Journal of Private Enterprise.