This paper extends the club model of religion to better account for observed patterns of extremism. We adapt existing models to a multi-agent framework and analyze the distribution of agents and clubs. We find that extremism is more successful when religious groups are able to produce close substitutes for standard goods and that increased access to publicly provided goods can reduce the extrem...

The increasing role of religion in the Middle East has by no means spared Israel, and in the course of 2014 the religious aspect became even more prominent in the multi-layered Palestinian-Israeli conflict, as well as in Israeli domestic politics. Thus, whoever wishes to forecast what Israel will be like for its 75th anniversary must also seriously examine – in addition to its geopolitical posi...

La Porta et al. (1998) sustain the view that countries functioning under a Common law regime, mainly the “Anglo-Saxon” model, offer better protection to the small investors and more suitable conditions for the development of large and more liquid capital markets than do countries under Civil law regimes mainly the “Franco-Saxon” countries. Stulz and Williamson (2001) document also that not only...