Political Economy of Illegal Drugs

With debates surrounding the decriminalization of certain illegal drugs raging in many countries around the world, this new book is a timely and sober reflection on one of the biggest social problems facing the world at large. Of interest not only to economists, but also to criminologists and those involved in policy making,The Economics of Illegal Drugsis an accessible, comprehensive and international review of the topic and the usefulness of applying microeconomic analysis to drug production and distribution.

Pierre Kopp is Professor of Economics at Pantheon-Sorbonne University, Paris I, France.

List of figures

viii

List of tables

x

Note on the text

xi

Introduction

1

(10)

PART I Behaviour and strategies

11

(56)

Drug supply and criminal organizations

13

(31)

Illegal distribution: the flow of drugs

14

(8)

Drug sales and income

22

(3)

Criminal organization

25

(9)

Independent criminals and criminal organizations

34

(4)

Criminal organizations and the legal economy

38

(5)

Conclusion

43

(1)

Addictive consumption

44

(23)

Price and consumption

45

(3)

How to model addiction?

48

(3)

The instability of demand for drugs

51

(7)

The temporal consistency of choices

58

(7)

Conclusion

65

(2)

PART II The welfare economics of illegal drugs

67

(62)

Economics of prohibition

69

(21)

Introduction

69

(1)

General equilibrium analysis is very general

70

(4)

Partial equilibrium analysis is more partial

74

(7)

Prohibition and crime: which is the chicken and which is the egg?

81

(3)

Law and economics: consensus, dear consensus!

84

(4)

Conclusion

88

(2)

Optimal public intervention

90

(21)

The optimal level of consumption: a missed target

91

(9)

Crime economics: another wrong objective

100

(9)

Conclusion

109

(2)

A new design for drug policy

111

(18)

Introduction

111

(1)

Harm minimization and efficiency

112

(6)

Peculiar interest

118

(10)

Conclusion

128

(1)

PART III Drugs, crime and the law

129

(70)

Drug law enforcement

131

(24)

Introduction

131

(1)

Supply side enforcement

132

(15)

Demand side enforcement

147

(3)

Policy mix

150

(4)

Conclusion

154

(1)

Fighting money laundering and organized crime

155

(40)

Introduction

155

(1)

Money laundering strategies

156

(8)

Criminal strategic management

164

(4)

Money laundering incentives and sanctions

168

(2)

Drug dealers: to launder or not to launder?

170

(4)

Self-regulation of the banking system: the US model of corporate liability

174

(6)

Self-regulation: the continental system

180

(5)

The virtues of organized crime

185

(7)

Is organized crime really a good thing?

192

(2)

Conclusion

194

(1)

Conclusion

195

(4)

Notes

199

(9)

Bibliography

208

(13)

Index

221

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Political Economy of Illegal Drugs

Summary

Author Biography

Table of Contents

Supplemental Materials