Alexis de tocqueville referred to the ability of the majority in a democracy to impose its will on everyone else as <u>"the tyranny of the majority".</u>
The idea of the tyranny of the majority was advanced by the nineteenth century political scholars Alexis de Tocqueville (Democracy in America) and John Stuart Mill (On Liberty). It alludes to a circumstance in which the greater part implements its will on a distraught minority through the equitable procedure. That is the thing that various minority bunches in the UK are encountering after Leave won the submission. Unexpectedly, this result has hurt the interests of the minority, as well as that of the dominant part that bolstered Brexit.
Answer:
Incomplete Contracts: Do not optimally use all commonly observ-able information. Will be renegotiated at some point in time (bargain-ing). Reasons for contractual incompleteness: Bounded rationality: Parties cannot write long-term state-contingent contracts. Cannot foresee all possible future states.
Explanation:
When WWIII occurs it will effect and/or involve every country.
UK and Germany included.
