In Britain last week, the Liberal Democrats discovered that small parties were sometimes well placed when it came to coalition bargaining.
The Lib Dems had the upper hand in negotiations, as they had what is known as ‘walk-away value’. If they didn’t like a deal with the Conservatives, they had other options with Labour and the nationalists. The Tories, on the other hand, didn’t really have palatable options, other than a minority administration – which...
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