1. Introduction; 2. A Theory of Budgets; 3. Political Competition and the Expenditure Pie; 4. The Effects of Elections, Economics and International Shocks on the Expenditure Pie; 5. Four Sides of the Budgetary Ledger; 6. The Effects of Elections, Economics and External Shocks on the Budgetary Ledger; 7. Conclusion: The Budgetary Mix.