The article of record as published may be found at http://dx.doi.org/10.1080/14678802.2012.703535International peace-building interventions in post-conflict countries are intended to transform the socio-political context that led to violence and thereby build a stable and lasting peace. Yet the UN’s transitional governance approach to peace-building is ill-suited to the challenge of dealing with the predatory political economy of insecurity that often emerges in post- conflict societies. Evidence from peace-building attempts in Cambodia, East Timor and Afghanistan illustrates that the political economy incentives facing domestic elites in an environment of low credibility and weak institutionalization lead to a cycle of patronage gene...