This essential research review carefully analyses some of the most influential papers focusing on the relationship between economic and political institutions and economic development. Economic institutions shape economic incentives, such the incentives to become educated, to save and invest, to innovate and to adopt new technologies. Although economic institutions are critical for determining whether a country is poor or prosperous, it is politics and political institutions that determine which economic institutions are present in a country. This review explores these critical relationships and the causes of economic growth, whilst bringing forth the legal, colonial and financial factors, which contribute to economic discrepancies across countries. The text will be a valuable tool for economic researchers and scholars interested in this important subject.
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An Institutional Critique
Frank H. Stephen
This book draws on the analytical framework of New Institutional Economics (NIE) to critically examine the role which law and the legal system play in economic development. Analytical concepts from NIE are used to assess policies which have been supported by multilateral development organisations including securing private property rights, reform of the legal system and financial development. The importance of culture in shaping the legal environment, which in turn influences financial sector development, is also assessed using Oliver Williamson’s ‘levels of social analysis’ framework.
Towards a Capitalist Manifesto
This book makes the bold attempt at proposing a new general theory of economic development. The main premise is that economic institutions and policies must embody ‘economic discrimination’ if there is to be any chance of real economic development. By economic discrimination, the author means ‘treating differences differently’ by selecting and supporting economic entities and behaviour that contribute positively to the economy. The book identifies markets, government and corporations as the ‘holy trinity of economic development’, that is, the three most important institutions that must work together via economic discrimination to steer the economy towards real transformative progress. The book also warns against the current trend of economic egalitarianism or ‘not treating differences differently’ because it destroys economic incentives and results in an array of economic problems including growth stagnation.
Firm Strategy and Industrial Development in China
Edited by Mariko Watanabe
In the past two decades, China has experienced rapid industrial and economic growth. This fascinating book explores the unique Chinese business strategy of vigorous market entry and low prices, which has been the key feature of this accelerated industrial growth.
World Statistics on Mining and Utilities provides a unique biennial overview of the role of mining and utility activities in the world economy. This extensive resource from UNIDO provides detailed time series data on the level, structure and growth of international mining and utility activities by country and sector. Country level data is clearly presented on the number of establishments, employment and output of activities such as: coal, iron ore and crude petroleum mining as well as production and supply of electricity, natural gas and water.
This comprehensive research review brings together seminal contributions by leading scholars on institutions and governance in developing countries.
World Statistics on Mining and Utilities provides a unique biennial overview of the role of mining and utility activities in the world economy. This extensive resource from UNIDO provides detailed time series data on the level, structure and growth of international mining and utility activities by country and sector.
Theory and Evidence
The book challenges the conventional wisdom on the determinants of economic performance and provides an alternative vision of the functioning of an economic system. The author provides a structured survey which critically evaluates the theory and evidence of neoclassical approaches to growth and development. He then skillfully integrates insights from the old and new institutional economics into an original and comprehensive vision of the relationship between institutions, growth and economic development.
The origin of markets is a central issue in economics and economic history, but until now there has been no definitive reference source on the subject. This authoritative research reviews fills the gap by selecting key papers analysing the evolution of markets over the past millennium. These papers, written by leading scholars in the field, relate market development to urban growth, the spread of the credit system, and the evolution of capitalism. They show that markets did not evolve in a purely spontaneous fashion, but as part of the planned development of market centres by local landowners and business people. This research review will serve as an excellent reference tool to students, academics and practitioners interested in the broad field of economics and economic history, and market evolution in particular.
Conflict, Institutional Change, and Development in the Era of Globalization
Edited by Joachim Ahrens, Rolf Caspers and Janina Weingarth
This book explores the interdependences of economic globalisation, political tensions, and national policymaking whilst analysing opportunities for governance reform at both national and international levels. It considers how governance mechanisms can be fashioned in order to both exploit the opportunities of globalization and cope with the numerous potential conflicts and risks.