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.
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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.
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.
An Anatomy of Economic Transactions
Peter A. Cornelisse and Erik Thorbecke
This innovative and important book develops a new framework for analysing exchange that takes place within and outside markets over the course of development.
The book incorporates the essential elements of institutional theory and highlights the issues pertaining to the measurement of institutional characteristics and the empirical analyses involving such measurement. It provides the theoretical framework of and empirical evidence on fiscal institutions, covering budgetary rules and procedures as well as fiscal decentralization, and reviews the theoretical framework for monetary institutions such as central bank independence, currency boards, monetary unions and inflation targeting in addition to providing empirical evidence on their effectiveness. The role of bank regulation and supervision is also investigated. This path-breaking and original book will prove a fascinating read for a wide-ranging audience including academics, think tanks, international development agencies and policymakers within the fields of development, economics, heterodox economics and money, banking and finance.