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Abstract
‘Institutional Change and Economic Development’ discusses not just theoretical issues but a diverse range of real-life institutions – political, bureaucratic, fiscal, financial, corporate, legal, social and industrial – in the context of dozens of countries across time and space, spanning Britain, Switzerland and the USA in the past to Botswana, Brazil, and China today.
'This book takes us to a new level of analysis, with a very thorough understanding of the history and political economy of institution-building. Along the way it demolishes much of the conventional wisdom, and sets a new standard that all future research on institutions must match.' —Tony Addison, Executive Director of the Brooks World Poverty Institute, University of Manchester
The issue of institutional development has come to prominence during the last decade or so. During this period even the IMF and the World Bank, which used to treat institutions as mere ‘details’, have come to emphasise the role of institutions in economic development. However, there are still some important gaps that need to be filled before we can say that we have a good grip on the issue of institutions and economic development, both theoretically and at the policy level. This book is an attempt to fill these gaps. Recognizing the complexity of the issues involved, this book draws together contributions from scholars in economics, history, political science, sociology, public administration and business administration. These experts discuss not only theoretical issues but also a diverse range of real-life institutions – political, bureaucratic, fiscal, financial, corporate, legal, social and industrial – in the context of dozens of countries across time and space – from Britain, Switzerland and the USA to today’s Botswana, Brazil and China. The contributors show that there is no simple formula for institutional development. Instead, real-life examples of institutional development which has been achieved through a mixture of deliberate imitation of foreign institutions and local institutional innovations are discussed and studied. While arguing there is no set formula for institutional development, this book will assist developing countries to improve their institutions by providing sophisticated theoretical discussions and helpful policy ideas based on real-life cases.
'Just when the institutionalist approach to economic development is at risk of seeming like a ‘black box’ for tautological non-explanations, this volume of richly historically informed and nuanced studies will restore confidence in the value, if not superiority, of this approach to the political economy of development.' —Jomo K. S., Assistant Secretary-General for Economic Development, United Nations
Ha-Joon Chang is Reader in the Political Economy of Development at the Faculty of Economics, University of Cambridge, UK.
Table of Contents
Section Title | Page | Action | Price |
---|---|---|---|
Front Matter | 1 | ||
Half Title | 1 | ||
Title | 3 | ||
Copyright | 4 | ||
Advance Reviews | 5 | ||
Table of Contents | 7 | ||
List of Figures | 9 | ||
List of Tables | 11 | ||
List of Contributors | 13 | ||
Foreword by Deepak Nayyar | 17 | ||
Acknowledgements | 21 | ||
Main Matter | 23 | ||
Chapter 1: Institutional change and economic development: An introduction, by Ha-Joon Chang | 23 | ||
Notes | 36 | ||
References | 36 | ||
Part I: Theoretical Overview | 37 | ||
Chapter 2: Understanding the relationship between institutions and economic development - Some key theoretical issues, by Ha-Joon Chang | 39 | ||
Notes | 53 | ||
References | 54 | ||
Chapter 3: Extending the 'institutional' turn: Property, politics, and development trajectories, by Peter B. Evans | 57 | ||
Notes | 72 | ||
References | 72 | ||
Chapter 4: Institutionalism ancient, old, and new: A historical perspective on institutions and uneven development, by Erik S. Reinert | 75 | ||
Notes | 92 | ||
References | 92 | ||
Part II: Evolution of Particular Institutions | 95 | ||
Chapter 5: Modern bureaucracy, by John Toye | 97 | ||
Notes | 114 | ||
References | 115 | ||
Chapter 6: Central banks as agents of economic development, by Gerald Epstein | 117 | ||
Notes | 133 | ||
References | 134 | ||
Chapter 7: Corporate governance, innovative enterprise, and economic development, by William Lazonick | 137 | ||
Notes | 154 | ||
References | 154 | ||
Chapter 8: The political economy of taxation and tax reform in developing countries, by Jonathan di John | 157 | ||
Notes | 174 | ||
References | 176 | ||
Chapter 9: The rule of law, legal traditions, and economic growth: The East Asian example, by Meredith Jung-En Woo | 179 | ||
References | 195 | ||
Part III: Country Experiences | 197 | ||
Chapter 10: State formation and the construction of institutions for the first industrial nation, by Patrick Karl O'Brien | 199 | ||
Notes | 217 | ||
References | 217 | ||
Chapter 11: The role of federalism in developing the US during nineteenth-century globalization, by Eric Rauchway | 221 | ||
Notes | 236 | ||
References | 237 | ||
Chapter 12: Institutions and economic growth: The successful experience of Switzerland, 1870-1950, by Thomas David and Andre Mach | 241 | ||
Notes | 257 | ||
References | 258 | ||
Chapter 13: The rise and halt of economic development in Brazil, 1945-2004: Industrial catching-up, institutional innovation, and financial fragility, by Leonardo Burlamaqui, Jose A. P. de Souza, and Nelson H. Barbosa-Filho | 261 | ||
Notes | 278 | ||
References | 280 | ||
Chapter 14: Rethinking import-substituting industrialization: Development strategies and institutions in Taiwan and China, by Tianbiao Zhu | 283 | ||
Notes | 298 | ||
References | 299 | ||
Chapter 15: Developmental nationalism and economic performance in Africa: The case of three 'successful' African economies, by Julius Kiiza | 303 | ||
Notes | 320 | ||
References | 320 | ||
End Matter | 323 | ||
Index | 323 |