European Parliament Library

Institutions and Economic Development, Markets, Ideas, and Bottom-Up Change, Bryan Cheang and Tom G. Palmer - electronic bk

This book is a survey of the field of development studies from a political economy perspective. It first reviews the academic literature on development and highlights the fundamental importance of institutions and social values, over and above other alternative theories, as determinants in long-run development. In this context, the book draws from the works of Nobel Laureates Douglass North, F.A. Hayek and Elinor Ostrom, and argues that the ingredients of property rights, the rule of law, and market freedoms are essential in generating socio-economic progress. Successful reforms however are not simply a function of constructing formal institutions, but must cohere with the social values, norms, and cultural commitments of local communities. It is in this spirit that the book theorises on the oft-neglected role that political entrepreneurs play in driving endogenous institutional change. Specifically, this book integrates the theoretical discussion on market-driven development with a range of case studies from around the world, featuring the bottom-up efforts of local change agents to pursue institutional reforms and changes in social opinion. This marvellous handbook displays an impressive grasp of the vast literature on economic development, highlighting the crucial role of liberal ideas of freedom for economic success. The handbook masterfully summarizes debates on free markets, institutions, and culture as causes of development. This is the best textbook treatment of liberalism and development that I have ever seen. William Easterly, Professor of Economics at New York University (NYU) and Co-Director, NYU Development Research Institute
Table Of Contents
Institutions Matter -- Formal Institutions -- Informal Institutions and Culture -- Institutions or Discretionary Leadership? -- Institutional Entrepreneurship and the Role of Non-profits
Literary Form
non fiction
1st ed. 2023.
Physical Description
1 online resource (210 pages)
Specific Material Designation
Form Of Item

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