Shiping Tang
The Institutional Foundation of Economic Development
The Institutional Foundation of Economic Development
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- More about The Institutional Foundation of Economic Development
Institutions play a crucial role in economic development, and the book "The Institutional Foundation of Economic Development" provides a comprehensive account of how they shape growth. It argues that institutions affect economic development through four "Big Things" and six major dimensions, and that they are only one pillar within the New Development Triangle. The book advocates for an evolutionary approach tied to a country's stage of development.
Format: Hardback
Length: 328 pages
Publication date: 06 September 2022
Publisher: Princeton University Press
Institutions play a crucial role in shaping economic development, a widely acknowledged fact. However, the field of new institutional economics (NIE) has yet to offer a comprehensive understanding of what constitutes the institutional foundation of economic development (IFED). This book brings together insights from various disciplines, including development economics, development studies, political science, and sociology, to explore the intricate mechanisms through which institutions influence growth.
According to shipping tang, institutions shape economic development through four fundamental elements: possibility, incentive, capability, and opportunity. These elements form the six major dimensions of IFED: political hierarchy, property rights, social mobility, redistribution, innovation protection, and equal opportunity. Tang emphasizes that IFED is just one pillar within the New Development Triangle (NDT), which also requires strong state capacity and sound socioeconomic policies for sustained economic development.
The book advocates for an evolutionary approach that is tailored to a country's stage of development. It offers a holistic and interdisciplinary perspective to understand institutions and economic development, aiming to provide a comprehensive understanding of the complex interplay between these two forces.
In conclusion, institutions matter for economic development, and this book contributes to our understanding of the institutional foundation of economic growth. By bringing together insights from diverse fields, it offers a valuable resource for policymakers, researchers, and practitioners seeking to promote sustainable and inclusive economic development.
Dimension: 235 x 156 (mm)
ISBN-13: 9780691235561
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