Institutional Approaches to Economic Development: The Current Status of the Debate

The recent publication of "Institutions and Economic Development: Theory, Policy and History" (Chang 2011a) has stimulated a thought-provoking debate, and has brought forth a wide-ranging demonstration of the theoretical arsenal of the new institutional economics. The debate proves that, a...

Full description

Saved in:
Bibliographic Details
Published in:Journal of economic issues 2012-12, Vol.46 (4), p.921-940
Main Authors: Castellano, Fernando López, García-Quero, Fernando
Format: Article
Language:English
Subjects:
Analysis
deliberative development
Developing countries
Discourse
Econometrics
Economic development
Economic growth
Economic policy
Economic theory
Experimental methods
Institutional change
Institutional economics
institutional political economy
Institutionalism
LDCs
Methods
Neoclassical economics
New institutional economics
Political debate
Political economy
Property rights
Studies
United Kingdom
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The recent publication of "Institutions and Economic Development: Theory, Policy and History" (Chang 2011a) has stimulated a thought-provoking debate, and has brought forth a wide-ranging demonstration of the theoretical arsenal of the new institutional economics. The debate proves that, as of yet, no satisfactory theory of institutions has been articulated, nor is there an agreement on the relationship between institutional change and the politics of development. It also demonstrates the presence of two distinct lines of research: ideological and political, both of which rely on different theoretical legacies, and embody distinct economic worldviews. This scenario allows a summary of the argument in the most recent literature to be made on the relationship between institutions and development, as well as to relate the debate to the concept of development as a process of expansion of capacities.
ISSN:0021-3624
1946-326X
DOI:10.2753/JEI0021-3624460405