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Institutions And Politics In A Lewis‐Type Growth Model

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  • PAUL MOSLEY

Abstract

The paper examines the impact of politics and institutions on growth in the light of Lewis's writings. The basic approach adopted is that the accumulation of ‘capitalist surplus’ can be threatened for political reasons. If the oppressed are likely to rebel against poor living standards associated with economic development with unlimited supplies of labour, it is sensible for governments to invest in political and institutional devices which will prevent the threat of such disturbances. We call such investments a ‘social efficiency wage premium’ and find that growth, across a sample of 58 countries for the period between 1980 and 2001, is significantly associated with the measures a country takes to reduce its political vulnerability. The paper concludes that investments of a country's surplus in measures to reduce political vulnerability are well warranted.

Suggested Citation

  • Paul Mosley, 2004. "Institutions And Politics In A Lewis‐Type Growth Model," Manchester School, University of Manchester, vol. 72(6), pages 751-773, December.
    • Handle: RePEc:bla:manchs:v:72:y:2004:i:6:p:751-773
    DOI: 10.1111/j.1467-9957.2004.00434.x
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    Cited by:

    1. Paul Mosley, 2007. "The ‘political poverty trap’: Bolivia 1999-2007," WEF Working Papers 0020, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
    2. Sue Bowden & Paul Mosley, 2012. "Politics, Public Expenditure and the Evolution of Poverty in Africa 1920-2009," Working Papers 2012003, The University of Sheffield, Department of Economics.

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