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Breaking the mould: an institutionalist political economy alternative to the neo-liberal theory of the market and the state

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  • Ha-Joon Chang

Abstract

The paper criticises the currently dominant neo-liberal discourse on the role of the state and proposes an alternative approach that will allow us to overcome its shortcomings, especially its inadequate analyses of the role of institutions and politics. It argues that the central problem with the neo-liberal framework lies not in its excessively anti-interventionist policy conclusions, as some of its critics believe, but in the very ways it envisages the modus operandi of the market, the state, institutions and their interrelationships. The paper then discusses how we may construct the alternative approach of 'institutionalist political economy'. Copyright 2002, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 26 (2002)
Issue (Month): 5 (September)
Pages: 539-559

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Handle: RePEc:oup:cambje:v:26:y:2002:i:5:p:539-559

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Cited by:
  1. Nayyar, Deepak, 2006. "Development through Globalization?," Working Paper Series RP2006/29, World Institute for Development Economic Research (UNU-WIDER).
  2. Arup Maharatna, 2008. "Development of What? An Exposition of the Politics of Development Economics," Working Papers id:1819, eSocialSciences.
  3. Jeemol Unni & Uma Rani, 2009. "Social Protection for Informal Workers: Insecurities, Instruments and Institutional Mechanisms," Working Papers id:1920, eSocialSciences.
  4. Kirsten Ford, 2011. "The Veblenian Roots of Institutional Political Economy," Working Paper Series, Department of Economics, University of Utah 2011_07, University of Utah, Department of Economics.
  5. repec:iab:iabmit:v:35:i:3:p:429-439 is not listed on IDEAS
  6. Goldstein, Andrea & Pires, Jose Claudio Linhares, 2002. "Brazilian Regulatory Agencies: Early Appraisal and Looming Challenges," Centre on Regulation and Competition (CRC) Working papers 30615, University of Manchester, Institute for Development Policy and Management (IDPM).
  7. Tamer Četin & Feridun Yilmaz, 2010. "Transition to the Regulatory State in Turkey: Lessons from Energy," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 44(2), pages 393-402, June.
  8. Chester, Lynne, 2010. "Conceptualising energy security and making explicit its polysemic nature," Energy Policy, Elsevier, vol. 38(2), pages 887-895, February.
  9. Samantha Watson, 2012. "Formalizing the Informal Economy: Women’s Autonomous Self-Employment in Rural South India," Working Papers id:4784, eSocialSciences.
  10. Kanothi, R.N., 2009. "The dynamics of entrepreneurship in ICT: case of mobile phones downstream services in Kenya," ISS Working Papers - General Series 18727, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  11. Hatani, Faith, 2009. "The logic of spillover interception: The impact of global supply chains in China," Journal of World Business, Elsevier, vol. 44(2), pages 158-166, April.
  12. Ulybina, Olga, 2014. "Russian forests: The path of reform," Forest Policy and Economics, Elsevier, vol. 38(C), pages 143-150.
  13. Gerlach, Frank & Ziegler, Astrid, 2002. "Mit Innovation und Kooperation zu mehr Beschäftigung? : zur Diskussion neuerer Beschäftigungsförderungsansätze in Regionen am Beispiel der Territorialen Beschäftigungspakte und des InnoRegio-Prog," Mitteilungen aus der Arbeitsmarkt- und Berufsforschung, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 35(3), pages 429-439.
  14. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 665-681, September.
  15. Geoffrey Hodgson & Shuxia Jiang, 2008. "La economía de la corrupción y la corrupción de la economía: una perspectiva institucionalista," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 10(18), pages 55-80, January-J.
  16. Luis Francisco Carvalho & Joao Rodrigues, 2006. "On markets and morality: Revisiting Fred Hirsch," Review of Social Economy, Taylor & Francis Journals, vol. 64(3), pages 331-348.
  17. João Romero & Gustavo Britto & Frederico Jayme Jr., 2013. "A model of development with structural and technological change," Textos para Discussão Cedeplar-UFMG 479, Cedeplar, Universidade Federal de Minas Gerais.
  18. Gramzow, Andreas, 2009. "Rural development as provision of local public goods: Theory and evidence from Poland," Studies on the Agricultural and Food Sector in Central and Eastern Europe, Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO), volume 51, number 92313.

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