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Economies in transition and in development: A possible warning from Adam Smith

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  • Maria Pia Paganelli

Abstract

If Adam Smith were asked about transitioning and developing economies today, one may infer, he might suggest introducing small, yet constant, opportunities for wealth accumulation, avoiding the sudden accumulation of riches. Good institutions and the moral rules often needed to comply with them are more likely to be disregarded if there are large, sudden material gains, such as new wealth generated by the sudden opening of markets or government granting monopolies. For Smith, the desire to show off in front of others can inhibit moral behaviour and respect for good institutions, generating perverse incentives that hinder growth. Gradual change is to be preferred.

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  • Maria Pia Paganelli, 2012. "Economies in transition and in development: A possible warning from Adam Smith," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(2), pages 149-163, April.
    • Handle: RePEc:taf:eujhet:v:19:y:2012:i:2:p:149-163
    DOI: 10.1080/09672567.2010.499470
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    Cited by:

    1. Ichiro Iwasaki & Taku Suzuki, 2016. "Radicalism Versus Gradualism: An Analytical Survey Of The Transition Strategy Debate," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 807-834, September.

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