Elected Oligarchy and Economic Underdevelopment: The Case of Guyana
AbstractThis study proposes the idea that Guyana’s present government can be categorized as an elected oligarchy. It highlights the existence of several binding constraints (or structural bottlenecks) and demonstrates how these constraints are exacerbated by the elected oligarchy to impair the economic development of the country. Using stylized data on economic trends, the paper illustrates the direct and indirect channels through which the elected oligarchy stifles the private sector and consequently economic progress. As such, the paper presents the elected oligarchy as an alternative channel through which private investments are crowded out by the political strategy of the state.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 29733.
Date of creation: Mar 2011
Date of revision:
Private sector crowding out; Elected oligarchy;
Find related papers by JEL classification:
- P40 - Economic Systems - - Other Economic Systems - - - General
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
- P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
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