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Elected Oligarchy and Economic Underdevelopment: The Case of Guyana

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  • Khemraj, Tarron
  • Hinova, Diana

Abstract

This 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 29733.

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Date of creation: Mar 2011
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Handle: RePEc:pra:mprapa:29733

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Keywords: Private sector crowding out; Elected oligarchy;

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References

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  1. Deniz Igan & Thierry Tressel & Prachi Mishra, 2009. "A Fistful of Dollars," IMF Working Papers 09/287, International Monetary Fund.
  2. Sanjaya Lall (QEH), . "Reinventing Industrial Strategy: The Role of Government Policy in Building Industrial Competitiveness," QEH Working Papers qehwps111, Queen Elizabeth House, University of Oxford.
  3. Winston Moore & Roland Craigwell, 2002. "Market Power and Interest Rate Spreads in the Caribbean," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 16(4), pages 391-405.
  4. Sanjeev Sobhee, 2009. "The economic success of Mauritius: lessons and policy options for Africa," Journal of Economic Policy Reform, Taylor and Francis Journals, Taylor and Francis Journals, vol. 12(1), pages 29-42.
  5. Judith Gold & Ruben Atoyan & Cornelia Staritz, 2007. "Guyana," IMF Working Papers 07/86, International Monetary Fund.
  6. Shapiro, Helen & Taylor, Lance, 1990. "The state and industrial strategy," World Development, Elsevier, Elsevier, vol. 18(6), pages 861-878, June.
  7. Khemraj, Tarron, 2007. "The missing link: the finance-growth nexus and the Guyanese growth stagnation," MPRA Paper 16342, University Library of Munich, Germany.
  8. Tarron Khemraj, 2008. "Excess liquidity, oligopolistic loan markets and monetary policy in LDCs," Working Papers, United Nations, Department of Economics and Social Affairs 64, United Nations, Department of Economics and Social Affairs.
  9. Magnus Saxegaard, 2006. "Excess Liquidity and the Effectiveness of Monetary Policy," IMF Working Papers 06/115, International Monetary Fund.
  10. Nafziger, E. Wayne, 2006. "From Seers to Sen: The Meaning of Economic Development," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) RP2006/20, World Institute for Development Economic Research (UNU-WIDER).
  11. Sanjeev Sobhee, 2009. "The economic success of Mauritius: lessons and policy options for Africa," Journal of Economic Policy Reform, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(1), pages 29-42.
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Cited by:
  1. Grenade, Kari & Pasha, Sukrishnalall, 2012. "Accelerating Guyana’s Growth Momentum," MPRA Paper 41960, University Library of Munich, Germany.

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