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Coordination Failures, Poverty Traps, "Big Push" Policy and Entrepreneurship: A Critical View

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Glavan, Bogdan

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Abstract

Poverty traps occurs when agents fail to coordinate their actions to achieve the optimal allocation of resources. It is argued that this phenomenon makes economic convergence impossible and keeps agents in a poverty trap from which they cannot escape unless a massive and coordinated industrial policy is implemented. This analysis shows that the literature on coordination failures has overemphasized the significance of market failure. It argues that coordination is possible and profitable in a free market system. State intervention is responsible for the systematic misallocation of resources (discoordination), in general, and for poverty traps in particular.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5757.

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Date of creation: 14 Nov 2007
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Handle: RePEc:pra:mprapa:5757

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Related research
Keywords: coordination failure poverty trap industrial policy market system

Find related papers by JEL classification:
O1 - Economic Development, Technological Change, and Growth - - Economic Development
P5 - Economic Systems - - Comparative Economic Systems
F5 - International Economics - - International Relations and International Political Economy

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  1. Rodrik, Dani, 2004. "Industrial Policy for the Twenty-First Century," Working Paper Series rwp04-047, Harvard University, John F. Kennedy School of Government. [Downloadable!]
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  2. Rodriguez-Clare, Andres, 2007. "Clusters and comparative advantage: Implications for industrial policy," Journal of Development Economics, Elsevier, vol. 82(1), pages 43-57, January. [Downloadable!] (restricted)
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  3. Rodrik, Dani, 1996. "Coordination failures and government policy: A model with applications to East Asia and Eastern Europe," Journal of International Economics, Elsevier, vol. 40(1-2), pages 1-22, February. [Downloadable!] (restricted)
  4. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989. "Industrialization and the Big Push," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1003-26, October. [Downloadable!] (restricted)
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