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Governance, Economic Growth and Development since the 1960s

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  • Mushtaq H. Khan
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    Abstract

    Liberal economists have developed a framework of good governance as market-enhancing governance, focusing on governance capabilities that reduce transaction costs and enable markets to work more efficiently. In contrast, heterodox economists have stressed the role of growth-enhancing governance, which focuses on governance capacities to overcome entrenched market failures in allocating assets, acquiring productivity-enhancing technologies and maintaining political stability in contexts of rapid social transformation. The two are not necessarily mutually exclusive, but current policy exclusively focuses on the former, and ignores the strong empirical and historical evidence supporting the latter to the detriment of the growth prospects of poor countries.

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    File URL: http://www.un.org/esa/desa/papers/2007/wp54_2007.pdf
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    Bibliographic Info

    Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 54.

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    Length: 24 pages
    Date of creation: Aug 2007
    Date of revision:
    Handle: RePEc:une:wpaper:54

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    Web page: http://www.un.org/en/development/desa/working-papers.html
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    Keywords: governance; market failures; transaction costs;

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    1. Keefer, Philip & Knack, Stephen, 1997. "Why Don't Poor Countries Catch Up? A Cross-National Test of Institutional Explanation," Economic Inquiry, Western Economic Association International, vol. 35(3), pages 590-602, July.
    2. Anne O. Krueger, 1990. "Government Failures in Development," NBER Working Papers 3340, National Bureau of Economic Research, Inc.
    3. Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Governance matters," Policy Research Working Paper Series 2196, The World Bank.
    4. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
    5. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross-Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, vol. 7(3), pages 207-227, November.
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    Cited by:
    1. Lant Pritchett & Erik Werker, 2012. "Developing the guts of a GUT (Grand Unified Theory): elite commitment and inclusive growth," Brooks World Poverty Institute Working Paper Series esid-016-12, BWPI, The University of Manchester.
    2. Baskaran, Thushyanthan & Bigsten, Arne, 2013. "Fiscal Capacity and the Quality of Government in Sub-Saharan Africa," World Development, Elsevier, vol. 45(C), pages 92-107.

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