Ha-Joon Chang, in his article ‘Institutions and Economic Development: Theory, Policy and History’, raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure private property rights are indispensable for prosperity, institutions have a first-order effect whereas policies only have a second-order effect, successful institutional change comes from within a society, and, given the status quo of developing countries, first-world institutions are likely not to be available to them.
Volume (Year): 7 (2011)
Issue (Month): 04 (December)
|Contact details of provider:|| Postal: Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK|
Web page: http://journals.cambridge.org/jid_JOI
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Buchanan, James M., 1986.
"The Constitution of Economic Policy,"
Nobel Prize in Economics documents
1986-1, Nobel Prize Committee.
- Boettke, Peter J. & Coyne, Christopher J., 2009. "Context Matters: Institutions and Entrepreneurship," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 5(3), pages 135-209, March.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2000.
"The Colonial Origins of Comparative Development: An Empirical Investigation,"
NBER Working Papers
7771, National Bureau of Economic Research, Inc.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
- Berggren, Niclas, 2003. "The Benefits of Economic Freedom: A Survey," Ratio Working Papers 4, The Ratio Institute.
- Peter Boettke & Christopher Coyne & Peter Leeson & Frederic Sautet, 2005. "The New Comparative Political Economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(3), pages 281-304, December.
- Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004.
"Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development,"
Journal of Economic Growth,
Springer, vol. 9(2), pages 131-165, 06.
- Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2002. "Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development," NBER Working Papers 9305, National Bureau of Economic Research, Inc.
- Rodrik, Dani & Subramanian, Arvind & Trebbi, Francesco, 2002. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," CEPR Discussion Papers 3643, C.E.P.R. Discussion Papers.
- 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, Oxford University Press, vol. 114(1), pages 83-116.
- Christopher Coyne, 2008. "The Politics of Bureaucracy and the failure of post-war reconstruction," Public Choice, Springer, vol. 135(1), pages 11-22, April.
- Horwitz, Steven, 2008. "C.J. Coyne, After War: The Political Economy of Exporting Democracy , Stanford University Press, Stanford, California (2008) 238Â +Â x pp., index, ISBN 0-8047-5440-3, $24.95.," Journal of Economic Behavior & Organization, Elsevier, vol. 67(3-4), pages 969-972, September.
- Peter Boettke, 2008. "THE MOST IMPORTANT BOOK ON THE MOST IMPORTANT TOPIC OF OUR DAY: A REVIEW OF "AFTER WAR: THE POLITICAL ECONOMY OF EXPORTING DEMOCRACY," BY CHRISTOPHER J. COYNE -super-1," Economic Affairs, Wiley Blackwell, vol. 28(2), pages 70-72, 06.
- Peter J. Boettke & Christopher J. Coyne & Peter T. Leeson, 2008.
"Institutional Stickiness and the New Development Economics,"
American Journal of Economics and Sociology,
Wiley Blackwell, vol. 67(2), pages 331-358, 04.
- Peter J. Boettke & Christopher J. Coyne & Peter T. Leeson, 2015. "Institutional stickiness and the New Development Economics," Chapters, in: Culture and Economic Action, chapter 6, pages 123-146 Edward Elgar Publishing.
- Claudia Williamson, 2009. "Informal institutions rule: institutional arrangements and economic performance," Public Choice, Springer, vol. 139(3), pages 371-387, June.
- Andrei Shleifer, 2009. "The Age of Milton Friedman," Journal of Economic Literature, American Economic Association, vol. 47(1), pages 123-135, March.
- Leeson, Peter T., 2007. "Better off stateless: Somalia before and after government collapse," Journal of Comparative Economics, Elsevier, vol. 35(4), pages 689-710, December.
- Peter Boettke, 2010. "Is the only form of ‘reasonable regulation’ self regulation?: Lessons from Lin Ostrom on regulating the commons and cultivating citizens," Public Choice, Springer, vol. 143(3), pages 283-291, June.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2002.
"Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 117(4), pages 1231-1294.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
- Chang, Ha-Joon, 2011. "Institutions and economic development: theory, policy and history," Journal of Institutional Economics, Cambridge University Press, vol. 7(04), pages 473-498, December.
- Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
- Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-662, June.
- James Buchanan, 2008. "Same players, different game: how better rules make better politics," Constitutional Political Economy, Springer, vol. 19(3), pages 171-179, September.
- William Shughart, 2008. "Christopher J. Coyne: After war: the political economy of exporting democracy," Public Choice, Springer, vol. 136(3), pages 497-500, September.
- Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc.
- Leeson Peter T. & Williamson Claudia R., 2009. "Anarchy and Development: An Application of the Theory of Second Best," The Law and Development Review, De Gruyter, vol. 2(1), pages 77-96, July.
When requesting a correction, please mention this item's handle: RePEc:cup:jinsec:v:7:y:2011:i:04:p:499-504_00. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.