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The Global Financial Crisis and Development: Implications for the Entrepreneurial Economy

Author

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  • Wim Naudé

    (Maastricht School of Management, Endepolsdomein 150, 6229 EP Maastricht, The Netherlands and UNU‐ WIDER, Katajanokanlaituri 6b, 00160 Helsinki, Finland)

Abstract

This paper provides an evaluation of the state of global development two years after the global financial crisis of 2008. It argues that in the wake of the crisis a number of re‐assessments of global development has taken place, especially with respect to (i) the surprising origins of the crisis, (ii) the surprising resilience of the developing world, and (iii) the shortcomings of the global financial architecture (GFA). Despite these re‐assessments, progress in dealing with the deep causes of the crisis has been slow, and there are strong vested interests against reform of the GFA due to the incentives that many years of deregulation and regulatory capture has created. These incentives influences entrepreneurial and managerial behaviour in ways that may frustrate reform and re‐regulation and leave global development vulnerable to further financial (and other) crises. The paper draws out some implications for the entrepreneurial economy.

Suggested Citation

  • Wim Naudé, 2011. "The Global Financial Crisis and Development: Implications for the Entrepreneurial Economy," Working Papers 2011/01, Maastricht School of Management.
  • Handle: RePEc:msm:wpaper:2011/01
    as

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    File URL: http://web2.msm.nl/RePEc/msm/wpaper/MSM-WP2011-01.pdf
    File Function: First version, 2011
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    References listed on IDEAS

    as
    1. Naude, Wim & MacGee, James, 2009. "Wealth Distribution, the Financial Crisis and Entrepreneurship," WIDER Working Papers WIDER Angle newsletter Ma, World Institute for Development Economic Research (UNU-WIDER).
    2. Marco Cagetti & Mariacristina De Nardi, 2006. "Entrepreneurship, Frictions, and Wealth," Journal of Political Economy, University of Chicago Press, vol. 114(5), pages 835-870, October.
    3. repec:dgr:rugsom:09002 is not listed on IDEAS
    4. Gries Thomas & Naude Wim, 2011. "Entrepreneurship, Structural Change and a Global Economic Crisis," Entrepreneurship Research Journal, De Gruyter, vol. 1(3), pages 1-43, July.
    5. Gary Clyde Hufbauer & Jeffrey J. Schott, 2009. "Buy American: Bad for Jobs, Worse for Reputation," Policy Briefs PB09-2, Peterson Institute for International Economics.
    6. Jörg Mayer, 2010. "Global Rebalancing: Effects On Trade Flows And Employment," UNCTAD Discussion Papers 200, United Nations Conference on Trade and Development.
    7. Audretsch, David B. & Sanders, Mark, 2009. "Technological Innovation, Entrepreneurship and Development," MERIT Working Papers 052, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    8. Bezemer, D.J., 2009. "No one saw this coming. Understanding financial crisis through accounting models," Research Report 09002, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    9. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises; A New Database," IMF Working Papers 08/224, International Monetary Fund.
    10. Fosu, Augustin Kwasi & Naude, Wim, 2009. "The Global Economic Crisis: Towards Syndrome-Free Recovery for Africa," WIDER Working Paper Series WIDER Discussion Paper 20, World Institute for Development Economic Research (UNU-WIDER).
    11. Wim Naude & Adam Szirmai & Micheline Goedhuys, 2011. "Innovation and Entrepreneurship in Developing Countries," Working Papers id:4460, eSocialSciences.
    12. Ihrig, Jane & Moe, Karine S., 2004. "Lurking in the shadows: the informal sector and government policy," Journal of Development Economics, Elsevier, vol. 73(2), pages 541-557, April.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Global financial crisis; international trade; finance; developing countries; entrepreneurship;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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