Elected Oligarchy and Economic Underdevelopment: The Case of Guyana
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.
|Date of creation:||Mar 2011|
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- Nafziger, E. Wayne, 2006. "From Seers to Sen: The Meaning of Economic Development," Working Paper Series RP2006/20, World Institute for Development Economic Research (UNU-WIDER).
- Shapiro, Helen & Taylor, Lance, 1990. "The state and industrial strategy," World Development, Elsevier, vol. 18(6), pages 861-878, June.
- Deniz Igan & Prachi Mishra & Thierry Tressel, 2012.
"A Fistful of Dollars: Lobbying and the Financial Crisis,"
NBER Macroeconomics Annual,
University of Chicago Press, vol. 26(1), pages 195 - 230.
- Deniz Igan & Prachi Mishra & Thierry Tressel, 2011. "A Fistful of Dollars: Lobbying and the Financial Crisis," NBER Chapters, in: NBER Macroeconomics Annual 2011, Volume 26, pages 195-230 National Bureau of Economic Research, Inc.
- Deniz O Igan & Thierry Tressel & Prachi Mishra, 2009. "A Fistful of Dollars; Lobbying and the Financial Crisis," IMF Working Papers 09/287, International Monetary Fund.
- Deniz Igan & Prachi Mishra & Thierry Tressel, 2011. "A Fistful of Dollars: Lobbying and the Financial Crisis," NBER Working Papers 17076, National Bureau of Economic Research, Inc.
- Sanjaya LALL, 2004.
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G-24 Discussion Papers
28, United Nations Conference on Trade and Development.
- Sanjaya Lall, 2013. "Reinventing Industrial Strategy: The Role Of Government Policy In Building Industrial Competitiveness," Annals of Economics and Finance, Society for AEF, vol. 14(2), pages 785-829, November.
- 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.
- Sanjeev Sobhee, 2009. "The economic success of Mauritius: lessons and policy options for Africa," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 12(1), pages 29-42.
- Khemraj, Tarron, 2007. "The missing link: the finance-growth nexus and the Guyanese growth stagnation," MPRA Paper 16342, University Library of Munich, Germany.
- Winston Moore & Roland Craigwell, 2002. "Market Power and Interest Rate Spreads in the Caribbean," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(4), pages 391-405.
- Tarron Khemraj, 2008. "Excess liquidity, oligopolistic loan markets and monetary policy in LDCs," Working Papers 64, United Nations, Department of Economics and Social Affairs.
- Sanjeev Sobhee, 2009. "The economic success of Mauritius: lessons and policy options for Africa," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 12(1), pages 29-42.
- Judith Gold & Ruben V Atoyan & Cornelia Staritz, 2007. "Guyana; Why Has Growth Stopped? An Empirical Study on the Stagnation of Economic Growth," IMF Working Papers 07/86, International Monetary Fund.
- Magnus Saxegaard, 2006. "Excess Liquidity and Effectiveness of Monetary Policy; Evidence from Sub-Saharan Africa," IMF Working Papers 06/115, International Monetary Fund.
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