Is the new political economy relevant to developing countries ?
Protectionism and industrial regulation are two topics in which the interplay of politics and economics is so strong that one wonders why the intellectual merger between the two approaches in the New Political Economy has taken so long. After describing the emergence of the state in Western Europe and the contemporary Third World, the author presents an economic model of the state, in which he tries to integrate its productive and predatory features. He applies the insights from that analysis to some simple general equilibrium models of trade theory, to consider the activities of a public sector within open economies in which trade taxes provide the main source of revenue.
|Date of creation:||30 Nov 1989|
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- Bhagwati, Jagdish N, 1982. "Directly Unproductive, Profit-seeking (DUP) Activities," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 988-1002, October.
- Mayer, Wolfgang, 1984. "Endogenous Tariff Formation," American Economic Review, American Economic Association, vol. 74(5), pages 970-85, December.
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