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Privatization, Incentives And Economic Performance

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  • Douglass C. North

    (Washington University)

Abstract

In this essay I argue that it is the way institutions evolve that shapes long run economic performance. By institutions I mean formal rules--political and economic-- and informal constraints--such as conventions and norms of behavior as well as the characteristics of enforcement of both. To be successful, privatization must take into account this larger framework of institutions. In subsequent sections I examine 1. The efficiency characteristics of long run economic growth; 2.the nature of institutions; 3. the character of institutional change; 4. the institutional requirements of modern economies; 5 the complex problems of establishing efficient markets; and finally 6. the critical assumptions in neo-classical theory that are at issue.

Suggested Citation

  • Douglass C. North, 1994. "Privatization, Incentives And Economic Performance," Economic History 9411002, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpeh:9411002
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    Cited by:

    1. Jaime Lozano, 1999. "Economía institucional y ciencia económica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 1(1), pages 99-128, July-dece.

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    JEL classification:

    • N - Economic History

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