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Privatization, Incentives And Economic Performance

Listed author(s):
  • Douglass C. North

    (Washington University)

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.

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Paper provided by EconWPA in its series Economic History with number 9411002.

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Length: 13 pages
Date of creation: 22 Nov 1994
Handle: RePEc:wpa:wuwpeh:9411002
Note: about 13 pages ascii text, PostScript file also available
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