The positive influences of institutions to economic growth, commonly measured by GDP per capita, have been intensively tested by many empirical studies. However, as the challenges of pollution, corruption, and inequality raise up, the quality of economic development and how to achieve the good quality development have become an unavoidable issues. This paper attempts to establish a comprehensive performance measurement for economic development and explores the connections between the quality of institutions and the quality of economic development. The good quality economic development is defined as an innovation oriented environmental friendly economic growth with a fair income distribution, and is quantified by six sub-indices. The Quality Development Index (QDI) is formed by using the econometrics methodologies of mean value treatment and Principle Component Analysis (PCA). The World Governance Indicators (Kaufmann, Kraay, and Mastruzzi 2013) is adopted as the indicators of the institutions quality. The Fixed Effected Regression model is employed and the regressions results are tested by GLS and GMM methodologies. The results demonstrate that the quality of institutions have the significant positive impacts to the quality of economic development. This study also approves that the social, politic and economic institutions are interconnected, and the better quality of social and political institutions, such as more equal political and economic rights, better quality of public services and judiciary system, are significantly contribute to the higher performance of innovation, environment protection, and fair income distribution.
This book celebrates the modern relevance of one of the founding fathers of development economics - Kurt Martin. His thought - drawn from the central conflict of the twentieth century between collective action and individual enterprise - has influenced a generation of scholars at one of Europe's foremost development studies faculties, the Institute of Social Studies (ISS) in The Hague. In this tribute to Kurt Martin, leading world thinkers, including Richard Nelson, Josi Antonio Ocampo, Frances Stewart, and Ben Ndulu, discuss the role of social institutions in economic development. They are complemented by leading ISS faculty, all contributing to the debate that will define the policy research agenda well into the next decade. This is an essential text for economic scholars, postgraduate students, and development practitioners alike.
This book details various stages in the introduction, establishment and evolution of China’s environmental management system. By combining a literature review, comparative analysis, and case study, it investigates the environmental management system in several key periods in order to systematically assess the necessary measures and appropriate adjustments the Chinese Government implemented to reconcile the growing conflicts between economic development and resources conservation, in the context of rapid economic growth and economic transformation. Given its scope, the book offers a valuable resource for experts, scholars, and government officials in related fields.
Fiji has distinct institutional features that make it an ideal case for examining and discussing the consequences of institutional arrangements (particularly the nature of property rights) for national economic performance, development prospects, and the state of the environment which in turn, reflects a nation's ability to achieve sustainable development. Furthermore, the nature of institutional arrangements in Fiji can be used to illustrate aspects of both the new and the 'old' institutional economics. Apart from the fact that Fiji provides considerable scope for the exploration of institutional economics and its applications, Fiji is a comparatively important island nation in the south-west Pacific, that is, an important member of the Pacific Island Forum grouping of 14 island nations. The recent development of Fiji has been much influenced by its social history, particularly by its institutional structures established or codified during British colonial rule. Its present racial composition is largely a product of British colonisation. of Indians brought to Fiji by the British to produce sugar cane as a contribution to the economic development of the former British Empire. In many respects, the type of global imperialism that was well established during the nineteenth century was a forerunner to modern economic globalisation which involves a mixture of free trading blocs and multilateralism. The current population mixture of Fiji consisting of about equal numbers of Indian Fijians and Indigenous Fijians has its roots in Fiji's colonial history. Furthermore, the codified systems of property rights (which largely excludes Indian Fijians from the ownership of land) was established by the British. It has been a major source of ethnic tension, and of social and political conflict in Fiji. We show that this system of property rights has had important negative consequences for economic growth in Fiji, for the economic performance of its industries, and for the conservation of its natural resources. natural resources which may not be equitable, and which also does not appear to be efficient administratively. This adds to social and political tension in Fiji.
Sustainable Economic Development: Resources, Environment, and Institutions presents 25 articles that lay the foundations of sustainable development in a way that facilitates effective policy design. The editors mix broad thematic papers with focused micro-papers, balancing theories with policy designs. The book begins with two sections on sustainable development principles and practice and on specific settings where sustainable development is practiced. Two more sections illuminate institutions, governance, and political economy. Additional sections cover sustainable development and agriculture, and risk and economic security, including disaster management. This rich source of information should appeal to any institution involved in development work, and to development practitioners grappling with an array of difficult on-the-ground developmental challenges. Analyzes policies that move markets and resource use patterns towards achieving sustainability Articles are kaleidoscopic in scope and creativity Authors embody extraordinary diversity and qualifications
South Sudan is currently facing a serious economic crisis occasioned by: i. the oil shutdown which began at the beginning of 2012; ii. the civil conflict which erupted in December 2013; iii. declining international crude oil prices which went down by almost 62% (from USD 104 per barrel in 2013 to USD 40 in 2016); iv. drastic decline in the daily oil production as a result of partial closure of Upper Nile oil fields and; v. total shutdown of Unity State oil fields as a result of the war. All these factors have a significant negative impact on the South Sudan's economy. On the other hand, South Sudan has abundant and mostly untapped natural resources. It has great agricultural potential given that the country is very fertile and blessed with land, water and mineral resource which are substantial in relation to the relatively small population of 10 million plus. Effective management and development of these resources will therefore offer the prospect of sustained strong economic growth. Hence, the key research questions for this study are: Why some countries experience sustained levels of steady economic growth much faster while others stagnate? What can to improve the role of economic and political institutions in economic performance? There is extensive evidence that institutions matter a great deal in determining the level of economic development of a country. They strongly affect the economic performance of countries and act in society at all levels by determining the frameworks in which economic exchange occurs. Many Economists have shown that differences in institutions, as deep determinants of economic growth, account for much of the differences in income and productivity per head observed between countries (Acemoglu et al., 2005 ). Institutions shape the policy and governance setting in a given country, which in turn characterize the rule of law, risk of expropriation, political stability and ease of doing business. This study ends by suggesting the most importing mechanisms to strengthen the political and economic institutions that will create public trust in the government and its institutions and lead to sustainable development and prosperity. With that in mind, the institutions should support the public and private sector, capability, social infrastructure, good governance, rules of laws in order to achieve sustainable economic growth and financial stability. In this context, the main objectives of this study is to analyze the economic and political structure in South Sudan to ensure its role in achieving sustainable Economic Development and to analyze the effectiveness of macroeconomic policies in responding to economic shocks. It is also opted to examine the structural soundness of the South Sudan economy and the efficiency of its key institutions in addressing the challenges. In particular, the role of a strong and healthy financial sector in weathering shocks and sustaining growth. In light of the above, this study focuses on the greater role institutions have played in the economic development of several East Asian countries as well as Africa. Though, it is argued that the institutions can be weaker and ineffective simply because of administrative, institutional, ethnic, social and political challenges including poor enforcement of the rule of law, corruption, mismanagement, lack of strong civil society and political interference. However, the strength of an institution determines whether a country will be poor or wealthy, whether or not its people are free or oppressed and if its people will suffer from poverty or benefit from prosperity. Therefore, the main recommendations of this study can be summarized as follows: - developing effective, accountable and transparent institutions at all levels; - building a variety of healthy institutions that can accelerate and spearhead growth; - building strong political and governmental institutions that enhance the governance - reforming the institutions with an aim to move from situations of stagnation to rapid growth or a better development paths; The study embraces a multi-pronged methodology, pursuing a combination of relevant methods and approaches of data collection, including both primary and secondary information sources. This study is organized as follows: Chapter 1 discusses the institutions, financial stability and sustainable Economic Development, theoretical framework in which we explore in the empirical analysis. Chapter 2 presents the historical background of institutions in South Sudan Chapter 3 focuses on institutions and financial stability where we discuss the institutional policies and approach for financial stability as well as issues of globalization, transparency, accountability and its impact on financial stability. In chapter 4, I discuss institutions and sustainable economic growth. It focuses on fundamentals and strategies of sustainable economic development and the role of good governance and institutions in long-term economic growth. In chapter 5, we discuss the prospects of strong institutions, financial stability and sustainable Economic Development in South Sudan. It discusses how efficiency and soundness of South Sudan's key institutions can be extremely valuable in process of building a sustainable economic growth and what can South Sudan learn from others countries. The last chapter is the conclusions and recommendations of research. The major findings of this study are as follows: - Conflicts affect economic outcomes mainly through the destruction of human and physical capital, shifts in public spending and private investment, as well as the disruption of economic activities and social life. - Building effective, efficient and accountable institutions in fragile state like South Sudan can be problematic and challenging. Most importantly, good political and economic governance, based on transparency and accountability, should be the key for building a politically and economically viable state capable of articulating a common vision for national unity, and providing stability and dividends of peace to its aspiring citizens. - Strictly, from economic point of view, a political resolution of the current crisis is urgently needed in order for South Sudan to restore the confident of investors, put socio-economic development as one of its priorities and regain its place as the world's newest investment destination. - Social, political and economic stability in South Sudan will depend on core institutions performing their functions sufficiently well to manage public resources effectively and distribute them equitably
The study of dynamics of institutional change in emerging markets are subjects of great interest in contemporary political economy. The dynamics and quality of institutional change can have significant impacts on the long-run performance of economies, economic growth and development of nations, and play a fundamental role in societies. It provides a comprehensive understanding of legal-economic institutions, and sheds light on the way to global peace by producing a better understanding of the dynamics of historical change. Topics range from institutional uncertainty, hybrid market order and labor market institutions, to good governance of institutions and WTO rules as trade institutions, as well as entrepreneurship and institutional change in emerging markets, and the role of modern technologies. This edited volume emphasizes legal-economic institutions, and the role of management and entrepreneurship on dynamics, trends, and implications of institutional change in emerging markets. Presenting research articles by eminent scholars and experts engaged in education and research, who address and discuss the most recent issues in the field, they reveal new insights into the dynamics of institutional change for researchers interested in development of new theories and comparative studies, especially in the era of emerging markets. The book is appealing to a wide range of global audience, can serve as a useful reference work in education and research, offers innovative and productive discussions, and can satisfy scholarly and intellectual interests, regarding institutional development and a broad spectrum of its interactions with functioning of markets and economies.
Recoge: 1. Introduction - 2. Political economy - 3. European Union - 4. Interest group theory and the case of environmental regulation - 5. International climate negotiations and wind energy - 6. Conclusion.
Economic growth as we know it today cannot persist indefinitely if it entails continuous degradation of natural resources and the environment. While in a few countries around the world it appears that environmental degradation has been the result of rapid economic growth, in the vast majority of the developing countries the environment has been equally spoiled despite slow or even negative economic growth. This book provides new insights on the common roots of economic stagnation, poverty and environmental degradation which, unfortunately, generally reside in misguided government policies and priorities. By doing this, the volume seeks to provide a broader policy option framework than those found in conventional policy analyses, mainly dominated by the "Washington Consensus". It shows that a major omission of the conventional view is that governments tend to allocate government expenditures in a biased way favouring subsidies to the economic elites to the detriment of investments in public goods, including human capital, RandD, as well as the development of institutions (environmental and otherwise), which are vital for long run growth, poverty reduction and environmental sustainability.
The ubiquity of the commitment to economic growth, which Purdey refers to as the growth paradigm, is extraordinary. National governments around the world are seized of the same objective. Major international institutions such as the UN, the WTO, the World Bank, IMF and OECD, powerful international organizations such as regional trading blocs and multinational corporations – even civil societies of all kinds enthusiastically pursue a larger economic pie. This book examines the deep origins and rise to prominence of the commitment to economic growth. It explains why, despite the diversity of regime types, levels of development, cultures and other divisions typical of international relations, all major actors in the modern global polity pursue an identical political priority. Purdey critically examines the growth paradigm highlighting its normative foundations and its environmental impact, especially climate change. Using a neo-Gramscian approach, Purdey re-engages the ‘limits to growth’ controversy, identifying the commitment to growth as a form of utopianism that is as dangerous as it is seductive. By illuminating and interrogating the history, politics and morality of the growth paradigm, this book shifts the terrain of the limits debate from instrumental to ethical considerations. It will be of interest to students and scholars of political economy, international relations, environmental studies and ethics.