This book offers a strong contribution to the growing field of institutional economics, going beyond the question of why institutions matter and examines the ways in which different types of institutions are conducive to the enhancement of competitiveness and economic development. Adopting a variety of approaches, ranging from New Institutional Economics, Public Choice, Constitutional Political Economy and Austrian Economics, to more traditional economic approaches, contributors examine the important issues of interest to development economics.
This book asks whether democracy is a pre-condition for economic development, what the proper role of government is in the age of globalization and whether successful government led policies were the cause of South Korea’s economic development. As well as these key questions, the book covers the issues of whether the government should rely on the market process to encourage economic development or must they interfere, and by what criteria one can judge a proposal for policies for economic prosperity. The book tries to make a contribution by introducing a variety of perspective, some argue in favour of industrial policies while others argue for a lesser role for the government and a greater entrepreneurial freedom. Some question the wisdom of promoting democracy as a necessary condition for economic development while others argue that political liberalization is the basis of lasting competitive edge of an economy.
The book should be of great interest to students and researchers in need of a multi-perspective collection covering several approaches to the issues of institutional economics and national competition.
Table of Contents
Foreword James M. Buchanan. Why Institutions Matter? [Reprint of a letter to the KIEA] Oliver Williamson. Acknowledgment Sung-Hee Jwa. Preface Young Back Choi 1. Democracy and Prosperity Randall Holcombe 2. Competition among Governments: The State’s Two Roles in a Globalized World Viktor Vanberg 3. Rent-Extraction, Liberal Reform, and Economic Development: Liberal Institutions as "Permanent" Sources of Competitive Advantage Roger Congleton 4. Institutions for Economic Prosperity Young Back Choi 5. Science, Scientific Institutions, and Economic Progress Yong Joon Yoon 6. University and Industry Linkages: The Case of Korea Joon Mo Yang 7. Institutions and Industrial Policy: The Case of Heavy-Chemical Industries in Korea 1973-79 Sung Sup Rhee 8. Myth about Korea’s Rapid Growth Jung Ho Yoo 9. The New Institutional Economy and the New Traditional Economy in Korea: Does the Confucian Tradition Give It a Competitive Edge? Barkely Rosser, jr. and Marina V. Rosser 10. The Effect of Fiscal Drag on Tax Revenue and Tax Burden Sung-Kyu Lee 11. Alternative Visions of Incomplete Property Rights Miah Dulal and Yasushi Suzuki 12. Economic Development and Institutions Seung Hee Jwa and Yong Yoon
Young Back Choi is Professor of Economics at St. John’s University, New York, USA, and a faculty associate of the Colloquium on Market Institutions and Economic Processes at New York University, USA.