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Economic Growth, Inequality and Crony Capitalism - The Case of Brazil (Paperback)
Loot Price: R1,373
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Economic Growth, Inequality and Crony Capitalism - The Case of Brazil (Paperback)
Series: Routledge Studies in the Modern World Economy
Expected to ship within 12 - 19 working days
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Researchers in international development have long argued that the
high costs of doing business harms prosperity in developing
countries, a claim that invites the question of why governments
impose these costs and why societies fail to enact reforms reducing
them. This book seeks to answer the question by looking at the case
of Brazil, a large and highly unequal economy riddled with
state-imposed transaction costs. By delving into the political
dynamics underlying a costly business environment, this book
provides the reader with novel insights into crony capitalism and
inequality. It argues that the root cause of a costly business
environment is the collusion between political actors, bureaucrats
and business insiders. Politicians and bureaucrats relish their
discretion over rules and policies as a power resource, since they
can increase or decrease the costs of doing business faced by firms
and sectors. Business insiders collude with government agents to
access the loopholes that decrease the cost of doing business, thus
gaining a competitive edge over outsiders. This gives the insiders
weaker preferences for reforms that could decrease the overall cost
of doing business. By pursuing their self-interest, these actors
create a low-level equilibrium that perpetuates crony capitalism
and inequality to the detriment of overall prosperity. The book
makes its case with a sophisticated combination of formal modeling,
quantitative analyses and in-depth case studies of tax policy and
of the pharmaceutical and agricultural sectors in Brazil. Observers
have declared the need for reforms that improve the business
environment in developing countries for a long time. However, the
findings presented in this book suggest they might have
underestimated the challenge ahead. Scholars and policy-makers in
international development, business politics and political economy
will be interested in the innovative perspective of this book.
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