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Economic Welfare, International Business and Global Institutional Change (Hardcover, illustrated edition)
Loot Price: R3,872
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Economic Welfare, International Business and Global Institutional Change (Hardcover, illustrated edition)
Series: The Locke Institute series
Expected to ship within 12 - 17 working days
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Global economic progress in the twentieth century, while generally
encouraging, was neither continuous nor uniform. With the exception
of some Asian nations, countries that were more developed at the
beginning of the twentieth century still rank amongst the
wealthiest nations, while countries that were poorer, still lag
behind. The distinguished authors in this volume address the
fundamental causes for such heterogeneous international
experiences, placing particular emphasis on the role of
institutions. They demonstrate how the study of economic
development is increasingly linked to the development of
institutions, which allow for more complex exchanges to occur in
markets and societies. Institutions can be understood as rules or
constraints that channel individuals' actions in specific
directions, and can be formal or informal depending on their
genesis. The book highlights the connection between institutions
and economic welfare by examining countries at different stages of
development. Although the authors' study material effects, they
also look at individual well-being which is more strongly
influenced by the non-material products of institutions such as
opportunity, freedom and relationships. They move on to highlight
the role of institutions in global business, in terms of
innovation, entrepreneurship and foreign direct investment. In the
concluding chapters they focus on the actual process of transition
from one institutional framework to another. Amongst other
examples, they examine reforms to international financial
institutions and constitutional adjustments in transition
countries. This varied yet highly topical book will be invaluable
to institutional and public-choice economists, students and
researchers of the theory and policy of international business, and
social and political scientists interested in the role and
evolution of institutions.
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