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Social Institutions and Economic Development - A Tribute to Kurt Martin (Paperback, Softcover reprint of the original 1st ed. 2002)
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Social Institutions and Economic Development - A Tribute to Kurt Martin (Paperback, Softcover reprint of the original 1st ed. 2002)
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Jan Pronk The role of institutions in economic development has been
debated at length. It is a major chapter in the history of economic
thought. It was also a key - sue in comparisons of the
effectiveness of Eastern and Western economic systems.
Understanding the variety of social and cultural institutions has -
ways been crucial in analysing development processes in Africa,
Asia, the Middle East and Latin America. Less attention has been
given to institutions in studies of the economic performance of
Western countries. This may be because economic policies in the
West were mostly oriented to the short and medium terms rather than
to the long-term perspective. In the short run ins- tutions are
given, in the long run they lend themselves for change. From the
outset, economic institutions (e.g. markets, enterprises) and their
underlying values (e.g. efficiency, economicfreedom) received much
- tention. Similar attention was given to political institutions
(the state, government, the law) and values (democracy,
accountability, human rights). Thought also turned to social
institutions (entrepreneurship, the middle class, the family
household, land-tenure systems) and social values (tradition,
gender and age relations, justice). Studies soon followed of
cultural insti- tions (religion, ethnicity) and values (material
consumerism or the bond between man and nature). Without the
insight gained by studying insti- tions, economics would have
become a dull discipline.
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