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Institutions and development: what a difference geography and time make!

Published online by Cambridge University Press:  18 February 2011

KENNETH P. JAMESON
KENNETH P. JAMESON*
Affiliation:
Department of Economics, University of Utah, Salt Lake City, UT, USA
*
*Email: [email protected]
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Abstract:

Ha-Joon Chang, in his article ‘Institutions and Economic Development: Theory, Policy, and History’, provides a description and critique of the mainstream view of institutions and development. It applies well to Latin America in the 1980s and 1990s. However, the effort to introduce these Anglo-American institutional structures (Global Standard Institutions; GSIs) in the 1980s and 1990s resulted in uneven and unstable economic performance, not development. As a result, the relationship among institutions, development and economic policy in Latin America today has generally moved far beyond this ‘mainstream’. The institutions to insure macro stability have generally been preserved, and some countries do follow GSI prescriptions. However in most countries, especially in South America, the effort to find the right mix of institutions for development has moved far beyond this mainstream. The result has been innovative initiatives to address more fundamental development issues such as inequality, property rights and international economic institutions. This process is likely to continue, facilitated by the currently robust democratic political systems that grew out of the earlier turmoil.

Type
Research Article
Information
Journal of Institutional Economics , Volume 7 , Issue 4 , December 2011 , pp. 535 - 541
Copyright
Copyright © The JOIE Foundation 2011

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