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2. Kevin E. Davis (ed.), Institutions and Economic Performance (Cheltenham, UK: Edward Elgar, 2010).
- Author:
- Martino Bianchi
- Publication Date:
- 05-2011
- Content Type:
- Journal Article
- Journal:
- Central European University Political Science Journal
- Institution:
- Central European University
- Abstract:
- The relevance of institutions for the economic analysis is a theoretical core issue within contemporary debate. Mainstream neoclassical economics, in fact, has traditionally considered institutions as a peripheral element: they are constraints, which can interfere with market outcomes, but that nevertheless are mainly irrelevant in understanding the inner mechanisms of markets. On the contrary, within the Institutional Economics, and later the New Institutional Economics (NIE) many scholars has tried to support the idea that institutions are the crucial element which explains economic performances: moulding actors preferences and behaviour, institutions directly affect each element of economics theory. In their analyses NIE scholars draws from various scientific disciplines, like political science, cognitive theories, social psychology and sociology: they make an attempt to abandon the thrifty descriptions produced by mainstream economists, giving a much broader insight in economic dynamics. At the same time, they try to outline an empirical description of market's configuration. In the last two decades NIE has gained considerable relevance and scientific recognition: first Ronald Coase, in 1991, then Douglass C. North in 1993, and finally Oliver E. Williamson and Elinor Ostrom who, in 2009, won the Nobel Prize for Economics. Despite this, NIE is still usually referred as a heterodox scholarship.
- Topic:
- Economics
3. Kunibert Raffer, Debt Management for Development. Protection of the Poor and the Millennium Development Goals (Cheltenham, UK: Edward Elgar, 2010).
- Author:
- Martino Bianchi
- Publication Date:
- 02-2011
- Content Type:
- Journal Article
- Journal:
- Central European University Political Science Journal
- Institution:
- Central European University
- Abstract:
- The ambiguous behavior of international financial institutions and western government faced with southern and poor countries is a highly discussed topic by social science academics, but it is also quite fashionable in newspapers, in political debate and even in films and narrative books. Less than ten years ago, Joseph Stiglitz's Globalization and its discontents was a best seller all over the world, a unique event for a text written by a Nobel Prize winner in Economics. Debt management for development will probably not achieve the same popularity but nevertheless it gives us new and considerable insights. While Stiglitz's contribution was more focused on the impact of the Washington Consensus over poor countries' policies, this contribution is more specifically focused on the inefficiencies created by the mismanagement of high sovereign debt levels.Still, both authors share the idea that international financial institutions are more likely to be counted within the problems rather than with the solutions.
- Political Geography:
- United Kingdom