Capital and Collusion

The Political Logic of Global Economic Development

Hilton L. Root

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English

Princeton University Press
06 September 2016

Globalization; Development economics

Why does capital formation often fail to occur in developing countries? Capital and Collusion explores the political incentives that either foster growth or steal nations' growth prospects. Hilton Root examines the frontier between risk and uncertainty, analyzing the forces driving development in both developed and undeveloped regions. In the former, he argues, institutions reduce everyday economic risks to levels low enough to make people receptive to opportunities for profit, stimulating developments in technology and science. Not so in developing countries. There, institutions that specialize in sharing risk are scarce. Money hides under mattresses and in teapots, creating a gap between a poor nation's savings and its investment. As a consequence, the developing world faces a growing disconnect between the value of its resources and the availability of finance. What are the remedies for eliminating this disparity? Root shows us how to close the growing wealth gap among nations by building institutions that convert uncertainty into risk.

Comparing China to India, Latin America to East Asia, and contemporary to historical cases, he offers lessons that can help the World Bank and the International Monetary Fund to tackle the political incentives that are the source of poor governance in developing nations.

By: Hilton L. Root
Imprint: Princeton University Press
Country of Publication: United States
Dimensions: Height: 235mm, Width: 152mm, Spine: 20mm
Weight: 510g
ISBN: 9780691171180
ISBN 10: 0691171181
Pages: 352
Publication Date: 06 September 2016
Audience: Professional and scholarly , College/higher education , Undergraduate , Primary
Format: Paperback
Publisher's Status: Active

Hilton L. Root is a Freeman Fellow and Professor of Economics at Pitzer College and a Senior Fellow at Claremont Graduate University and the Milken Institute. He is the author of six books, including The Key to the East Asian Miracle: Making Shared Growth Credible (with J. Edgardo Campos) and The Fountain of Privilege: Political Foundations of Markets in Old Regime France and England.

Reviews for Capital and Collusion: The Political Logic of Global Economic Development

"""Capital and Collusion provides an interesting read for anyone attracted by the complexity of international political economic development... By highlighting the forces at work in developing countries, Root addresses the notion that distribution of wealth is often complex and requires situation specific responses to nations who are hindered by collusive cultural practices.""--Andrew J. Prelog, Journal of Economic Issues"