The Institutional Foundation of Economic Development

Shiping Tang

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English

Princeton University Press
01 November 2022

Institutions & learned societies: general; International relations; Economics; Development economics; Political economy

A systemic account of how institutions shape economic development.

Institutions matter for economic development. Yet despite this accepted wisdom, new institutional economics (NIE) has yet to provide a comprehensive look at what constitutes the institutional foundation of economic development (IFED). Bringing together findings from a range a fields, from development economics and development studies to political science and sociology, The Institutional Foundation of Economic Development explores the precise mechanisms through which institutions affect growth.

Shiping Tang contends that institutions shape economic development through four ""Big Things"": possibility, incentive, capability, and opportunity. From this perspective, IFED has six major dimensions: political hierarchy, property rights, social mobility, redistribution, innovation protection, and equal opportunity. Tang further argues that IFED is only one pillar within the New Development Triangle (NDT): sustained economic development also requires strong state capacity and sound socioeconomic policies.

Arguing for an evolutionary approach tied to a country's stage of development, The Institutional Foundation of Economic Development advances an understanding of institutions and economic development through a holistic, interdisciplinary lens.

By: Shiping Tang
Imprint: Princeton University Press
Country of Publication: United States
Dimensions: Height: 235mm, Width: 156mm,
ISBN: 9780691235578
ISBN 10: 0691235570
Pages: 328
Publication Date: 01 November 2022
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Shiping Tang is Fudan Distinguished Professor at Fudan University in Shanghai. His many books include TheSocial Evolution of International Politics, On Social Evolution, and A General Theory of Institutional Change.