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Capital and Collusion : The Political Logic of Global Economic Development - Hilton L. Root

Capital and Collusion

The Political Logic of Global Economic Development

Hardcover Published: 11th December 2005
ISBN: 9780691124070
Number Of Pages: 352

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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.

"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

Tables and Figuresp. ix
Analytical Perspectivesp. 1
Risk, Uncertainty, and Social Progressp. 3
Social Foundations of Policy Credibilityp. 17
Politics and Economic Structure: The Economic Logic of Autocracyp. 35
An Amazing Economy of Information: The Financial Systemp. 48
Regional and National Complexityp. 57
Closing the Social Productivity Gap in East Asiap. 59
The Price of Exclusion: Latin America's Explosive Debtp. 89
Why Not India? New Century, New Countryp. 114
Pakistan on the Edgep. 157
China's Capitalist Dream: Between Hierarchy and Marketp. 187
Conclusionp. 219
Mobilizing the State as Public Risk Managerp. 221
Conclusion: Uncertainty, Competition, and Collusion in Early Capital Accumulationp. 246
Acknowledgmentsp. 249
Data Sourcesp. 251
Variablesp. 252
Notesp. 253
Referencesp. 307
Indexp. 327
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780691124070
ISBN-10: 0691124078
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 352
Published: 11th December 2005
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.5 x 15.2  x 2.82
Weight (kg): 0.62