Commerce and Culture in the Global Economy

2008 ◽  
Vol 20 (1) ◽  
pp. 21-36
Author(s):  
William A. Garden ◽  
Keyword(s):  
Economic Growth ◽  
Global Economy ◽  
Private Property ◽  
Cultural Exchange ◽  
Negative Effects ◽  
Global Culture ◽  
Private Property Rights ◽  
Social Instability ◽  
Growth Increase ◽  
Political Challenge

Increasing globalization in the form of greater international trade and immigration has both costs and benefits. Market institutims and secure private property rights are conducive to higher economic growth, but some point out that higher growth must be weighed against alleged social instability and, perhaps, cultural degeneration. However, globalization may increase stability and cultural output. Polling data suggest that antitrade, anti-migration views pose a political challenge to economic and cultural exchange. People are skeptical of the rapidity of change coming with globalization, which leads to backlashes that slow the process. Negative effects of globaltation include increases in prostitution, for example, and perceived alienation from the global culture There are tensions between economic change arul cultural vibrancy. Nonetheless, greater international integration and accompanying economic growth increase cultural diversity.

Unbundling Institutions: Using Economic Analysis to Understand the Importance of Institutions

2017 ◽  
Author(s):  
Christina Scriven
Keyword(s):  
Economic Growth ◽  
Property Rights ◽  
Private Property ◽  
Least Squares Regression ◽  
Private Property Rights ◽  
Variable Approach ◽  
Long Run ◽  
The Government ◽  
Douglass North ◽  
Policy Arena

A large literature on institutions has developed that claims that institutions influence long-run growth and development; thus, it becomes critical to carefully examine what institutions influence which outcomes to better understand factors that influence long-run economic growth across countries. Douglass North terms institutions as the rules of the game and this paper will work to further examine these rules by looking at private property rights institutions, which are the rules and regulation protecting citizens against the power of the government and elites , and contracting institutions, which are the rules and regulations governing contracts between ordinary citizens. The paper Unbundling Institutions , published in the Journal of Political Economy by Daron Acemoglu and Simon Johnson in 2005, seeks to conceptualize the different factors within the institutional framework and provide some semblance of which of these factors provide the most relevant analysis. The paper finds that property rights institutions have a strong influence on long-run economic growth, investment, and financial development, while contracting institutions have a more limited impact on those same factors. My presentation will give a concise background on the development of the new institutional approach and explain the reasoning for the conceptual divide between property rights and contracting institutions. Using a two-stage least squares regression (2SLS) approach and the instrumental variable approach, the presentation will address issues of causality and correlation. Identifying the link to the policy arena will provide context as to why this area is of particular importance.

Microfinance, entrepreneurship and institutional quality

2020 ◽  
Vol 9 (1) ◽  
pp. 137-148
Author(s):  
Malavika Nair ◽  
Martha Njolomole
Keyword(s):  
Economic Growth ◽  
Private Property ◽  
Institutional Quality ◽  
Empirical Literature ◽  
Small Scale ◽  
Microfinance Institutions ◽  
Content Type ◽  
Private Property Rights ◽  
Access To Credit ◽  
Institutional Failure

Purpose The purpose of this paper is to consider the success and failure of microfinance institutions in generating economic growth over the past 30 years and propose a dual criterion of evaluation. Design/methodology/approach It surveys the empirical literature on microfinance and finds that while there has been small and localized success in various countries in improving access to credit, at the same time there has been a broader failure to generate economic growth. The authors argue that this broader failure should be viewed from the viewpoint of institutional failure or the lack of supporting institutions such as private property rights and stable rule of law within developing countries. Findings Using Baumol’s (1968) theory of entrepreneurship, the authors argue that the broader failure of microfinance is a case of poor institutional quality leading to unproductive or even destructive entrepreneurship rather than productive entrepreneurship. The paper also suggests a link between the literature criticizing foreign aid and this view on microfinance. Originality/value The paper provides a survey of the empirical literature on micro finance as well as a novel framework that aids in understanding both the localized small-scale success as well as broader failure to generate economic growth.

scholarly journals The Paradoxical Malthusian. A Promethean Perspective on Vaclav Smil’s Growth: From Microorganisms to Megacities (MIT Press, 2019) and Energy and Civilization: A History (MIT Press, 2017)

Energies ◽  
2020 ◽  
Vol 13 (20) ◽  
pp. 5306
Author(s):  
Pierre Desrochers
Keyword(s):  
Economic Growth ◽  
Review Essay ◽  
Environmental Remediation ◽  
Private Property ◽  
Environmental Movement ◽  
Private Property Rights ◽  
Standards Of Living ◽  
Value Judgements ◽  
The Impact ◽  
Comprehensive Study

Prolific energy writer Vaclav Smil’s “Growth: From Microorganisms to Megacities” (MIT Press, Cambridge, MA, USA, 2019) is marketed as the most comprehensive study of the modalities of growth in Earth’s life systems in their many natural, social, and technological forms. While the book reflects Smil’s strength as a polymath, it also brings into focus his Malthusian outlook. Smil’s Malthusianism is puzzling in light of much empirical evidence to the contrary and of his own detailed histories of human technological achievements, including his recent massive synthesis “Energy and Civilization: A History” (MIT Press, Cambridge, MA, USA, 2017). In keeping with Smil’s historical emphasis, in this review essay, the Malthusian assumptions, assertions, and conclusions of these books are challenged through the Promethean insights of numerous writers whose output long predates the modern environmental movement and can thus avoid charges of “greenwashing”. I make a case that, in the context of market economies (i.e., competition, price system, and private property rights), humans’ unique propensity to trade physical goods and to (re)combine things in new ways have long delivered both improved standards of living and environmental remediation. I further suggest that it is not the volume of materials handled, but rather how they are handled that determines the impact of economic growth on the biosphere. While Professor Smil is fond of saying that “numbers don’t lie”, his work illustrates that they are sometimes made to tell an unduly pessimistic story through the intellectual filters created by an author’s assumptions and value judgements.

The Market Economy

2020 ◽  
pp. 119-138
Author(s):  
Kevin Vallier
Keyword(s):  
Economic Growth ◽  
Property Rights ◽  
Market Economy ◽  
Real World ◽  
Essential Role ◽  
Private Property ◽  
Political Trust ◽  
Central Feature ◽  
Private Property Rights ◽  
The Right

The market economy can create trust for the right reasons. Markets and property rights promote social and political trust in the real world by creating social cohesion through exchange and generating economic growth. Markets also arise from private property rights, which are publicly justified based on the essential role private property rights play in protecting individual rights and the rights of associations. This includes private property rights in capital, that is, productive property, which means that a broadly market-based economy will be a central feature in any society that maintains high levels of social and political trust in the right ways.

Institutions, democracy and growth in the very long run

2013 ◽  
Vol 63 (4) ◽  
pp. 493-510 ◽  
Author(s):  
Konstantin Yanovskiy ◽  
Sergey Shulgin
Keyword(s):  
Economic Growth ◽  
Property Rights ◽  
Private Property ◽  
The Political ◽  
Political Regimes ◽  
Economic Rights ◽  
Private Property Rights ◽  
Long Run

We tested the hypothesis of the political basis for economic rights and constructed our own variables of political regimes’ classification for the years 1820–2000. We found significant positive interdependencies between democracy indicators and economic growth. The protection of private property rights requires, first and foremost, due guarantees for personal immunity. Discretionary arrests and property seizures undermine any formal guarantees of private property, low taxation benefits, etc. Personal immunity should be defended even for “unpleasant” persons or for the possible political opponents of the country’s ruler.

Growing Russian Economy against Growing External Tension

2012 ◽  
pp. 4-32
Author(s):  
I. Borisova ◽  
B. Zamaraev ◽  
A. Kiyutsevskaya ◽  
A. Nazarova ◽  
E. Sukhanov
Keyword(s):  
Economic Growth ◽  
Stock Markets ◽  
Negative Effects ◽  
Russian Economy ◽  
Investment Demand ◽  
The World

Conditions and features of the Russian economy development in 2011 are considered in the article. Having caused unprecedented outflow of the capital abroad, rising tension and turbulence on the world financial and stock markets have not broken off recovery of the Russian economy. Crisis recession was overcome. Record-breaking low inflation, rapid credit restoration and active government adjustment neutralized negative effects of the external tension and supported economic growth, having encouraged consumer and investment demand.

Peculiarities of Modern Dynamics of the Global Economy

2010 ◽  
pp. 78-92 ◽  
Author(s):  
V. Klinov
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Business Cycles ◽  
Global Economy ◽  
Long Waves ◽  
Rapid Expansion ◽  
Business Taxation ◽  
Modern World ◽  
China And India ◽  
World Economic

Rates and factors of modern world economic growth and the consequences of rapid expansion of the economies of China and India are analyzed in the article. Modification of business cycles and long waves of economic development are evaluated. The need of reforming business taxation is demonstrated.

Openness of the Russian economy as a source of economic growth

2016 ◽  
pp. 26-42 ◽  
Author(s):  
P. Kadochnikov ◽  
A. Knobel ◽  
S. Sinelnikov-Murylev
Keyword(s):  
Economic Growth ◽  
Economic Integration ◽  
Global Economy ◽  
Regional Economic Integration ◽  
Policy Recommendations ◽  
Regional Economic ◽  
Russian Economy

The paper considers measures on Russia’s integration into the global economy, aimed at the economic growth resumption. It analyzes conditions and mechanisms due to which the expanding trade and mutual investment with other countries contribute to economic growth in Russia. The paper provides policy recommendations for export support, regional economic integration agenda and the institutions reform.

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