RUMU SARKAR
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780195398281
- eISBN:
- 9780199866366
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195398281.003.006
- Subject:
- Law, Human Rights and Immigration, Public International Law
This chapter examines privatization as a means of making developing economies more efficient and profitable. It reviews the implications for changing the role of the State, and the vacillation ...
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This chapter examines privatization as a means of making developing economies more efficient and profitable. It reviews the implications for changing the role of the State, and the vacillation between nationalization and privatization. Specific case studies of Venezuela, Chile, and the Czech Republic are reviewed from the perspective of understanding the “lessons learned” to be gained from these examples. The chapter discusses strategic and tactical approaches to privatization to give the reader some perspective in the underlying transactions involved in the process of privatization. The host government's objectives in terms of privatizing state-owned enterprises and the underlying theories of development that support such strategies are explored. The need for speed, transparency, accountability, public access to privatization schemes, and political legitimacy are all factors that are carefully examined. Finally, the chapter explores the impact of privatization on capital market development and growth, integration in and access to capital markets, and the role of foreign investment in privatization taking place in the developing world.Less
This chapter examines privatization as a means of making developing economies more efficient and profitable. It reviews the implications for changing the role of the State, and the vacillation between nationalization and privatization. Specific case studies of Venezuela, Chile, and the Czech Republic are reviewed from the perspective of understanding the “lessons learned” to be gained from these examples. The chapter discusses strategic and tactical approaches to privatization to give the reader some perspective in the underlying transactions involved in the process of privatization. The host government's objectives in terms of privatizing state-owned enterprises and the underlying theories of development that support such strategies are explored. The need for speed, transparency, accountability, public access to privatization schemes, and political legitimacy are all factors that are carefully examined. Finally, the chapter explores the impact of privatization on capital market development and growth, integration in and access to capital markets, and the role of foreign investment in privatization taking place in the developing world.
Sarah Washbrook
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780197264973
- eISBN:
- 9780191754128
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264973.003.0009
- Subject:
- History, Latin American History
This chapter examines the relationship between debt peonage and regional export development between 1876 and 1914 in four departments of Chiapas: Pichucalco, Chilón, and Palenque in the north of the ...
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This chapter examines the relationship between debt peonage and regional export development between 1876 and 1914 in four departments of Chiapas: Pichucalco, Chilón, and Palenque in the north of the state and Soconusco on the Pacific coast. All of these departments underwent considerable commercial development during the Porfiriato based on the production of tropical agricultural commodities such as coffee, cacao, rubber, and hard woods, and Soconusco, Palenque, and Chilón were recipients of significant foreign capital. However, the impact of market development on labour relations was not uniform: whereas in Soconusco plantation agriculture tended to undermine labour coercion, in the other departments these years saw the intensification and spread of servile peonage. The chapter shows that such changes were principally the product of regional market conditions and the capacity of the state to intervene in the process of labour contracting.Less
This chapter examines the relationship between debt peonage and regional export development between 1876 and 1914 in four departments of Chiapas: Pichucalco, Chilón, and Palenque in the north of the state and Soconusco on the Pacific coast. All of these departments underwent considerable commercial development during the Porfiriato based on the production of tropical agricultural commodities such as coffee, cacao, rubber, and hard woods, and Soconusco, Palenque, and Chilón were recipients of significant foreign capital. However, the impact of market development on labour relations was not uniform: whereas in Soconusco plantation agriculture tended to undermine labour coercion, in the other departments these years saw the intensification and spread of servile peonage. The chapter shows that such changes were principally the product of regional market conditions and the capacity of the state to intervene in the process of labour contracting.
Marcel Fafchamps
- Published in print:
- 2001
- Published Online:
- August 2004
- ISBN:
- 9780199241019
- eISBN:
- 9780191601217
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241015.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental, South and East Asia
This chapter examines the role of business networks in market development and community formation in Sub-Saharan Africa. It is shown that for firms above a minimum size, relational contracting is the ...
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This chapter examines the role of business networks in market development and community formation in Sub-Saharan Africa. It is shown that for firms above a minimum size, relational contracting is the rule in markets for agricultural products, and manufacturing inputs and outputs. The important roles of relationships in facilitating market exchange are documented. The role of community affiliation in the membership of business networks is then examined. It is argued that entry into existing networks is biased, and that referral by family and friends is the most likely cause of ethnic concetration.Less
This chapter examines the role of business networks in market development and community formation in Sub-Saharan Africa. It is shown that for firms above a minimum size, relational contracting is the rule in markets for agricultural products, and manufacturing inputs and outputs. The important roles of relationships in facilitating market exchange are documented. The role of community affiliation in the membership of business networks is then examined. It is argued that entry into existing networks is biased, and that referral by family and friends is the most likely cause of ethnic concetration.
BERNARDO BORTOLOTTI DOMENICO SINISCALCO
- Published in print:
- 2004
- Published Online:
- April 2004
- ISBN:
- 9780199249343
- eISBN:
- 9780191600845
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199249342.003.0005
- Subject:
- Economics and Finance, Financial Economics
When designing a divestiture program, governments typically pursue different – and sometimes conflicting – objectives. The main goals are the following: revenue maximization, share ownership ...
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When designing a divestiture program, governments typically pursue different – and sometimes conflicting – objectives. The main goals are the following: revenue maximization, share ownership diffusion, the promotion of popular capitalism, investors’ confidence building and financial market development. This chapter tries to explain how a given method can be functional to achieve specific goals, pointing out the possible trade-offs that any choice involves. Suitable privatization design is the key to solving these difficult trade-offs.Less
When designing a divestiture program, governments typically pursue different – and sometimes conflicting – objectives. The main goals are the following: revenue maximization, share ownership diffusion, the promotion of popular capitalism, investors’ confidence building and financial market development. This chapter tries to explain how a given method can be functional to achieve specific goals, pointing out the possible trade-offs that any choice involves. Suitable privatization design is the key to solving these difficult trade-offs.
Sarah Washbrook
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780197264973
- eISBN:
- 9780191754128
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264973.003.0001
- Subject:
- History, Latin American History
This book analyzes production and modernity in pre-revolutionary Mexico, focusing specifically on the relationship between labour, race, and the state in Chiapas during the Porfiriato. The ...
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This book analyzes production and modernity in pre-revolutionary Mexico, focusing specifically on the relationship between labour, race, and the state in Chiapas during the Porfiriato. The thirty-five-year dictatorship of Porfirio Díaz (1876–1911) was a key period in the history of modern Mexico. Following upon fifty years of political turmoil and economic stagnation after independence, the regime oversaw an unprecedented period of growth and political modernization, which ended in the ‘first social revolution of the twentieth century’ (1910–20). In order to understand the twin processes of state formation and market development that took place in Mexico during these years, the book examines changing political, economic, and social relations in the southern state of Chiapas between Díaz's seizure of national power in the Tuxtepec rebellion of 1876 and the arrival of revolutionary troops in the state capital, Tuxtla Gutiérrez, in 1914. In this period Chiapas was subject to the same processes and tendencies that took place throughout the Mexican republic, which centred on rapid export-led development and growing political centralization. However, the state's distinct regional characteristics — notably its majority Mayan Indian population, polarized ethnic relations, strong historical and administrative links to Central America, and poor communications with the rest of Mexico — also contributed to the particular quality of modernization and modernity in Chiapas.Less
This book analyzes production and modernity in pre-revolutionary Mexico, focusing specifically on the relationship between labour, race, and the state in Chiapas during the Porfiriato. The thirty-five-year dictatorship of Porfirio Díaz (1876–1911) was a key period in the history of modern Mexico. Following upon fifty years of political turmoil and economic stagnation after independence, the regime oversaw an unprecedented period of growth and political modernization, which ended in the ‘first social revolution of the twentieth century’ (1910–20). In order to understand the twin processes of state formation and market development that took place in Mexico during these years, the book examines changing political, economic, and social relations in the southern state of Chiapas between Díaz's seizure of national power in the Tuxtepec rebellion of 1876 and the arrival of revolutionary troops in the state capital, Tuxtla Gutiérrez, in 1914. In this period Chiapas was subject to the same processes and tendencies that took place throughout the Mexican republic, which centred on rapid export-led development and growing political centralization. However, the state's distinct regional characteristics — notably its majority Mayan Indian population, polarized ethnic relations, strong historical and administrative links to Central America, and poor communications with the rest of Mexico — also contributed to the particular quality of modernization and modernity in Chiapas.
Masahiko Aoki and Yujiro Hayami (eds)
- Published in print:
- 2001
- Published Online:
- August 2004
- ISBN:
- 9780199241019
- eISBN:
- 9780191601217
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241015.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental, South and East Asia
This book analyses the role of communities and markets in economic development. It is divided into three parts. Part I presents four chapters on historical and theoretical perspectives on the ...
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This book analyses the role of communities and markets in economic development. It is divided into three parts. Part I presents four chapters on historical and theoretical perspectives on the community and market. Part II contains four chapters focusing on the role of the community in the process of market development in contemporary developing and transitional economics. Part III focuses on communal control over public goods.Less
This book analyses the role of communities and markets in economic development. It is divided into three parts. Part I presents four chapters on historical and theoretical perspectives on the community and market. Part II contains four chapters focusing on the role of the community in the process of market development in contemporary developing and transitional economics. Part III focuses on communal control over public goods.
Robert J. Shiller
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198294184
- eISBN:
- 9780191596926
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198294182.003.0009
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
In attempting to carry to its logical conclusion the premise that there should be sharing, through markets, of standard‐of‐living risks, this book has proposed quite a number of new markets, although ...
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In attempting to carry to its logical conclusion the premise that there should be sharing, through markets, of standard‐of‐living risks, this book has proposed quite a number of new markets, although not all of the details of the methods of establishment of these macro markets have been worked out. In the absence of a complete specification of the characteristics of the markets and associated institutions, some of the proposed markets appear perhaps unrealistic or improbable, and their potential may not be fulfilled, at least for years, or even decades. However, if the development of the new markets proposed does occur, it could plausibly take place in two stages: in the first, the users of the markets would be a relatively small number of sophisticated traders who make limited use of the markets for their special purposes, promote the initial liquidity of the markets, and create a base from which use of the markets might grow; in the second stage, these markets would then be used by the general public to protect their standards of living, but this stage would not come until the associated institutions, retail markets, facilitate the use by the general public of the new markets. While the first‐stage use of some of the markets proposed might not be far off, it is the second stage, when there is broad use of the markets to protect standards of living, that is most important to achieve. To make the full potential for these new markets a reality, doubts would have to be overcome, investments made in public goods, index numbers developed, incentives and information provided, institutions changed, and the public educated about the merits of the new institutions. These matters are discussed in this chapter.Less
In attempting to carry to its logical conclusion the premise that there should be sharing, through markets, of standard‐of‐living risks, this book has proposed quite a number of new markets, although not all of the details of the methods of establishment of these macro markets have been worked out. In the absence of a complete specification of the characteristics of the markets and associated institutions, some of the proposed markets appear perhaps unrealistic or improbable, and their potential may not be fulfilled, at least for years, or even decades. However, if the development of the new markets proposed does occur, it could plausibly take place in two stages: in the first, the users of the markets would be a relatively small number of sophisticated traders who make limited use of the markets for their special purposes, promote the initial liquidity of the markets, and create a base from which use of the markets might grow; in the second stage, these markets would then be used by the general public to protect their standards of living, but this stage would not come until the associated institutions, retail markets, facilitate the use by the general public of the new markets. While the first‐stage use of some of the markets proposed might not be far off, it is the second stage, when there is broad use of the markets to protect standards of living, that is most important to achieve. To make the full potential for these new markets a reality, doubts would have to be overcome, investments made in public goods, index numbers developed, incentives and information provided, institutions changed, and the public educated about the merits of the new institutions. These matters are discussed in this chapter.
Sarah Washbrook
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780197264973
- eISBN:
- 9780191754128
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264973.003.0008
- Subject:
- History, Latin American History
This chapter analyzes the institution of debt peonage in Chiapas during the Porfiriato. The first section examines Porfirian debates regarding the relationship between debt peonage, slavery, and ...
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This chapter analyzes the institution of debt peonage in Chiapas during the Porfiriato. The first section examines Porfirian debates regarding the relationship between debt peonage, slavery, and market development in Chiapas. The second section addresses the economics and economic rationality of debt peonage. The third section focuses on the legal foundations of rural peonage and domestic servitude in the state. The fourth section tackles the issue of coercion and consent and the ‘popular legitimacy’ of debt peonage. The final section looks at the issue of debt peonage in Chiapas after the resignation of President Díaz, comparing the legislative proposals of local politicians with those of the Constitutionalists who descended on the state in 1914, and underlining the significance of the institution during the years of Mexico's armed Revolution (1910–20).Less
This chapter analyzes the institution of debt peonage in Chiapas during the Porfiriato. The first section examines Porfirian debates regarding the relationship between debt peonage, slavery, and market development in Chiapas. The second section addresses the economics and economic rationality of debt peonage. The third section focuses on the legal foundations of rural peonage and domestic servitude in the state. The fourth section tackles the issue of coercion and consent and the ‘popular legitimacy’ of debt peonage. The final section looks at the issue of debt peonage in Chiapas after the resignation of President Díaz, comparing the legislative proposals of local politicians with those of the Constitutionalists who descended on the state in 1914, and underlining the significance of the institution during the years of Mexico's armed Revolution (1910–20).
Markus Venzin
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780199535200
- eISBN:
- 9780191701153
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199535200.003.0007
- Subject:
- Business and Management, Finance, Accounting, and Banking, Strategy
This chapter starts with a discussion on how financial services firms predict market development. The role of uncertainty and ambiguity, and tools that attempt to reduce them, are presented. It then ...
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This chapter starts with a discussion on how financial services firms predict market development. The role of uncertainty and ambiguity, and tools that attempt to reduce them, are presented. It then considers early and late mover advantages, showing how firms that enter markets early try to protect their advantages through isolation mechanisms such as the creation of technological standards, the pre-emption of assets, and buyer switching costs. Late movers can take advantage of free riding, the early resolution of technological or market uncertainty, shifts in technology or customer needs, and incumbent inertia. The chapter concludes with a discussion of factors that typically lead to accelerated international expansion.Less
This chapter starts with a discussion on how financial services firms predict market development. The role of uncertainty and ambiguity, and tools that attempt to reduce them, are presented. It then considers early and late mover advantages, showing how firms that enter markets early try to protect their advantages through isolation mechanisms such as the creation of technological standards, the pre-emption of assets, and buyer switching costs. Late movers can take advantage of free riding, the early resolution of technological or market uncertainty, shifts in technology or customer needs, and incumbent inertia. The chapter concludes with a discussion of factors that typically lead to accelerated international expansion.
R. C. O. Matthews, C. H. Feinstein, and J. C. Odling‐Smee
- Published in print:
- 1982
- Published Online:
- November 2003
- ISBN:
- 9780198284536
- eISBN:
- 9780191596629
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198284535.003.0012
- Subject:
- Economics and Finance, Economic History
A favourable trend in the supply price of finance (SPOF) schedule for domestic investment between pre‐1914 and the post‐war period can be inferred from the fact that in the post‐war period the rate ...
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A favourable trend in the supply price of finance (SPOF) schedule for domestic investment between pre‐1914 and the post‐war period can be inferred from the fact that in the post‐war period the rate of capital accumulation was higher, despite a much lower profit rate. The higher savings propensity in the post‐war period was one factor causing the lower SPOF. Lower capital exports after World War I compared with the prewar periods also contributed to the decline in SPOF. An important source of trend reduction in SPOF throughout the period was the reduction in capital market imperfections. This was achieved notably by (1) the further extension of the scope of the limited‐liability joint‐stock company and the corresponding widening of the equity market and (2) an increase in the size and product‐range of firms. Inflationary expectations lowered SPOF in 1951–68 by causing the prices of equities to rise by more than general prices. The net effect of tax changes across World War II was probably unfavorable to SPOF.Less
A favourable trend in the supply price of finance (SPOF) schedule for domestic investment between pre‐1914 and the post‐war period can be inferred from the fact that in the post‐war period the rate of capital accumulation was higher, despite a much lower profit rate. The higher savings propensity in the post‐war period was one factor causing the lower SPOF. Lower capital exports after World War I compared with the prewar periods also contributed to the decline in SPOF. An important source of trend reduction in SPOF throughout the period was the reduction in capital market imperfections. This was achieved notably by (1) the further extension of the scope of the limited‐liability joint‐stock company and the corresponding widening of the equity market and (2) an increase in the size and product‐range of firms. Inflationary expectations lowered SPOF in 1951–68 by causing the prices of equities to rise by more than general prices. The net effect of tax changes across World War II was probably unfavorable to SPOF.
Bernardo Bortolotti and Domenico Siniscalco
- Published in print:
- 2004
- Published Online:
- April 2004
- ISBN:
- 9780199249343
- eISBN:
- 9780191600845
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199249342.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book provides a systematic account of the privatization process at the global scale, presenting an overarching description of the phenomenon, and panel data empirical analyses testing some of ...
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This book provides a systematic account of the privatization process at the global scale, presenting an overarching description of the phenomenon, and panel data empirical analyses testing some of the predictions of the recent economic theory of privatization. At the macroeconomic level, privatization processes of the 1980s and 1990s are shown to be a cyclical phenomenon shaped by economic, political, and institutional determinants. At the microeconomic level, privatization has been partial and incomplete, with only minority rights transferred to the private sector. However, genuine privatization, involving the full transfer of control to the private sector, is difficult to achieve as several conditions must be met. First, markets should be competitive or suitably regulated. Second, private investors should be adequately protected by the law in order to avoid expropriation. Third, political institutions should be designed to limit the veto power of constituencies ousting full divestiture. Last but not least, governments should be credibly committed not to interfere post-privatization in the operating activity of the companies. As a consequence, private ownership is likely to coexist with public control, at least in the near future.Less
This book provides a systematic account of the privatization process at the global scale, presenting an overarching description of the phenomenon, and panel data empirical analyses testing some of the predictions of the recent economic theory of privatization. At the macroeconomic level, privatization processes of the 1980s and 1990s are shown to be a cyclical phenomenon shaped by economic, political, and institutional determinants. At the microeconomic level, privatization has been partial and incomplete, with only minority rights transferred to the private sector. However, genuine privatization, involving the full transfer of control to the private sector, is difficult to achieve as several conditions must be met. First, markets should be competitive or suitably regulated. Second, private investors should be adequately protected by the law in order to avoid expropriation. Third, political institutions should be designed to limit the veto power of constituencies ousting full divestiture. Last but not least, governments should be credibly committed not to interfere post-privatization in the operating activity of the companies. As a consequence, private ownership is likely to coexist with public control, at least in the near future.
Robin Mansell
- Published in print:
- 1993
- Published Online:
- October 2011
- ISBN:
- 9780198295570
- eISBN:
- 9780191685149
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198295570.001.0001
- Subject:
- Business and Management, Information Technology, Innovation
This book examines the interaction between social, regulatory, and market developments underlying the growing use of new technologies such as the personal computer and the Internet. Based upon ...
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This book examines the interaction between social, regulatory, and market developments underlying the growing use of new technologies such as the personal computer and the Internet. Based upon empirical research by an international team, it offers insights needed to understand public policy, corporate strategy, and individual choices taken in response to the deluge of new technological opportunities. A principal theme of the book is that changes are governed by public decisions that establish the institutional framework in which the private sector operates. The quality and value of the information society for the citizen is not the inevitable consequence of market and technological forces. Policy choices that however fail to take market and technical influences into account will prove ineffective. The book lays the foundation for improved theories of the process of change, more appropriate strategies to achieve desired aims, and more effective policies for mitigating the effects of dislocation and exclusion from the information society.Less
This book examines the interaction between social, regulatory, and market developments underlying the growing use of new technologies such as the personal computer and the Internet. Based upon empirical research by an international team, it offers insights needed to understand public policy, corporate strategy, and individual choices taken in response to the deluge of new technological opportunities. A principal theme of the book is that changes are governed by public decisions that establish the institutional framework in which the private sector operates. The quality and value of the information society for the citizen is not the inevitable consequence of market and technological forces. Policy choices that however fail to take market and technical influences into account will prove ineffective. The book lays the foundation for improved theories of the process of change, more appropriate strategies to achieve desired aims, and more effective policies for mitigating the effects of dislocation and exclusion from the information society.
Linda Yueh
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199205783
- eISBN:
- 9780191752018
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199205783.003.0002
- Subject:
- Economics and Finance, South and East Asia
This chapter covers the application of new growth theories that focus on institutions to China’s growth path. It describes the so-called ‘institutional innovations’ which allowed the Chinese state to ...
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This chapter covers the application of new growth theories that focus on institutions to China’s growth path. It describes the so-called ‘institutional innovations’ which allowed the Chinese state to create property rights without a change in ownership from public to private, appealing as a gradualist reform path. But as the economy became increasingly complex due to increased exposure to competition, legal reforms played a greater role in the decentralised market, such as through the creation of regulatory agencies which enabled capital market development. The underdeveloped legal system is itself part of the ‘paradox’ of China’s growth; and a detailed examination will show that China’s legal reforms have been somewhat underappreciated, although a great deal more in terms of reforming their effectiveness is needed for the second thirty years of growth.Less
This chapter covers the application of new growth theories that focus on institutions to China’s growth path. It describes the so-called ‘institutional innovations’ which allowed the Chinese state to create property rights without a change in ownership from public to private, appealing as a gradualist reform path. But as the economy became increasingly complex due to increased exposure to competition, legal reforms played a greater role in the decentralised market, such as through the creation of regulatory agencies which enabled capital market development. The underdeveloped legal system is itself part of the ‘paradox’ of China’s growth; and a detailed examination will show that China’s legal reforms have been somewhat underappreciated, although a great deal more in terms of reforming their effectiveness is needed for the second thirty years of growth.
Kirsten Haack
- Published in print:
- 2011
- Published Online:
- July 2012
- ISBN:
- 9780719079818
- eISBN:
- 9781781703212
- Item type:
- chapter
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9780719079818.003.0006
- Subject:
- Political Science, Democratization
This chapter proposes a substantive vision of democracy called developmental democracy. It explains that the construction of this new vision of democracy is driven by an exploration of the full range ...
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This chapter proposes a substantive vision of democracy called developmental democracy. It explains that the construction of this new vision of democracy is driven by an exploration of the full range of the democratic continuum. It discusses the framework for a developmental democracy and explains its five dimensions which include market development, human development, democratisation, participation and citizenship. This chapter evaluates the extent to which these five dimensions have been addressed by the United Nations and examines whether the individual parts of developmental democracy have become a greater whole or whether they remain fragmented in both theory and practice.Less
This chapter proposes a substantive vision of democracy called developmental democracy. It explains that the construction of this new vision of democracy is driven by an exploration of the full range of the democratic continuum. It discusses the framework for a developmental democracy and explains its five dimensions which include market development, human development, democratisation, participation and citizenship. This chapter evaluates the extent to which these five dimensions have been addressed by the United Nations and examines whether the individual parts of developmental democracy have become a greater whole or whether they remain fragmented in both theory and practice.
Yingyi Qian
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9780262534246
- eISBN:
- 9780262342728
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262534246.003.0007
- Subject:
- Economics and Finance, International
Why are many of China’s successful rural enterprises publically owned by local communities? Using a set of provincial data, we find that the share of community public firms (Township-Village ...
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Why are many of China’s successful rural enterprises publically owned by local communities? Using a set of provincial data, we find that the share of community public firms (Township-Village Enterprises, or TVEs) relative to private enterprises is higher where the central government’s influence is greater, the community government’s power is stronger, and the level of market development is lower. We also find that TVEs help achieve the community government’s goals of increasing government revenue, rural nonfarm employment, and rural income. However, TVEs do not increase rural income given the levels of non-farm employment and/or local public goods provision, indicating possible inefficiency as compared to private enterprises.Less
Why are many of China’s successful rural enterprises publically owned by local communities? Using a set of provincial data, we find that the share of community public firms (Township-Village Enterprises, or TVEs) relative to private enterprises is higher where the central government’s influence is greater, the community government’s power is stronger, and the level of market development is lower. We also find that TVEs help achieve the community government’s goals of increasing government revenue, rural nonfarm employment, and rural income. However, TVEs do not increase rural income given the levels of non-farm employment and/or local public goods provision, indicating possible inefficiency as compared to private enterprises.
Shinji Takagi
- Published in print:
- 2015
- Published Online:
- May 2015
- ISBN:
- 9780198714651
- eISBN:
- 9780191782893
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198714651.003.0005
- Subject:
- Economics and Finance, Financial Economics, Macro- and Monetary Economics
Chapter 5 reviews attempts by Japanese authorities to promote international use of the yen, mainly in trade invoicing and cross-border capital transactions. Because efforts involved developing ...
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Chapter 5 reviews attempts by Japanese authorities to promote international use of the yen, mainly in trade invoicing and cross-border capital transactions. Because efforts involved developing yen-denominated markets and instruments, and dismantling restrictions inhibiting the freedom of domestic and foreign agents to use them, yen internationalization was closely related to domestic financial liberalization. The chapter explains the origins of yen internationalization, Japan’s early attempts to liberalize the financial system, and post-1984 measures to create conditions amenable to greater international use of the yen, including the financial “big bang” of 1998. After assessing the outcomes of yen internationalization efforts, the chapter concludes by arguing that yen internationalization served as a banner under which parties of various vested interests were brought together to forge difficult reformsLess
Chapter 5 reviews attempts by Japanese authorities to promote international use of the yen, mainly in trade invoicing and cross-border capital transactions. Because efforts involved developing yen-denominated markets and instruments, and dismantling restrictions inhibiting the freedom of domestic and foreign agents to use them, yen internationalization was closely related to domestic financial liberalization. The chapter explains the origins of yen internationalization, Japan’s early attempts to liberalize the financial system, and post-1984 measures to create conditions amenable to greater international use of the yen, including the financial “big bang” of 1998. After assessing the outcomes of yen internationalization efforts, the chapter concludes by arguing that yen internationalization served as a banner under which parties of various vested interests were brought together to forge difficult reforms
- Published in print:
- 2008
- Published Online:
- March 2013
- ISBN:
- 9780226525273
- eISBN:
- 9780226525297
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226525297.003.0003
- Subject:
- Law, Company and Commercial Law
Law is not a fixed endowment in the sense of an unchanging foundation for market activity. It is hardly surprising, then, that the sustainable development of capitalist systems should depend in part ...
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Law is not a fixed endowment in the sense of an unchanging foundation for market activity. It is hardly surprising, then, that the sustainable development of capitalist systems should depend in part on the continuous development of new governance structures to support capitalist enterprise. Law, like capitalism, is constantly evolving. Max Weber realized the potential tension between a “rational” legal system (one that generates stable expectations) and the need for legal adaptation within a rapidly developing economy, but he never fully resolved this tension in his work. The ongoing relation between economic development and legal change has always existed and has to some extent been recognized by close observers, but the full implications of an iterative process of legal and market development have escaped sustained analysis. This chapter examines economic and legal development in capitalist systems by viewing the relationship as a highly iterative process of action and strategic reaction. It also discusses the organization of legal systems, the multiple functions of law, substitutes for law, and the political economy and supply and demand for law.Less
Law is not a fixed endowment in the sense of an unchanging foundation for market activity. It is hardly surprising, then, that the sustainable development of capitalist systems should depend in part on the continuous development of new governance structures to support capitalist enterprise. Law, like capitalism, is constantly evolving. Max Weber realized the potential tension between a “rational” legal system (one that generates stable expectations) and the need for legal adaptation within a rapidly developing economy, but he never fully resolved this tension in his work. The ongoing relation between economic development and legal change has always existed and has to some extent been recognized by close observers, but the full implications of an iterative process of legal and market development have escaped sustained analysis. This chapter examines economic and legal development in capitalist systems by viewing the relationship as a highly iterative process of action and strategic reaction. It also discusses the organization of legal systems, the multiple functions of law, substitutes for law, and the political economy and supply and demand for law.
Thordur Jonasson, Michael G. Papaioannou, and Mike Williams
- Published in print:
- 2019
- Published Online:
- December 2019
- ISBN:
- 9780198850823
- eISBN:
- 9780191885693
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198850823.003.0006
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
Chapter 4 illustrated the factors that can undermine debt sustainability; this chapter builds on that by exploring the role of debt managers in reducing these risks. The chapter begins with the ...
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Chapter 4 illustrated the factors that can undermine debt sustainability; this chapter builds on that by exploring the role of debt managers in reducing these risks. The chapter begins with the motives of the debt managers, including to minimize the risk–cost trade-off; but also bigger picture motives, such as the allocation of risk between the public and private sector. It also shows how the composition of sovereign debt can have important macroeconomic implications, such as via the monetary policy transmission mechanism. The chapter details the risks from maturity, currency, and residency, including the “original sin” problem faced by some countries. It concludes with a discussion of the role of debt managers in pursuing other objectives, such as financial deepening.Less
Chapter 4 illustrated the factors that can undermine debt sustainability; this chapter builds on that by exploring the role of debt managers in reducing these risks. The chapter begins with the motives of the debt managers, including to minimize the risk–cost trade-off; but also bigger picture motives, such as the allocation of risk between the public and private sector. It also shows how the composition of sovereign debt can have important macroeconomic implications, such as via the monetary policy transmission mechanism. The chapter details the risks from maturity, currency, and residency, including the “original sin” problem faced by some countries. It concludes with a discussion of the role of debt managers in pursuing other objectives, such as financial deepening.
Heinrich C. Bofinger
- Published in print:
- 2018
- Published Online:
- December 2018
- ISBN:
- 9780198821885
- eISBN:
- 9780191861017
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198821885.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Air transport in Africa is a growing sector. However, the growth does not provide a complete perspective of its health. Several important facts play a role in truly understanding where Africa’s air ...
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Air transport in Africa is a growing sector. However, the growth does not provide a complete perspective of its health. Several important facts play a role in truly understanding where Africa’s air transport has been, is now, and where it might develop. Air transport volumes in Africa are still very low when compared to the rest of the world. The notion of the national flag carrier is still deeply ingrained in the politics of the air transport sector, and though various privatization attempts have been made, many governments are reluctant to completely hand over airlines to the private sector, or completely depend on airlines from outside the country if a national airline is not economically sustainable. Both anecdotally and empirically, the new challenges for African air transport market development are not so much around liberalization, but rather affordability and the rise of airport charges.Less
Air transport in Africa is a growing sector. However, the growth does not provide a complete perspective of its health. Several important facts play a role in truly understanding where Africa’s air transport has been, is now, and where it might develop. Air transport volumes in Africa are still very low when compared to the rest of the world. The notion of the national flag carrier is still deeply ingrained in the politics of the air transport sector, and though various privatization attempts have been made, many governments are reluctant to completely hand over airlines to the private sector, or completely depend on airlines from outside the country if a national airline is not economically sustainable. Both anecdotally and empirically, the new challenges for African air transport market development are not so much around liberalization, but rather affordability and the rise of airport charges.
Sayuri Shirai
- Published in print:
- 2018
- Published Online:
- August 2018
- ISBN:
- 9780198817314
- eISBN:
- 9780191858833
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198817314.003.0009
- Subject:
- Economics and Finance, Financial Economics, International
Japan has endeavoured to develop its capital Tokyo as one of the top global financial centres. Japan’s advantages are the sheer size of its economy (the third largest in terms of gross domestic ...
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Japan has endeavoured to develop its capital Tokyo as one of the top global financial centres. Japan’s advantages are the sheer size of its economy (the third largest in terms of gross domestic product), the status of the Japanese yen as the third international currency after the United States dollar and the euro, and large financial and capital markets with abundant capital. Tokyo has the potential to become a regional financial centre that transfers excess capital to emerging Asian economies. This vision has not fully materialized because Japan’s financial investment continues to be destined towards the United States and Europe and in the form of relatively safe debt securities. Moreover, Japan’s capital remains largely risk-averse, contributing to lack of diversity in domestic capital markets and limited provision of risk capital to the world. This chapter takes an overview of Japan’s financial and capital market developments.Less
Japan has endeavoured to develop its capital Tokyo as one of the top global financial centres. Japan’s advantages are the sheer size of its economy (the third largest in terms of gross domestic product), the status of the Japanese yen as the third international currency after the United States dollar and the euro, and large financial and capital markets with abundant capital. Tokyo has the potential to become a regional financial centre that transfers excess capital to emerging Asian economies. This vision has not fully materialized because Japan’s financial investment continues to be destined towards the United States and Europe and in the form of relatively safe debt securities. Moreover, Japan’s capital remains largely risk-averse, contributing to lack of diversity in domestic capital markets and limited provision of risk capital to the world. This chapter takes an overview of Japan’s financial and capital market developments.
