Table of Contents

Institutions, Globalisation and Empowerment

Institutions, Globalisation and Empowerment

Edited by Kartik Roy and Jörn Sideras

This book argues that the capacity of a country to develop, and the levels of economic and social development achieved, depend more on the institutional parameters within which the development policies are implemented than on the policies themselves. It contends that forces of globalisation influence individual countries’ economic and social institutions.

Chapter 1: Institutions, Globalisation and Empowerment: An Overview of Issues

Kartik C. Roy and Jörn Sideras

Subjects: economics and finance, institutional economics, international economics


Kartik C. Roy and Jörn Sideras INTRODUCTION Since the early 1990s, the crucial role played by institutions in the process of economic development, and in explaining global difference in development outcomes, has gained increasing attention from academia, policymakers and international financial institutions. During the 1950s and 1960s, investments in physical capital and infrastructure were seen as the essential stimuli for economic development. The emphasis during the 1970s shifted to investment in human capital as it is considered to be one of the most fundamental requirements in the achievement of development outcomes. But during the course of the 1980s and 1990s the centre of focus shifted to enhancing economic management through a greater play of market forces within and between countries. In line with this development in thinking over the last two decades, policy has focused on the liberalisation of product and factor markets within countries and also a thrust towards the dismantling of trade barriers and barriers preventing the free flow of funds between countries in an attempt towards globalisation. However, the issue as to whether globalisation has been successful in reducing inter- and intra-country income inequality has recently emerged as a hotly debated topic.1 While the jury is still out in this debate, the fact remains that despite the provision of massive financial resources and the prescription of well-meaning policies to improve investment in human and physical capital and the adoption of market-orientated policies, the results have been in many countries disappointing. A consensus now exists that...

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