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A General Theory of Economic Development

Towards a Capitalist Manifesto

Sung-Hee Jwa

This book makes the bold attempt at proposing a new general theory of economic development. The main premise is that economic institutions and policies must embody ‘economic discrimination’ if there is to be any chance of real economic development. By economic discrimination, the author means ‘treating differences differently’ by selecting and supporting economic entities and behaviour that contribute positively to the economy. The book identifies markets, government and corporations as the ‘holy trinity of economic development’, that is, the three most important institutions that must work together via economic discrimination to steer the economy towards real transformative progress. The book also warns against the current trend of economic egalitarianism or ‘not treating differences differently’ because it destroys economic incentives and results in an array of economic problems including growth stagnation.
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Chapter 2: Peculiarities of economic development

Towards a Capitalist Manifesto

Sung-Hee Jwa

Extract

Chapter 2 provides a description of economic development and takes a closer look at the complexity nature of development, and deliberates on implications about what the necessary ingredients for the development of a General Theory of Economic Development would be. More specifically, it compares complexity economics with mainstream economics and discusses the emergence failure of evolution and the synergy market failure of emergent development, which is referred to as market failure. The chapter addresses in depth the idea of externalities in economic analysis, which are viewed as ubiquitous, and also highlights some important differences between markets and organizations.

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