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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 4: Western extended economic development

Towards a Capitalist Manifesto

Sung-Hee Jwa

Extract

Chapter 4 overviews the so-called extended (or gradual) Western economic development experiences in Britain and Europe, and later in the United States since the Industrial Revolution. It also argues that the limited liability joint-stock company or corporation was critical in the rise of Western economic development.

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