scholarly journals Frontiers and economic institutions in Brazil: an approach focused on the new institutional economics

2017 ◽  
Vol 19 (1) ◽  
pp. 125
Author(s):  
André Cutrim Carvalho
Keyword(s):  
Economic Development ◽  
Collective Behavior ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Surrounding Environment ◽  
Institutional System ◽  
Economic Relationship ◽  
Relationship Of ◽  
Rules Of The Game

The present article seeks to discuss the meaning (s) of frontiers in Brazil and the role of institutions in the process of economic development through the new institutional economics. Any pattern of collective behavior characterizes an institution, and as such determines the “rules of the game”. The frontier represents a socio-economic relationship of production because the structure of society in building a frontier is dominated (in)directly by capital. In Brazil, the movement to occupy land on the frontier does not usually occur through contingent smallholders, but rather through a mixture of different social segments, such as: migrants, “landless” males, farmers and entrepreneurs, all seeking land to occupy, to produce and to speculate. The main conclusion is that a developed institutional system may help to promote economic development by structuring the surrounding environment and stimulating the process of cooperation, innovation and learning in the frontier regions of Brazil.

New Institutional Economics and Economic Development

2021 ◽  
pp. 27-40
Author(s):  
Manolis Manioudis ◽  
Giorgos Meramveliotakis
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Transaction Costs ◽  
Political Discourse ◽  
Power Relations ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Institutional Framework

In recent years, the concept of “institutions” has become central in scientific and political discourse. This reflects an increasing awareness of the role of institutions in the functioning of economies and in economic development more generally. Many of the catchphrases articulated within new institutional economics such as “institutions,” “organisations,” “transaction costs,” “property rights,” and “contracts” have become very common in orthodox economics discourse. This development is intellectually stimulating and interesting because it raises some fundamental issues with regard to the role and functioning of institutions. These concepts are seated on Smith's idea of the “harmony of interests.” However, Smith sees power as dominant in the formation of institutional framework. This chapter aims to provide a Smithian critique based on the notion of power, arguing that the formation of institutions and institutional framework cannot be considered apart from the intrinsic power relations which are vested in society.

scholarly journals The impact of Covid-19 pandemic on the institutional change in developing countries

2021 ◽  
Vol 20 (3) ◽  
pp. 587-601
Author(s):  
Tomasz Legiędź
Keyword(s):  
Developing Countries ◽  
Institutional Change ◽  
Institutional Economics ◽  
Influenza Pandemic ◽  
Civil Liberties ◽  
New Institutional Economics ◽  
Institutional Changes ◽  
Current Events ◽  
Institutional System ◽  
The Impact

Motivation: The Covid-19 pandemic is having a critical impact on economies, especially in developing countries. Such a serious external shock affects the distribution of economic rents, thus leading to potentially large institutional changes. Naturally, in the short term we are dealing with an economic crisis and a restriction of civil liberties in both autocratic and democratic countries, however, it is not known what the dynamics of institutional changes will be in the longer run. Aim: The main purpose of the article is to answer if the Covid-19 pandemic becomes a turning point that will determine the institutional system in developing countries for the next few decades. The first part of the article outlines the theory of institutional change, with particular emphasis on the role of external shocks. The next section presents studies on the socioeconomic impact of two major epidemics: The Black Death and the Great Influenza Pandemic. The third part conducts an assessment as to what extent the current pandemic may affect institutions in developing countries, by reference to the example of two countries: Tunisia and Cambodia. The analysis is conducted from the perspective of the new institutional economics. Results: If we look at the experiences from previous pandemics, current events and refer to the literature on the theory of institutional change, we can conclude that significant institutional changes caused by Covid-19 are unlikely. The process of institutional change is characterized by a specific complexity and changing dynamics. Nonetheless, it is the internal factors, reflecting the actions of people trying to maximize the benefits, which are the main cause of change in an institutional system. Therefore, the Covid-19 pandemic is more likely to strengthen the endogeneity of the process of institutional change, rather than change its course.

INVESTMENT LENDING AS THE BASIS FOR THE BREAKTHROUGH ECONOMIC DEVELOPMENT OF MODERN RUSSIA

2020 ◽  
Author(s):  
Konstantin Nikolaevich Yermolaev ◽  
◽  
Farrukh Fatoevich Salamov ◽  
Keyword(s):  
Economic Development ◽  
Financial Incentives ◽  
Technological System ◽  
Economic Order ◽  
World Economic ◽  
Institutional System ◽  
The Creation ◽  
World Economic Order ◽  
Advanced Development

the article is devoted to the disclosure of the essence and role of investment and credit support for the breakthrough economic development of Russia on the basis of the transition to the 6th technological system, the formation of an integral world economic order, the creation of an institutional system of advanced development and financial incentives

Institutions

2019 ◽  
pp. 30-41
Author(s):  
Stefan Voigt
Keyword(s):  
Institutional Economics ◽  
Research Area ◽  
Economic Transformation ◽  
New Institutional Economics ◽  
Transformation Property ◽  
Special Focus ◽  
Political Transformation ◽  
Definition Of ◽  
Transformation Processes

This chapter offers a look at transformation processes from the perspective of the new institutional economics (NIE). It briefly describes the main pillars of this research area, including its assumptions, the definition of institutions, and their interplay. It is shown that the NIE can contribute to explaining the outcome of transformation processes by pointing at the different institutions relied upon during transition. In the section surveying the large literature on institutions and transition, special focus is laid on the role of constitutions for political transformation, property rights for economic transformation, and internal or informal institutions as institutions largely exempt from deliberate transformation which can, hence, constitute an important constraint in transformation processes. The chapter concludes by pointing out some research gaps.

Transformation of the State and Political Economy of the Governance

2020 ◽  
pp. 239-257
Author(s):  
Emek Yıldırım
Keyword(s):  
Political Economy ◽  
Public Administration ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
The State ◽  
State Model ◽  
Functional Changes ◽  
The Public ◽  
Role Of The State

By the 1980s and 1990s, neoliberal policies such as privatizations and deregulations transforming the minimal state model to regulative state model from the Keynesian social welfare state system made some structural and functional changes in the state mechanism, and the public administration has been in the first place due to the changing relationship between the state and the market. In fact, within this context, the new institutional economics (NIE) had a remarkable influence upon the debates upon the altering role of the state. Hence, the transformation of the state in this regard also revealed the argumentations on the governance paradigm along with the doctrinaire contributions of the new institutional economics. Therefore, this chapter will discuss the transformation of the state and the political economy of the governance together with a critical assessment of the new institutional economics in the public administration.

Re-Thinking the Role of Institutions in Neoliberalism From New Institutional Economics Perspective

2020 ◽  
pp. 25-40
Author(s):  
Ilke Civelekoglu ◽  
Basak Ozoral
Keyword(s):  
Economic Growth ◽  
Political Economy ◽  
Developing Countries ◽  
Property Rights ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
The Political ◽  
Formal Institutions ◽  
Fertile Ground

In an attempt to discuss neoliberalism with a reference to new institutional economics, this chapter problematizes the role of formal institutions in the neoliberal age by focusing on a specific type of formal institution, namely property rights in developing countries. New institutional economics (NIE) argues that secure property rights are important as they guarantee investments and thus, promote economic growth. This chapter discusses why the protection of property rights is weak and ineffective in certain developing countries despite their endorsement of neoliberalism by shedding light on the link between the institutional structure of the state and neoliberalism in the developing world. With the political economy perspective, the chapter aims to build a bridge between NIE and political economy, and thereby providing fertile ground for the advancement of NIE.

Ronald Coase's impact on economics

2014 ◽  
Vol 11 (2) ◽  
pp. 227-244 ◽  
Author(s):  
MARY M. SHIRLEY ◽  
NING WANG ◽  
CLAUDE MÉNARD
Keyword(s):  
Institutional Economics ◽  
Social Cost ◽  
Law And Economics ◽  
New Institutional Economics ◽  
Careful Study ◽  
Empirical Reality ◽  
Role Of Government ◽  
Institutional Issues ◽  
Rapid Transformation

AbstractRonald Coase had a profound impact on scholarship worldwide, and not for his ideas alone. Coase's ideas about transaction costs, the nature of the firm, the role of government, and the problem of social cost have been hugely influential. Throughout his long life, he also worked to change the conduct of economics, urging economists to ground their conclusions in careful study of empirical reality rather than theories that work only on the blackboard. Less well known, perhaps, is his work to nurture and shape the emerging fields of law and economics and new institutional economics, or his support to young scholars studying institutional issues around the world. In his final years, he was preoccupied by the rapid transformation of China and the institutional structure of production. This article summarizes Coase's significant intellectual contributions to economics, pointing out along the way some of the traits that made him such a powerful thinker and exceptionally influential scholar.

scholarly journals Creating Values for Sustainability: Stakeholders Engagement, Incentive Alignment, and Value Currency

2012 ◽  
Vol 2012 ◽  
pp. 1-9 ◽  
Author(s):  
Frank T. Lorne ◽  
Petra Dilling
Keyword(s):  
Value Creation ◽  
Institutional Economics ◽  
Evaluation Method ◽  
Evolutionary Process ◽  
New Institutional Economics ◽  
Incentive Alignment ◽  
Economic Role ◽  
Shareholder Theory ◽  
The Difference

A shareholder theory of firm and a stakeholder theory of firm may differ in their respective evaluation method of firm performance. Both theories however recognize the importance of value creation as the economic role of firms as institutions. The New Institutional Economics (NIE) emphasizes incentives alignment, while also viewing stakeholder engagements as methods to expand the boundaries of firms. The difference in performance evaluation between the two approaches can be reduced if stakeholders, while formulating incentive alignment, also evaluate the mechanisms of establishing a common currency value. The concomitant development of stakeholder engagement, incentive alignment, and value currency creation is argued to be an evolutionary process with the efficiency implications of the two theories tending to converge.

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