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In-sti-tu-tions : institutions fundamentalism

Document type: article
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Abstract: Harvard economist Dani Rodrik recently noted that, after a phase of ‘market fundamentalism’ (‘get prices right!’), the development crowd is now in the middle of a phase best described as ‘institutions fundamentalism’ (‘get institutions right!’). Where does the obsession with institutions come from? According to the author, the complexity of the issue is daunting. Rather than pretending that we can get institutions right, we might want to be a bit less ambitious and instead simply try to ‘fix’ the bottlenecks that hold back economic activity in certain regions. Sometimes bottlenecks are of the institutional kind, at other times they are not.
Authors: Bulte, E.
Category: Policy
Serial number: 6
ISSN: 1874-2033
Journal: The Broker
Keywords: economic development , development policy
Language: eng
Organization: The Broker
Year: 2008
Right: © 2008 IDP. This article has been licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 Unported license.
Subject: Economic Development and Trade
Start Page: 27
Title: In-sti-tu-tions : institutions fundamentalism