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2013, vol. 61, iss. 3-4, pp. 163-173
Institutional dynamics as a determinant of economic development: With reference to China
Alfa University, Belgrade
Keywords: economic development; resource endowment; institutions; institutional change as a growth factor; political and social constraints on institutions; China
Abstract
It has for quite some time now been recognized that the rhythm and strategic directions of economic development cannot be explained by resource availability as the latter is not a precondition of economic development but rather its result. Thus institutions have been carefully examined as the nexus of determining forces, together with political and broader social factors affecting perceptively institutional evolution. It soon transpired that another closely related dynamic force plays a significant role in determining the development trajectories. That force is the institutional change which affects directly the resource flows and dynamic tendencies and at the same time mightily motivates economic agents with strong effects on both mobilization and allocation of resources as a predictable consequence. The proposed theory is illustrated and preliminarily tested on the example of China.
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About

article language: English
document type: Original Paper
DOI: 10.5937/ekopre1304163M
published in SCIndeks: 11/07/2013

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