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The Third Generation: Institutional Turn and the “New Development Economics”

In: Contextual Development Economics

Author

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  • Matthias P. Altmann

Abstract

Till today, the policies of the Washington Consensus, just as their neoclassical foundations, are still a vital part of development economics. Since the late 1990s, there was, however, a growing recognition that economic policy reforms will remain ineffective if they are not complemented by a similar effort to improve a country’s underlying institutional environment. For instance, trade liberalisation requires, among other things, effective fiscal institutions that are able to compensate for lost trade revenue. Capital markets, an efficient banking system, or labour market institutions that can reduce transitional unemployment are just some of the institutional preconditions for the effective implementation of mass privatisation programmes. Nobel Laureate Douglass C. North was among the first to caution that free markets do not in themselves mean efficient markets, as the latter require a well-specified legal system with effective enforcement mechanisms and a set of attitudes towards contracting and trading that would encourage people to engage in trade and production at low costs (North 1986).

Suggested Citation

  • Matthias P. Altmann, 2011. "The Third Generation: Institutional Turn and the “New Development Economics”," The European Heritage in Economics and the Social Sciences, in: Contextual Development Economics, chapter 0, pages 135-148, Springer.
    • Handle: RePEc:spr:euhchp:978-1-4419-7231-6_8
    DOI: 10.1007/978-1-4419-7231-6_8
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