The Complementary Roots of Growth and Development
Comparative Analysis of the United States, South Korea, and Turkey
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Beschreibung
The common roots of success and failure in economic growth and development lie in the systemic governance and fragmentation of institutional complementarities, respectively, but not in the unilateral adaptation of market-led or state-led models. To substantiate this argument, Akan utilizes case countries from the United States, South Korea, and Turkey—an advanced developed, a recently developed, and a developing country. Akan provides a simple framework for understanding two points that go beyond ideological obsession. The first is how a model of G&D works and evolves; with its economic, financial, industrial, and political dynamics intertwining. The second is why a market-led or state-led model succeeds and fails in both developed and developing countries.
The common roots of success and failure in economic growth and development lie in the systemic governance and fragmentation of institutional complementarities, respectively, but not in the unilateral adaptation of market-led or state-led models. To substantiate this argument, Akan utilizes case countries from the United States, South Korea, and Turkey—an advanced developed, a recently developed, and a developing country. Akan provides a simple framework for understanding two points that go beyond ideological obsession. The first is how a model of G&D works and evolves; with its economic, financial, industrial, and political dynamics intertwining. The second is why a market-led or state-led model succeeds and fails in both developed and developing countries.
- Systemic governance and institutional diffusion are explained on the basis of ‘institutional complementarities'
- The USA case illustrates how systemic governance of a ‘market-led model’ first succeeded but then evolved into an an institutional trap, between efficiency and inequity, as a result of an enduring process of institutional diffusion
- The South Korean case illustrates how systemic governance of a ‘state-led model’ first succeeded and then evolved into institutional diffusion
- The Turkish case illustrates how the lack of an established systemic governance regime and the existence of enduring institutional diffusion drove the country into a long-run institutional drift between ‘state-led’ and ‘market-led’ routes and finally caused a system-wide institutional trap
Systemic governance and institutional diffusion are explained on the basis of ‘institutional complementarities'The USA case illustrates how systemic governance of a ‘market-led model’ first succeeded but then evolved into an an institutional trap, between efficiency and inequity, as a result of an enduring process of institutional diffusionThe South Korean case illustrates how systemic governance of a ‘state-led model’ first succeeded and then evolved into institutional diffusionThe Turkish case illustrates how the lack of an established systemic governance regime and the existence of enduring institutional diffusion drove the country into a long-run institutional drift between ‘state-led’ and ‘market-led’ routes and finally caused a system-wide institutional trap
Autor*in
Taner Akan
Themen in »The Complementary Roots of Growth and Development«
Austerity Comparative political economy Complementarities Corporate Governance Developmentalism Economic development Economic governance Growth and development (G&D) Growth and development in South Korea Growth and development in Turkey Growth and development in USA Industrial and Institutional Performance Institutional economics Market-led economics Neoliberalism