Chapter

The Nature of Institutional Impediments to Economic Development

Pranab Bardhan

in A Not-so-dismal Science

Published in print January 2000 | ISBN: 9780198294900
Published online November 2003 | e-ISBN: 9780191596728 | DOI: http://dx.doi.org/10.1093/0198294905.003.0011
 The Nature of Institutional Impediments to Economic Development

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Consideration is given to the impediments to economic development and the social dysfunctions that market mechanisms cannot cure because the large number of collective actions required cannot emerge spontaneously. The focus of the chapter is to a large extent on differing emphases on (1) institutional impediments as outcomes of distributive conflicts, (2) the collective action problems these impediments exacerbate, and (3) in view of the critical need for coordination, a more complex and nuanced role of the state, which many (but not all) states fail to adopt. Recent Indian economic history provides the context of the discussion.

Keywords: collective action; conflict; economic development; impediments; India; institutions; market mechanisms; markets; role of the state; social dysfunction; state action

Chapter.  10825 words. 

Subjects: Economic Systems

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