Chapter

Elites and Property Rights

Alice H. Amsden

in The Role of Elites in Economic Development

Published in print September 2012 | ISBN: 9780199659036
Published online January 2013 | e-ISBN: 9780191749032 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199659036.003.0002

Series: WIDER Studies in Development Economics

Elites and Property Rights

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An elite derives its status from its relationship to property, whether physical or human capital. While stable property rights are necessary for everyday business, unstable property rights that result in major institutional changes (such as land reform) may have a positive impact on economic development. When are the ‘wrong’ property rights right? Institutional changes have a positive impact on economic development when a country’s elite can manage them. To support this generalization the chapter examines the managerial capacity associated with elite status, highlighting which capabilities enable them to control changes in property rights’ regimes to their individual and national advantage. The chapter compares how nationalization of foreign firms was managed in Argentina, China, Korea, and Taiwan after the Second World War.

Keywords: elites; property rights; capabilities; China; Taiwan; Argentina; Korea

Chapter.  3846 words. 

Subjects: Economic Development and Growth

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