{"product_id":"the-institutional-foundation-of-economic-development-9780691235578","title":"The Institutional Foundation of Economic Development","description":"\u003cp\u003e\u003cb\u003eA systemic account of how institutions shape economic development\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eInstitutions matter for economic development. Yet despite this accepted wisdom, new institutional economics (NIE) has yet to provide a comprehensive look at what constitutes the institutional foundation of economic development (IFED). Bringing together findings from a range a fields, from development economics and development studies to political science and sociology, \u003ci\u003eThe Institutional Foundation of Economic Development\u003c\/i\u003e explores the precise mechanisms through which institutions affect growth.\u003cbr\u003e\u003cbr\u003eShiping Tang contends that institutions shape economic development through four “Big Things”: possibility, incentive, capability, and opportunity. From this perspective, IFED has six major dimensions: political hierarchy, property rights, social mobility, redistribution, innovation protection, and equal opportunity. Tang further argues that IFED is only one pillar within the New Development Triangle (NDT): sustained economic development also requires strong state capacity and sound socioeconomic policies.\u003cbr\u003e\u003cbr\u003eArguing for an evolutionary approach tied to a country’s stage of development, \u003ci\u003eThe Institutional Foundation of Economic Development \u003c\/i\u003eadvances an understanding of institutions and economic development through a holistic, interdisciplinary lens.\u003c\/p\u003e","brand":"Shiping Tang","offers":[{"title":"Default Title","offer_id":42959937077366,"sku":"9780691235578","price":37.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_acf80a55-0f37-4e6b-b8be-391d3a3d24db.jpg?v=1767792019","url":"https:\/\/ingramacademic.com\/products\/the-institutional-foundation-of-economic-development-9780691235578","provider":"Ingram Academic \u0026 Professional","version":"1.0","type":"link"}