Institutions and Comparative Economic Development
This collection of essays from eminent scholars discusses different phases and measures of economic development, evaluating the success of national economic transitions and providing valuable policy lessons for developing economies.
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Institutions and Comparative Economic Development Edited by
Masahiko Aoki Stanford University, USA
Timur Kuran Duke University, USA
Gérard Roland University of California, Berkeley, USA
© International Economic Association 2012 Softcover reprint of the hardcover 1st edition 2012 978-1-137-03400-7 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2012 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries
ISBN 978-1-137-03403-8 ISBN 978-1-137-03401-4 (eBook) DOI 10.1057/9781137034014 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 21 20 19 18 17 16 15 14 13 12
Transferred to Digital Printing in 2013
Contents List of Tables
vii
List of Figures
viii
Notes on Contributors
x
Foreword
xiii
Introduction Masahiko Aoki, Timur Kuran and Gérard Roland
Part I 1
2
3
4
5
6
1
Historical and Comparative Institutional Analysis of Development
The Five Phases of Economic Development and Institutional Evolution in China, Japan, and Korea Masahiko Aoki
13
Social Organizations, Risk-sharing Institutions, and Economic Development Avner Greif, Murat Iyugun and Diego Sasson
48
Before and Beyond Divergence: A New Look at the Economic History of China and Europe Jean-Laurent Rosenthal and R. Bin Wong
64
Political Institutions and Long-run Economic Trajectory: Some Lessons from Two Millennia of Chinese Civilization Debin Ma
78
Political Consequences of the Middle East’s Islamic Economic Legacy Timur Kuran
99
Separation of Powers and the Medieval Roots of Institutional D
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