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The association between economic governance and economic performance elicited significant interest from political economists during the 1990s (Kaufmann, Kraay, and Zoido-Lobatón 1999;Knack and Keefer 1995). They sought to explain variations in economic performance, which seemed tied to differences in institutions. Some argued that particular institutions were effective across the board and would inevitably lead to better performance. Conversely, others argued that each economy should adopt its own set of institutions, adapted to their specific priorities and experiences. The literature of comparative capitalisms has tended to embrace the latter standpoint. The hypothesis of institutional complementarity, which emerged from this body of work, explains why there was similar economic performance across advanced economies in the wake of liberalization, despite their institutional differences. The idea that order, stable rules, and economic performance were linked was implicit throughout this literature. In the context of scholarly discussions that focus broadly on the link between economic performance and institutional complementarities, the literature on comparative capitalisms also c

Author

Alejandro Angel

Publisher

Springer International Publishing : Imprint: Palgrave Macmillan

Published

2021

Language

EN

ISBN

9783030645229

Subjects

Science, Political Science, Economics