We construct a simple model where political elites may block technological and institutional development, because of a … replaced. Fearing replacement, political elites are unwilling to initiate change, and may even block economic development. We … show that elites are unlikely to block development when there is a high degree of political competition, or when they are …

This paper offers a theory of development which links the degree of market incompleteness to capital accumulation and … growth. At early stages of development, the presence of indivisible projects limits the degree of risk … inability to diversify idiosyncratic risks introduces high uncertainty in the growth process. The typical development pattern …

early stages of development, the range of projects and the amount of information are limited and agency costs are high … investigation of the development of financial institutions. We contrast the information aggregation role of stock markets and … information production role of banks. Because the amount of available information increases with development, our model predicts …

? What relations should we expect between resource rents, civil wars and economic development? The paper is organized into …

It is widely recognized that fragile states are key symptoms of under-development in many parts of the world. Such …, mainstream development economics has not dealt in any systematic way with such concerns and the implications for development … assistance. This paper puts forward a framework for analyzing fragile states and applies it to a variety of development policies …

achieved this rapid development by following orthodox economic policies. How Botswana sustained these policies is a puzzle …