An analysis of the failure of neoliberal market reforms in producing sustained growth in emerging markets. Focuses on problems with weak accountability institutions, and collusion between government and business, political patronage, and corruption - Provided by publisher

The relationship between economic and political liberalization has received a great deal of attention lately, yet the possibility of a nonlinear relationship and the role of reversals remain largely neglected. Focusing on democratization and financial reform, this paper offers evidence for a...