Grass roots methods of poverty alleviation will fail unless jobs are created or stimulated by governments (whether central or local). In the presence of high unemployment at all levels, improving the capabilities of job seekers (making them better fed and housed and educated) will only lead to...

The United States has had two empires. Under the first, from roughly 1950 to 1980, it was too busy to bother controlling the policies of the developing world. Under this regime, poorer countries did relatively well. In the second empire, which has reigned since then, it has felt obliged to set...

Abstract This paper is concerned with the neglected role of competition policy in East Asian development. Michael Porter considers Japan's development to have benefitted from intense competition among firms. By contrast, Caves and Uekusa criticize MITI's role in creating recession cartels and...

Where the theory of free competition reigns, developing countries should open their arms to investments from all types of enterprises in order to maximize jobs. Ownership, measured by votes of shareholders or boards of directors, is immaterial to performance. Matters change drastically, though,...

National firms fulfill functions that foreign affiliates are less likely to undertake. For this reason, there is a growth/efficiency justification for government programs designed to support and promote national companies (public and private) as opposed to, and in competition with, opening the...

Multinational companies tend to conduct little research and development (R&D) outside their homebase, especially in developing countries. Singapore represents an anomaly because its multinationalfirms are reputed to undertake locally not only R&D but applied and possibly even basic...

An elite derives its status from its relationship to property, whether physical or human capital. While stable property rights are necessary for everyday business, unstable property rights that result in major institutional changes (such as land reform) may have a positive impact on economic...