Strengthening Globalization's Invisible Hand: What Matters Most&quest

Thomas Siems and Adam S Ratner ()
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Adam S Ratner: Business Enterprise, West Monroe Partners, Chicago, IL, 60604, USA.

Business Economics, 2006, vol. 41, issue 4, 16-28

Abstract: In this paper, we investigate what matters most to sustaining strong economic growth in today's more globalized, knowledge economy. An examination of 2005-2006 statistical and survey data across 52 countries reveals that economic growth is driven mainly by developed and trustworthy financial markets, a well-educated and skilled workforce, and access to information and communications technologies. Moreover, we find that creditworthy financial markets are strengthened by free and open economies based on the rule of law and legal protections. Our findings support the notion that innovative ideas and entrepreneurship are at the heart of economic growth. However, these ideas need support from institutional policies and practices that create and sustain growth by providing needed protections and a market in which to finance them.Business Economics (2006) 41, 16–28; doi:10.2145/20060403

Date: 2006
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