Is the Business Environment a Matter of Political Economy and Convergence?

Michael Chibba and John Luiz

World Economics, 2019, vol. 20, issue 3, 191-220

Abstract: In this article, the central question addressed is: does the business environment entail a complex nexus of political economy and other factors (government, business, ideology, and leadership) that may or may not manifest convergence? Also, the role of metrics and data is appropriately discussed. Current theories fail to impart an understanding of what the nature of the business environment is, or of the multifaceted nexus and convergence (or divergence) that it may entail. The strength of convergence involved is directly related to the integrity of the business environment and also reflects the overall dynamics in the country of focus. Each of the three country cases examined is fundamentally different, but offers important lessons. The overarching conclusion is that political economy and convergence often play a critical role in the business environment—though certainly not always, as in South Africa, where there is divergence, and in the case of metrics and data on the business environment, which, by design, do not focus on convergence.

Date: 2019
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