Political institutions and economic development

Jacob G. Hariri and Mogens K. Justesen

Chapter 28 in Handbook of Comparative Political Institutions, 2024, pp 451-466 from Edward Elgar Publishing

Abstract: This chapter reviews the literature on how political institutions shape economic outcomes and development - one of the issues that has attracted most attention in comparative politics. We first explore the deep determinants debate around the turn of the Millennium, which concluded that not only do institutions matter, they matter more than biogeography and trade. We also review two generations of scholarship on how democracy shapes economic development. The first generation found no difference in economic performance between democracies and autocracies. The second one did, utilizing mainly within-country variations. We finally review an adjacent literature on how informal institutions, including clientelism, can sometimes modify or obscure the effects of formal political institutions and regimes. In conclusion, we propose directions for future research, including a framework to integrate the findings from a nascent micro-literature on the effects of political institutions into the existing, voluminous macro-literature.

Keywords: Politics; and; Public; Policy (search for similar items in EconPapers)
Date: 2024
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