 Sharing the Future: Financial Innovation and Innovators in Solving the Political Economy Challenges of DevelopmentChapter 7 in Institutions and Comparative Economic Development, 2012, pp 131-151 from Palgrave Macmillan Abstract: Abstract It is a familiar story. A new leader assumes authority in a country that has recently discovered that it has fallen behind its neighbours in economic development. He brings in foreign expertise, announcing a series of modernizing reforms that adopt what is perceived as best development practice and promises much in the way of social benefits. These include the establishment of schools and competitive exams based upon a modern curriculum, the abolition of sinecure positions in government, and the expansion of a system of railways and banks. However the reforms threaten the interests of existing elites. Within four months of the start of the reforms, these elites stage a coup, imprison the executive and rescind the changes. The country faces years of political unrest, civil war and revolution, at great human cost, before reforms occur. Keywords: Political Economy; Secondary Market; Financial Innovation; Glorious Revolution; Parliamentary Control (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-137-03401-4_8 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in International Economic Association Series from Palgrave Macmillan |
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