{"product_id":"the-institutional-foundation-of-economic-development-9780691235578","title":"The Institutional Foundation of Economic Development","description":"\u003cp\u003e\u003cb\u003eA systemic account of how institutions shape economic development\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eInstitutions matter for economic development. Yet despite this accepted wisdom, new institutional economics (NIE) has yet to provide a comprehensive look at what constitutes the institutional foundation of economic development (IFED). Bringing together findings from a range a fields, from development economics and development studies to political science and sociology, \u003ci\u003eThe Institutional Foundation of Economic Development\u003c\/i\u003e explores the precise mechanisms through which institutions affect growth. \u003cp\u003e\u003c\/p\u003eShiping Tang contends that institutions shape economic development through four \"Big Things\" possibility, incentive, capability, and opportunity. From this perspective, IFED has six major dimensions: political hierarchy, property rights, social mobility, redistribution, innovation protection, and equal opportunity. Tang further argues that IFED is only one pillar within the New Development Triangle (NDT): sustained economic development also requires strong state capacity and sound socioeconomic policies. \u003cp\u003e\u003c\/p\u003eArguing for an evolutionary approach tied to a country's stage of development, \u003ci\u003eThe Institutional Foundation of Economic Development \u003c\/i\u003eadvances an understanding of institutions and economic development through a holistic, interdisciplinary lens.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eShiping Tang\u003c\/b\u003e is Fudan Distinguished Professor at Fudan University in Shanghai. His many books include \u003ci\u003eThe\u003c\/i\u003e \u003ci\u003eSocial Evolution of International Politics\u003c\/i\u003e, \u003ci\u003eOn Social Evolution, \u003c\/i\u003eand \u003ci\u003eA General Theory of Institutional Change\u003c\/i\u003e.\u003cbr\u003e","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":50452818755858,"sku":"9780691235578","price":34.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_f8a6adc1-f673-439e-8bce-597b410e81a6.jpg?v=1729823090","url":"https:\/\/surprise-castle.myshopify.com\/products\/the-institutional-foundation-of-economic-development-9780691235578","provider":"Surprise Castle","version":"1.0","type":"link"}