Decoding Development: The Crucial Role of Institutions - Shiping Tang

Development implies not just growth over a significant period of time but also progressive changes in the structure of an economy. Many influential scholars have identified the crucial role of property rights and the importance of constraining the power of the state while others highlight the importance of political settlements, development clusters, and inclusive economic and political institutions.
Shiping Tang (en.wikipedia.o...) is Fudan Distinguished Professor and Dr. Seaker Chan Chair Professor at the School of International Relations and Public Affairs at Fudan University, China. In his latest book, The Institutional Foundation of Economic Development: A systemic account of how institutions shape economic development (press.princeto...) , he argues that institutions play a pivotal role in shaping and influencing economic development through four key factors: possibility, incentive, capability, and opportunity. In addition, his framework encompasses six significant dimensions: political hierarchy, property rights, social mobility, redistribution, innovation protection, and equal opportunity. Sustained economic development, however, necessitates not only a robust institutional foundation but also strong state capacity and well-crafted socioeconomic policies.
Key highlights
• Introduction - 00:24
• What is economic development? - 03:15
• The development-democracy linkage - 05:19
• Why established understandings of institutions are incomplete - 11:30
• The institutional foundations of economic development - 14:45
• The new development triangle - 21:02
• Explaining China’s economic success - 25:40
• Power and influence of local leaders in China - 34:23
• Achieving sustained economic growth - 44:10
Host
Dan Banik (www.sum.uio.no...) (@danbanik ( / danbanik ) @GlobalDevPod) ( / globaldevpod )
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Every 15 minutes, as much money is spent on the military as half the world's population needs to feed themselves in two weeks. This means that in just one day, as much money is wasted on the military as the entire world's population needs to feed themselves in 1.8 years. This money is mainly used for weapons against life. This is sooo insane!
If only we had world peace, there would be no shortages, nor would full-time work be necessary. Every person in the world would already be able to receive a full basic income, just from the money that machines are already generating for us today.
If I want to make it clear to people where we can develop as an ascended, peaceful civilization, then I will use these few facts to make it clear to them how little it takes to create a paradise on earth.
We just must not make the mistake of keeping in mind - especially not in anger - how much money is wasted on the suffering of this world and that everyone is working for it, because then we will continue to exploit this fact!
We have to believe much more firmly that people will finally recognize this madness and demand world peace. 🙂☀️ Hope and pray with me that it happens quickly! 🙏☀️💕🙂 THANK YOU!