Africa: Another Nobel for Anglocentric Neoliberal Institutional Economics
[ad_1] Kuala Lumpur, Malaysia — New institutional economics (NIE) has received another so-called Nobel prize, ostensibly for again claiming that good institutions and democratic governance ensure growth, development, equity and democracy. Daron Acemoglu, Simon Johnson, and James Robinson (AJR) are well known for their influential cliometric work. AJR have elaborated earlier laureate Douglass North's claim that property rights have been crucial to growth and development. But the trio ignore North's more nuanced later arguments. For AJR, 'good institutions' were transplanted […]