By Stephen Haber
This publication is basically only a choice of 5 essays, all through various authors. It doesn't have the texture of a cohesive paintings. also, a few of the chapters have little relevance to the acknowledged subject. This booklet is particularly educational in nature. regrettably it's not a great learn and does not enlighten the reader a lot.
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Extra info for Crony Capitalism and Economic Growth in Latin America: Theory and Evidence
Sample text
Whereas implicit subsidies to producers were large relative to GDP and investment in the 1960s, they were financing investments with high rates of return. Naturally, in a poor country, the extent of equity of the newly exporting firms was quite low and domestic credit financed a high fraction of expansion. But real rates of return were high, and the allocation of domestic credit caused few problems. Over time, however, the subsidy element in granting domestic credit decreased as the liberalization of the financial system began.
At the same time that all this was happening, the peasants and workers who had been mobilized during the revolution had become politically organized and had in fact pushed through a series of farreaching reforms at the 1917 constitutional convention. In two areas in particular, Carranza’s conservative proposals became transformed into far-reaching, and extremely radical, articles of law: labor relations and property rights. The result was Articles 123 and Hoover Press : Haber 44 DP5 HPCRON0200 01-06-:2 15:07:08 rev2 page 44 STEPHEN HABER, NOEL MAURER, AND ARMANDO RAZO 27.
The second two are indirect effects since they may occur under other circumstances as well. 11. Gordon Tullock, “The Welfare Costs of Tariffs, Monopolies, and Theft,” Western Economic Journal 5 (June 1967): 224–32; Anne O. Krueger, “The Political Economy of the Rent-Seeking Society,” American Economic Review 64 (June 1974): 291–303. Anne O. Krueger, “Virtuous and Vicious Circles in Economic Development,” American Economic Review 83, no. 2 (May 1993): 351–355; Richard A. Posner, “The Social Costs of Monopoly and Regulation,” Journal of Political Economy 83 (August 1975): 807–27; Andrei Shleifer and Robert W.