Power And Prosperity: Outgrowing Communist And Capitalist Dictatorships - Softcover

Olson, Mancur

Softcover

ISBN 10: 0465051960 ISBN 13: 9780465051960

Publisher: Basic Books, 2000

Synopsis

Why do some economies do better than others? How does society encourage the kind of market economy that generates continually increasing incomes? How do particular styles of government affect economic performance? World-renowned economist Mancur Olson tackles these questions and others in what will surely be regarded as his magnum opus. Olson contends that governments can play an essential role in the development of markets. Reliable enforcement of private contracts and protection of individual rights to property depend on governments strong enough not to undermine them. His exploration of "market-augmenting governments" will stand as a cutting-edge work on economic growth and provide a useful framework in which to consider the Asian financial crisis and its aftermath. As Susan Lee noted in Forbes, "his pioneering insights might have won a Nobel Prize for Olson had he lived a bit longer."

About this title

About the Author:

Mancur Olson (1932-1998) was the Chair and Principal Investigator of the Center on Institutional Reform and the Informal Sector (IRIS) and Distinguished Professor of Economics at the University of Maryland. His books The Logic of Collective Action and The Rise and Decline of Nations have been translated into nine languages.

From Publishers Weekly:

Olson, whose Logic of Collective Action stands as a landmark work of political economy, died in 1998 before putting the finishing touches on this book. As it stands, it serves as an appropriate coda to Olson's long and productive career, summarizing his major achievements while still contributing new insights to the post-communist debates. As he grapples with the forces that undermine economic vitality, Olson worries over a central question: Why has economic performance been so much better after the defeat of fascism in Germany and Japan than after the collapse of communism in Soviet-style states? In probing this question, Olson examines the complex relationships between the role of the state and economic performance, arguing that "there is no way of explaining the extreme poverty of many nations without taking account of the extent to which they are misgoverned." The lay reader will easily grasp Olson's broad and practical--if not especially vivid--discussions, and specialists will value his excellent analyses of the economic machinations of Soviet-type autocracies, including a fine reading of Stalin's diabolical manipulation of Russia's tax structures. As the world attempts to salvage what's left of the post-communist economies, it must contend with disablingly high rates of inflation and inefficient, state-owned businesses. The challenge ahead is not merely to hasten privatization, Olson says. Instead, economists must work to ensure that a "market-augmenting government" first secures individual rights to private property and guarantees the impartial enforcement of contracts--in his view the two essential ingredients for prosperity. (Mar.)
Copyright 2000 Reed Business Information, Inc.

About this edition

• Publisher: Basic Books
• Publication date: 2000
• ISBN 10: 0465051960
• ISBN 13: 9780465051960
• Binding: Paperback
• Number of pages: 272