A General Theory of Economic Development : Towards a Capitalist Manifesto / Sung-Hee Jwa (Chairman, the President Park Chung Hee Memorial Foundation, South Korea).

Format:

Book

Author/Creator:

Chwa, Sŭng-hŭi, author.

Language:

English

Subjects (All):

Economic development.

Physical Description:

x, 215 pages : illustrations ; 25 cm

Place of Publication:

Cheltenham, UK : Edward Elgar Publishing, 2017.

Summary:

"This book makes the bold attempt at proposing a new general theory of economic development founded on the fact-based perspective of economic behaviour. The main premise is that economic institutions and policies must embody 'economic discrimination' if there is to be any chance of real economic development. By economic discrimination, the author means 'treating differences differently' by selecting and supporting economic entities and behaviour that contribute positively to the economy. By presenting a general theory that goes beyond mainstream and ad hoc economic theories, Sung-Hee Jwa provides a new way to look at capitalism beyond the Marxian interpretation, explaining why some economies develop and others don't. The book identifies markets, government and corporations as the 'holy trinity of economic development', that is, the three most important institutions that must work together via economic discrimination to steer the economy towards real transformative progress. It also warns against the current trend of economic egalitarianism or 'not treating differences differently' because it destroys economic incentives and results in an array of economic problems including growth stagnation and worsening income distribution. The theory presented in this book and its implications for development management will be an invaluable resource for development economists, scholars, instructors, researchers and policymakers."--Page 4 of cover.

Notes:

Includes bibliographical references (pages 201-208) and index.

ISBN:

9781785367984

1785367986

OCLC:

982088889