The New Institutional Economics, Business Associations, and Development

Vol. 20 No. 3 (2000)

Jul-Sep / 2000
Published July 1, 2000
PDF-English
PDF-English

How to Cite

Schneider, Ben Ross, and Richard F. Doner. 2000. “The New Institutional Economics, Business Associations, and Development”. Brazilian Journal of Political Economy 20 (3):229-52. https://doi.org/10.1590/0101-31572000-1220.

The New Institutional Economics, Business Associations, and Development

Ben Ross Schneider
Department of Political Science, Northwestern University
Richard F. Doner
Department of Political Science, Emory University
Brazilian Journal of Political Economy, Vol. 20 No. 3 (2000), Jul-Sep / 2000, Pages 229-252

Abstract

With the demise of development economics in the 1970s, the academic discipline
of economics had little specific theorizing on development to offer practioners and proffered
instead universal, liberal nostrums of free trade and free markets (Wing, 1990). These universal
prescriptions evolved into the first catalogued Washington consensus in the 1980s on
the urgency of market-oriented reforms in developing countries (Williamson, 1990). In the
1990s, a new connection formed between an emerging institutionalist subfield in economics
and the next consensus in Washington after the first generation of market-oriented reforms.
The opening of the third annual meetings of the International Society for New Institutional
Economics (ISNIE) at World Bank headquarters in Washington, D.C. in September 1999
symbolized this new connection.

JEL Classification: B25; O10.


Keywords: Economic development new institutional economics history of economic thought