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Seoul Journal of Economics
[ Article ]
Seoul Journal of Economics - Vol. 17, No. 3, pp.275-307
ISSN: 1225-0279 (Print)
Print publication date 31 Aug 2004
Received 04 Nov 2004 Revised 20 Dec 2004

Political Institutions and Economic Development: A Study in Economic Discrimination and Political Philosophy

Sung-Hee Jwa ; Yong Yoon
President, Korea Economic Research Institute (KERI), FKI Building 12 Fl. 28-1, Yoido-dong, Yeongdungpo-ku, Seoul 150-756, Korea, Tel: +82-2-3771-0004, Fax: +82-2-785-0270/1
Visiting Researcher, Korea Economic Research Institute (KERI) and Ph.D. Candidate, Seoul National University, Tel: +82-2-3771-0048 zzz_kr@keri.org

JEL Classification: B40, D63, J79, O10

Abstract

Providing what we believe ought to be the economics perspective, this paper introduces an approach to understanding the economic and political forces driving economic development. Adopted here is a vertical view of the world, through which the notion of economic discrimination (ED) plays a central role. ED, it is argued is a necessary condition for economic development, while its negation, egalitarianism, which seems much prevalent in modern-day democracies, is the seed to economic digression. This paper also traces the growth of egalitarianism in classical Western political philosophy, and also weighs the importance and relevance of the ED paradigm in the backdrop of classical and neoclassical economic thought. To further illustrate its usefulness, we speculate on the development potentials of various types of regimes utilizing a political-economy axis.

Keywords:

Economic development, Economic discrimination, Political institutions

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