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PoliticalEconomy - National differences in political...

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Political Economy and Privatization National differences in political economy Political, economic and legal systems differ among countries. The differences have bearing on economic progress, but also change over time. In general today, more political systems are moving towards individualism, and more economic systems are moving towards market-based approaches. Today in lecture we will examine some differences in legal systems, especially in the context of property rights, and will discuss privatization as well. Political economy and economic progress - Innovation is an engine for growth - Requires a market for innovation, strong property rights and favorable political system - The above help to foster entrepreneurship
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Economic systems - Market - Productive activities are privately owned - Supply and demand focused - Command - Goods and services, as well their prices, are controlled by government - Mixed - Combination, reflective of most - Government takes some control if/as needed Legal systems - Systems - Common law -
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