Democracy, Market Economics, and Development: An Asian Perspective
Farrukh Iqbal, Jong-Il You
World Bank Publications, Jan 1, 2001 - Political Science - 180 pages
'Democracy, Market Economics, and Development' evaluates the extent to which democracy is necessary to the achievement of sustainable development in Asia. A selection of papers by distinguished contributors including Amartya Sen, Joseph Stiglitz, and Francis Fukuyama are included in this volume. This book argues that democracy and markets are complementary and that democracy is intrinsic to development. It contends that liberal and participatory democracy encourages development by providing legitimacy to reform efforts. Movement toward liberal and participatory democracy allows for the convergence of the political and economic institutions of Asia and the West. There is broad agreement that effective and sustainable development is multi-faceted and is not only based on changes in per capita income.
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adjustment affiliated companies agency Amartya Sen argued Asia's Asian values authoritarian behavior billion bureaucratic capital chaebols China competition Confucian corporate governance corruption countries crony capitalism cultural debt democ democracy democratic Derivative Suit directors discussion East Asia economic crisis economic development economic freedom economic growth effective example external fair famines financial institutions firms foreign funds global Hanbo important incentives income increase independent Indonesia industrial interest groups International investment investors issues Japan Japanese Journal Kim Dae-jung labor Lee Kwan Yew Malaysia ment minority shareholders moral hazard neoliberal nomic participation participatory processes party percent political rights politicians private sector problems protect regimes regulations rent-seeking require restructuring role rule of law scores shares social market economy society strategy structure Suharto sustainable tion top 30 chaebols trade unions transparency trillion won Washington wealth Western workers World Bank
Page 145 - Fourth, if it is assumed that power tends to corrupt and absolute power tends to corrupt absolutely, by what magical formula is the media itself, with all its awesome power, exempt from this inexorable tendency?
Page x - ... by greatness, though we have but one word to denote them. These sentiments, like all others when inspired by one and the same object, mutually support and enliven one another: an object with which we are quite familiar, and which we see every day, produces, though both great and beautiful, but a small effect upon us; because our admiration is not supported either by Wonder or by Surprise: and if we have heard a very accurate description of a monster, our Wonder will be the less when we see it;...
Page 21 - In theory, the democratic method is persuasion through public discussion carried on not only in legislative halls but in the press, private conversations and public assemblies. The substitution of ballots for bullets, of the right to vote for the lash, is an expression of the will to substitute the method of discussion for the method of coercion.
Page 20 - But the circle to which our analysis has led us may perhaps lay claim to a privileged place in the hierarchy of these circles inasmuch as it alone places the difficulties of development back where all difficulties of human action begin and belong: in the mind.
Page 21 - As little as another can go to hell or heaven for me, so little can he believe or disbelieve for me; and as little as he can open or shut heaven or hell for me, so little can he drive me to faith or unbelief.
Page 139 - Social.: the sum total of ways of living built up by a group of human beings and transmitted from one generation to another.
Page iv - ... commendable speed, severe problems of privation and insecurity. The issue of democracy relates also to a further — a second — connection, that between the lack of democracy and the nature of the recent economic crisis. The financial crisis in some of these economies (such as Korea or Indonesia) has been closely linked with the lack of transparency in business, in particular the lack of opportunity of public scrutiny in reviewing financial and business arrangements. An effective democratic...
Page ii - Jean Dreze and Amartya Sen, Hunger and Public Action (Oxford: Clarendon Press, 1989).
Page 143 - Mengtzu (Mencius), who said that heaven bestows upon the king, or "son of heaven," the mandate to provide good and benevolent government. If the king fails to govern righteously, the people have the right to rise up and overthrow his government in the name of heaven.
Page viii - ... classes and dictators, who have little political incentive to prevent famines unless their rule is threatened by them. The economic analysis of famines across the world indicates that only a small proportion of the population tends to be stricken — rarely more than 5 percent or so. Since the shares of income and food of these poor groups tend normally to be no more than 3 percent of the total for the nation, it is not hard to rebuild their lost share of income and food, even in very poor countries,...