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Understanding the process of economic change in a global world - Essay Example

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This paper argues that the most efficient way to change the destiny of the civilization in terms of economic prosperity is to alter the formal rules of the game, more specifically legal instruments, such as laws. Such laws should consider lessons from the global economic history…
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Understanding the process of economic change in a global world
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Understanding the process of economic change in a global world

Download file to see previous pages... When people are particularly sensitive to our vastly changing environment and they emphasize their awareness to the multifarious problems that economists are facing, we could easily deal with improving the transition third world economies together., that we use tools to control our world that are very blunt instruments. Thus, North suggested that “the only tools that we have that allow us to try to shape the world we are in, are the formal rules of the game” (p. 11).
In order to illustrate the rules of the game, North narrates an anecdote when he visited Moscow together with three other Americans. They were tasked by the Soviet Academy of Scientists to go to Moscow to advise the Soviet Union on its economy.
The first American said, all you have to do is privatize and all will be well. The second American said, all you have to do is eliminate government, and all will be well. The third American said, all you have to do is have the computer and all will be well. I was the fourth American and I said, don't pay attention to the first three speakers; the problems are much more complicated (p. 10-11).
North presented the solution would be privatization, the “catch-all panacea” to al Russia’s ills. But North warned that “privatization without the fundamental structure of the rule of law and enforcement mechanisms to go with it does not produce desirable results” (p. 12). He mentioned that there is privatization in Latin America, but privatization in the context of government fostered monopolies produces a world that does not look at all like what you want. ...Download file to see next pagesRead More
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