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- Ronald Coase argued that the task of economics, like the study of biology, was to understand the real world, specifically the workings of the economic system: consumers, firms, and institutions.
- He called for researchers in general, and economists in particular, to use realistic theories and examples, to carefully study real world institutions, and to weigh the costs and benefits and practical consequences of alternative courses of action.
This article is based on a speech delivered on March 27, 2015 in Washington, DC at a conference titled, “The Next Generation of Discovery: Research and Policy Change Inspired by Ronald Coase.” The conference was co-hosted by the Ronald Coase Institute and the Center for International Private Enterprise to pay tribute to Ronald Coase and celebrate his legacy.Read more...
Economic freedom contributes to economic growth by fostering competition among actors, leading to increased innovations, efficiency, and ultimately, productivity. Economic freedom also allows investments to be more efficient, leading to growth. The rule of law, as understood as the protection of private property and contractual rights, can protect economic freedom and contribute to growth as well.
Still, the question remains of how to describe economic institutions that make the exercise of economic freedom possible. This article sets out to describe the different component of economic freedom and explain how they relate to both economic growth and the rule of law. Then, it addresses what is necessary for good economic institutions to foster growth on the basis of economic freedom.
The World Economic Forum has surveyed 114 countries each year since 2006 to measure inequality between men and women in terms of economic participation and opportunities, educational attainment, health, and political empowerment. The Global Gender Gap Report index scores can be interpreted as the percentage of the gap that has been closed between women and men. According to their findings, no country has yet to achieve complete gender equality.
The inequality in economic participation (salaries, participation, and highly-skilled employment) and political empowerment (representation in decision-making structures) remains particularly wide. Globally, only 59 percent of the economic gap and 19 percent of the political empowerment gap have closed (100 percent would signify complete equality). Regionally, Latin America, Asia, and sub-Saharan Africa are more unequal than North America, Europe, and Central Asia. The Middle East and North Africa region shows the largest gender gap.
There has, however, been progress. Of the 114 countries examined by the World Economic Forum, 97 have improved their gender inequality gaps over the last four years.Read more...
Frequently, business associations are the best advocates for government policies and regulations that affect business. Local business associations can identify constraints to conducting business regardless of sector or industry. The policy solutions they recommend can have a broad impact because business associations do not ask for individual favors; rather, they represent the interests of a specific sector or the business community in general. I encourage businesses everywhere to value advocacy and to value the development and strengthening of business associations because that is crucial to improving business climate and public-private policy dialogue in many countries and at many levels.Read more...
The Center for International Private Enterprise’s (CIPE) unique approach to effecting institutional change involves partnering with members of the business community in developing countries to help them become advocates for democratic and market-oriented reform. CIPE Executive Director John D. Sullivan, Ph.D testified before the Canadian Parliament on February 13, 2012 at the invitation of the Standing Committee on Foreign Affairs and International Development of the House of Commons.
“The challenges to reduction of poverty are many, but at the core addressing them comes down to the need for policy reforms that expand access to opportunity and instill confidence in public and market institutions,” Sullivan said. “Consequently, the role of the private sector in international development cannot be understood solely as the actions and contributions by individual companies from industrialized nations such as Canada. Rather, that role extends to engaging the local private sector in institutional reforms that help create a level playing field for all businesses in their countries, both domestic and foreign.”Read more...
Think Tanks and Democratic Governance
The wave of think tank proliferation across the globe since the 1970s has paralleled and enhanced democratic development. In young democracies and transitional economies, think tanks (also known as policy research institutes) have played vital roles in raising the quality of policymaking. These institutes bring new ideas to the attention of policymakers and the public, and new perspectives on policy formulation.
Armed with the information that think tanks provide, policymakers can make better decisions, civil society can advocate for citizens’ interests, and the public can participate more effectively in the policy process. Each becomes less dependent on existing sources of information and better equipped to make policy choices based on evidence.Read more...
- Democratic Governance
- Access to Information
- Combating Corruption
- Business Association Development
- Corporate Governance
- Legal & Regulatory Reform
- Informal Sector & Property Rights
- Corporate Citizenship (CSR)
- South Asia
- Middle East & North Africa
- Latin America & the Caribbean
Call for Items
CIPE welcomes articles submitted by readers. Most articles run between 3-7 pages (1000-3000 words), but all submissions relevant to CIPE's mission of building accountable, democratic institutions through market-oriented reform will be considered based on merit. Economic Reform Feature Service articles are primarily geared toward an international, non-academic community of businesspeople, economic reformers, and policy-makers. Specific policy recommendations and articles based on direct experience are encouraged. In addition to articles, we are willing to adapt suitable lectures, speeches, research notes, and academic papers.
Articles should be sent to: firstname.lastname@example.org.