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Power And Prosperity: Outgrowing Communist And Capitalist Dictatorships, by Mancur Olson
Free PDF Power And Prosperity: Outgrowing Communist And Capitalist Dictatorships, by Mancur Olson
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Why do some economies do better than others? How does society encourage the kind of market economy that generates continually increasing incomes? How do particular styles of government affect economic performance? World-renowned economist Mancur Olson tackles these questions and others in what will surely be regarded as his magnum opus. Olson contends that governments can play an essential role in the development of markets. Reliable enforcement of private contracts and protection of individual rights to property depend on governments strong enough not to undermine them. His exploration of "market-augmenting governments" will stand as a cutting-edge work on economic growth and provide a useful framework in which to consider the Asian financial crisis and its aftermath. As Susan Lee noted in Forbes, "his pioneering insights might have won a Nobel Prize for Olson had he lived a bit longer."
- Sales Rank: #345840 in Books
- Published on: 2000-11-20
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .62" w x 5.00" l, .61 pounds
- Binding: Paperback
- 272 pages
From Publishers Weekly
Olson, whose Logic of Collective Action stands as a landmark work of political economy, died in 1998 before putting the finishing touches on this book. As it stands, it serves as an appropriate coda to Olson's long and productive career, summarizing his major achievements while still contributing new insights to the post-communist debates. As he grapples with the forces that undermine economic vitality, Olson worries over a central question: Why has economic performance been so much better after the defeat of fascism in Germany and Japan than after the collapse of communism in Soviet-style states? In probing this question, Olson examines the complex relationships between the role of the state and economic performance, arguing that "there is no way of explaining the extreme poverty of many nations without taking account of the extent to which they are misgoverned." The lay reader will easily grasp Olson's broad and practical--if not especially vivid--discussions, and specialists will value his excellent analyses of the economic machinations of Soviet-type autocracies, including a fine reading of Stalin's diabolical manipulation of Russia's tax structures. As the world attempts to salvage what's left of the post-communist economies, it must contend with disablingly high rates of inflation and inefficient, state-owned businesses. The challenge ahead is not merely to hasten privatization, Olson says. Instead, economists must work to ensure that a "market-augmenting government" first secures individual rights to private property and guarantees the impartial enforcement of contracts--in his view the two essential ingredients for prosperity. (Mar.)
Copyright 2000 Reed Business Information, Inc.
Review
"Power and Prosperity is an important book, written with clarity and verve. It is a great misfortune that Mancur Olson is not here to respond to the debates that it will surely provoke." The Wall Street Journal
About the Author
Mancur Olson (1932-1998) was the Chair and Principal Investigator of the Center on Institutional Reform and the Informal Sector (IRIS) and Distinguished Professor of Economics at the University of Maryland. His books The Logic of Collective Action and The Rise and Decline of Nations have been translated into nine languages.
Most helpful customer reviews
0 of 0 people found the following review helpful.
A good way to set the right questions.
By jeronimo0650
It seems old fashioned and outdated, in fact it set the stage for what the World should look at to create wealth, value and enhance growth.
Of course it will not happen overnight, but some ideas maybe more than useful in Emerging Economies as well as in Old Democracies which today are out of touch with the new paradigms and reality.
An update of Mr. Olson's ideas and concepts nearly 30 years after the fall of Berlin Wall, Tienamen and Emergence of Emerging Economies + The fast growth of digital technologies, is welcomed and should be quite interesting and useful, maybe as a way to find an exit to the looming "secular stagnation"....
0 of 0 people found the following review helpful.
The Dictatorship of Special Interests
By Baraniecki Mark Stuart
If there is a leading economic text to act as a guide to the new milenium it is probably this one.
Olson firmly rejects the idea that economics can be understood without the political context of power relationships that surround commercial activity.
He makes the interesting observation that lively markets exist throughout the Third World and he refers to these as "self-regulating" markets with a notable characteristic being their short time horizon. Essentially there is the simultaneous payment for and delivery of goods.
He contrasts this with advanced democracies that have "NON self-regulating" markets i.e. what he calls "socially contrived markets" that allow much greater predictability and longer time horizons based on contract law and state protected property rights, allowing such things as long-term capital investment, stock markets, complex manufacturing and banking.
An established democracy with widely spread power and solid property rights is clearly desirable but he makes the point that democracy is a historically recent invention that has only partly displaced traditional autocracies. Autocracies (dictatorships) concentrate power in one person or a small group at the expense of the majority and are maintained by the threat of force and often use an "ideology", for example Communism of Fascism, to justify their exclusive and permanent right to power.
The book shows that democratic free markets with an impartial rule of law will in the long rule out distance unstable dictatorships, but he proceeds to suggest that long-established democracies are prone to a few problems of their own, that in some cases can prove fatal. Most notably special interest groups can gain (undemocratic) special access to political power for their own gain at the expense of the national majority. A fine example would be the enormously costly bailout of the speculative bad debts of Wall Street banks passed onto American taxpayers, or alternatively (again in the U.S.), the medical/ insurance lobby that manages to deliver a less health population at twice the cost of similar European systems.
An interesting observation is that the remarkable success of German and Japan after WW2 was in large part the result of the complete destruction intricate systems of special relationships allowing a fresh start along clean free market lines, but of course, at the great social cost of war.
26 of 27 people found the following review helpful.
Balanced, Insightful, and relevant
By D. W. MacKenzie
Power and Prosperity is an example of economics at its best. First of all, it takes a balanced or neutral approach to its subject matter. The author is not out to prove the superiority of either markets or government. Governmental power is a double edged sword to Olson. Government power promotes prosperity by restraining 'roving bandits' or special interests. Government power is also susceptible to the influence of special interests. Olson also discusses the merits and faults of markets. Markets are ubiquitous and can lead to prosperity, but often do not. Government has a role in this. That is, he finds blame for this in the most negative aspects of government. Olson does not assume market efficiency either. He explains it, as well as some possible limitations to markets.
This is also a highly insightful book. Much of his analysis derives from his earlier work on "the logic of collective action'. He also uses some transaction costs and basic supply and demand/substitution effect reasoning to explain historical events. Students in my comparative classes had more trouble with this book than any other, but it is still manageable. Reading it might be difficult for those who lack an education in economics. But I am not sure if there is an easier way to say what it says, and what it says is most interesting. The concepts the author employs makes a greater understanding of different economic systems and historical periods possible. This is penetrating analysis.
It is also highly relevant. Much of this book focuses on the Soviet Union. One could say that the USSR is a done deal- it failed so forget about it. It is, however, important to understand why it failed so as to avoid repeating such errors in the future. This is what the Author is driving at with in his use of the Soviet example. There were reasons for the failure of the Soviet system that also apply to problems in other nations- not to mention Russia today. The misuse of power has the potential to prevent prosperity as much now as it did under Stalin and Khrushchev.
Does this book have faults? Certainly. Olson takes too positive a view of Stalin's industrialization program (not that he praises Stalin). Olson dismisses complete privatization, or anarchy, too easily. There is nothing wrong with arguing against anarchy. But, his arguments against privatizing the state (i.e private police and courts) are little more than an unsupported dismissal of such arrangements. If he did not want to debate that issue, he should not have taken such a strong stand. He also might have mentioned a few things about FA Hayek- especially on p136 where he wrote "a bureaucracy cannot process all the information needed to calculate an optimal allocation or put it into practice".
While there are a few faults to this book, it is still excellent. It is a must read for anyone interested in either comparative economics and politics, Globalization, or the economic history of the Soviet Union.
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