Finance and Governance in Developing Economies / Randall Morck.
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Item type | Home library | Collection | Call number | Status | Date due | Barcode | Item holds | |
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Working Paper | Biblioteca Digital | Colección NBER | nber w16870 (Browse shelf(Opens below)) | Not For Loan |
March 2011.
Classic Big Push industrialization envisions state planners coordinating economic activity to internalize a range of externalities that otherwise lock in a low-income equilibrium, but runs afoul of well-known government failure problems. Successful Big Push coordination may occur instead when a large business group, acting in its controlling shareholder's self-interest, coordinates the establishment and expansion of businesses in diverse sectors. Where business groups play this role, many basic axioms of Anglo-American corporate governance, including the advocacy of shareholder value maximization and contestable corporate control, must be qualified.
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