Development

How Geopolitical Barriers Distort International Investment

Bruno Pellegrino introduces a novel model developed with Enrico Spolaore and Romain Wacziarg that explains the lack of international investment in some countries despite their promise of higher returns. The study finds that removing certain barriers to international capital flows could boost global GDP by 7% and significantly reduce cross-country inequality.

Faustian Bargains

The following is an excerpt from the book Law, Development and Regulatory Globalisation The Case of the World Bank in India's Electricity Sector, by Adithya Chintapanti.

How Indian Pharma Can Become Global Leaders

Madan Dhanora, Mohd Shadab Danish, and Ruchi Sharma review the history of the Indian government’s efforts to encourage innovation, how these efforts have manifested in the national pharmaceutical industry, and what steps the government can take to further improve innovation.

The Market for Markets Is Captured

George Stigler posited that economic regulation is best understood as a product created via a market process. In the market for regulation, different participants—such as politicians, firms, and voters—buy and sell the rules of the game to serve their individual interests. In new research, Jac Heckelman and Bonnie Wilson use Stigler’s theory of economic regulation and special interest capture to study why foreign aid to developing countries that is tied to market reform has not successfully accomplished its goals.

Brazil Demonstrates the Challenge of Balancing Growth and Sustainability

The return of Luiz Inácio Lula da Silva as president of Brazil accompanies a renewed emphasis on sustainability. However, discrepancies in his rhetoric and the policy of his administration reveals a rift between the administration’s twin goals of sustainability and economic development, writes Stephanie Tondo

What Happens to Competition When Fewer Startups Go Public?

In a recent paper on “The Great Startup Sellout,” Bruno Pellegrino of Columbia University and a Stigler Center affiliate fellow, and Florian Ederer of Boston University, study how the changing life cycle of startups is affecting competition in the US economy. They conclude that the companies acquiring startups have become more and more insulated from competition.

Mobile Internet Is Changing Employment in Developing Countries, but Not Always as Expected

Scholars and policymakers have put much faith into the prospect of internet connectivity catalyzing development in low- and middle-income countries. In new research, Pinelopi...

India’s Evolving Industrial Policy Is Critical for Realizing Its Development Vision

Industrial policy was once so out of fashion that it was jokingly called “the policy that shall not be named.” Now it’s back in...

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