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Click Refresh Button Investment Climate Reconsidered

By Kaufmann, Daniel

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Book Id: WPLBN0000576184
Format Type: PDF eBook
File Size: 145.30 KB
Reproduction Date: 2005

Title: Click Refresh Button Investment Climate Reconsidered  
Author: Kaufmann, Daniel
Volume:
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Historic
Publication Date:
Publisher: The World Bank

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Kaufmann, D. (n.d.). Click Refresh Button Investment Climate Reconsidered. Retrieved from http://www.hawaiilibrary.net/


Description
Economics

Excerpt
THIS ANECDOTE by no means pointed to a challenge circumscribed within one country or region of the world. Years later, John Lloyd would write in The Financial Times: ?The oligarchs were so called because they had real power, state power. They wrote laws. They appointed ministers, often entire cabinets, and made sure that their interests were served. They corrupted the new governing, legislative and bureaucratic class of Russia, in the centre, in the regions and abroad.? Indeed, by the late nineties, with Joel Hellman, we embarked on a joint research project to go beyond conventional measures of the investment climate and of corruption. Inter alia it aimed at measuring capture of the state by powerful private interests, and the extent of undue influence by elites. A new set of survey instruments was put forth, which was first applied to thousands of enterprises throughout transition economies, and subsequently extended to other regions. As a result, by the year 2000, in writing the results from the initial phase of this project, we were challenging orthodoxy: ?Corruption is conventionally defined as ?the abuse of public office for private gain.? Behind this definition lies an image of a predatory state seen as a large ?grabbing hand,? extorting firms for the benefit of politicians, high officials and bureaucrats. [Here] we shift the focus to the role of firms. The new evidence suggests that many firms in practice. collude with politicians for their mutual benefit. We conclude with rather different implications for action.?...


 

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