The institutional Embeddedness of Production Systems and the New Partnership for Africa´s Development (NEPAD)

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The institutional Embeddedness of Production Systems and the New Partnership for Africa´s Development (NEPAD)

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Title: The institutional Embeddedness of Production Systems and the New Partnership for Africa´s Development (NEPAD)
Lessond from East Asia
Author: Gammeltoft, Peter
Abstract: While still short of being entirely mainstream there does appear to be a growing recognition in both policy circles and academia that economic development is not brought about by autonomous profitmaximising agents interacting anonymously through equilibrium markets.1 Rather, economic development is an inherently disequilibric process involving interactive and institutionally embedded processes in broader systems of firms, governments, research centres, universities, consultants, and other entities. These systems can tap into stocks of global knowledge and technologies, assimilate and adapt it to local circumstances, and create new knowledge or technologies. Such broader production systems are conceptualised in several different ways in the literature, e.g. Lundvall et al.’s ‘national innovation systems’, Richard Whitley’s ‘business systems’, and Sanjaya Lall’s concept of ‘industrial technology development’. This paper identifies and outlines four different systemic approaches to economic development. All four approaches have primarily been developed to address nationally based institutional systems in advanced economies. Both the ontological premises and the policy implications of these systemic approaches depart distinctly from the conventional orthodoxy on economic development as articulated in the ‘Washington Consensus’ and its later derivatives. The article goes on to explore which policy implications the adoption of such a systemic view might have for the New Partnership for Africa’s Development (NEPAD).
URI: http://hdl.handle.net/10398/6982
Date: 2003-12-10

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