Good governance and economic development
In North Korea the accepted value system is that even if one works hard, one is not able to enjoy its fruits since it is immediately appropriated by the state. But in the South, they are aware from early in life that if they are successful as entrepreneurs or workers, they can enjoy the fruits of their hard labour. The institutional structure in North Korea is extractive while that in South Korea is inclusive. The picture shows young children listening to a speech by North Korean Leader Kim Jong Un (unseen) at a youth rally speech – Pic courtesy CBS News
- Part II of paper presented at SLEA Annual Sessions 2019
Economic policy governanceThe rationale of economic policy governance could be explained by drawing on the viewpoints expressed by French economist, philosopher and legislator Frédéric Bastiat in two of his publications, one in 1848 and the other in 1850.
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