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The Political Economy of Collective Action, Inequality, and Development$
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William D. Ferguson

Print publication date: 2020

Print ISBN-13: 9781503604612

Published to Stanford Scholarship Online: September 2020

DOI: 10.11126/stanford/9781503604612.001.0001

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Business-State Interactions

Business-State Interactions

(p.262) 9 Business-State Interactions
The Political Economy of Collective Action, Inequality, and Development

William D. Ferguson

Stanford University Press

This chapter extends Chapter 8’s political settlement framework by addressing business-state interactions operating within specific types of settlements. Three levels of interaction follow. At the macro level, political settlements shape such interactions. At an intermediate (meso) level, market configurations—that is, their degrees of competitiveness and domestic versus export orientation—affect the demands businesses place on the state. These dynamics influence the accessibility (openness) of micro-level exchange agreements (deals) as well as their credibility—specifically, the degree to which they are ordered, meaning honored and predictable, or disordered. A shift from disordered to ordered deals reflects resolution of second-order CAPs of enforcing agreements. Such a shift can prompt growth accelerations that facilitate escaping poverty traps. More substantial development, however, requires addressing Chapter 4’s complex coordination CAPs.

Keywords:   growth accelerations, market configurations, ordered deals, disordered deals, open deals, credibility, poverty traps, revenue feedback, business demands

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