Economic development: corruption, complexity, wealth, and a triad of strains
Bruce W. Finnie
Linda K. Gibson
David E. McNabb
Purpose – This paper seeks to use a multi-disciplinary approach to analyze past and present economic and social explanations for development phenomena. A number of key factors may be missing from the current paradigm. Design/methodology/approach – Comparative country surveys of corruption, ownership, freedom, and individualism are analyzed and discussed. Measurements on nine separate indices are evaluated for 97 nations. These interact to form a model labeled the Triad of Strains with three composite axes: ownership-responsibility, freedom-actualization, and control-corruption. Findings – Three theses are suggested from the comparative analyses: without ownership there can be no responsibility, freedom and responsibility go hand-in-hand, and unwise use of political control severely undermines economic development. Research limitations/implications – Limitations include unavailable data for key areas such as North Korea. Practical implications – Implications are that development policies should promote meaningful private ownership and personal freedom. Originality/value – This research explores how ownership and freedom critically impact prosperity and provides a more complete, multi-disciplinary framework for economic development.
Corruption, Economic development, Freedom, Political risk, Responsibilities
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