Communications in Humanities Research ISSN: 2753-7072
Home> Volumes> Volume CHR Vol.40> Article
Research Article

The Role of Political Institutions in the Economic Development of Different Countries: A Comparative Study Between the United Kingdom and China

Tianqi XiongUniversity College London (UCL)*

* Corresponding author: [email protected]

Abstract

Institutions hold a vital position in society as they significantly mold human behavior as well as determine the social outcomes of a nation. In the modern world, institutions can take on formal or informal kinds. Notably, the formal ones are governed by several norms and legislation. Such formal institutions often lead to significant outcomes within the development process of a country. This particular research places a concentrated focus on the role of different types of institutions in the process of development, highlighting the impacts that a wide array of institutions have on social and economic outcomes. The study takes into account a democratic institution along with a centrally controlled institution. Through the analysis, it could be found that the centrally controlled institutions that are portrayed by China have a greater level of efficiency, which leads to more optimal allocation of resources and swifter growth, thereby contributing significantly to the overall progress and prosperity of the nation.

Keywords: Political economy; institutionalism; authoritarianism; democratic development
Published: September 27, 2024
DOI: 10.54254/2753-7064/40/20242288
Volume: CHR Vol.40
pp. 126-136
Download PDF

References

  1. Ansell, C. (2020) Institutionalism. The Palgrave handbook of EU crises, 135-152.
  2. Zergawu, Y. Z., Walle, Y. M., & Giménez-Gómez, J. M. (2020) The joint impact of infrastructure and institutions on economic growth. Journal of Institutional Economics, 16(4), 481-502.
  3. Abbott, K. W., & Faude, B. (2021) Choosing low-cost institutions in global governance. International Theory, 13(3), 397-426.
  4. Baland, J. M., Bourguignon, F., Platteau, J. P., & Verdier, T. (2020) Economic Development and Institutions. The handbook of economic development and institutions, 1.
  5. Wlezien, C., & Soroka, S. N. (2020) Political institutions and the opinion–policy link. In Assessing Political Representation in Europe (pp. 191-216). Routledge.
  6. Schofer, E., Ramirez, F. O., & Meyer, J. W. (2021) The societal consequences of higher education. Sociology of Education, 94(1), 1-19.
  7. Malizia, E., Feser, E. J., Renski, H., & Drucker, J. (2020) Understanding local economic development. Routledge.
  8. Delis, M. D., Hasan, I., & Ongena, S. (2020) Democracy and credit. Journal of Financial Economics, 136(2), 571-596
  9. Liu, S. (2023) Property Rights, Behavior, and Economic Performance. In Land System Reform and China’s Economic Development (pp. 89-104). Singapore: Springer Nature Singapore.
  10. Cuypers, I. R., Hennart, J. F., Silverman, B. S., & Ertug, G. (2021) Transaction cost theory: Past progress, current challenges, and suggestions for the future. Academy of Management Annals, 15(1), 111-150.
  11. Kyarem, R., Sani, I. A., Oyolola, F., & Lawal, O. (2020) Political elites’ corruption, political stability and economic growth in Nigeria: bound testing approach. Acta Universitatis Danubius. Œconomica, 16(2).
  12. De Guimarães, J. C. F., Severo, E. A., Júnior, L. A. F., Da Costa, W. P. L. B., & Salmoria, F. T. (2020) Governance and quality of life in smart cities: Towards sustainable development goals. Journal of Cleaner Production, 253, 119926.
  13. Chen, C., Restuccia, D., & Santaeulàlia-Llopis, R. (2023) The effects of land markets on resource allocation and agricultural productivity. Review of Economic Dynamics, 45, 41-54.
  14. Palaniswamy, N., & Krishnan, N. (2012) Local politics, political institutions, and public resource allocation. Economic Development and Cultural Change, 60(3), 449-473.
  15. Ahlerup, P., Baskaran, T., & Bigsten, A. (2021) The Quality of Government and Economic Growth. The Oxford Handbook of the Quality of Government, 359.
  16. Makiyan, S. N., Karbalaei Badi, F., & Bahrami, F. (2021) Social Capital and Economic Growth: A Comparative Study between High and Low Social Capital Countries. Quarterly Journal of The Macro and Strategic Policies, 9(33), 184-209.
  17. Thomann, E., & Maggetti, M. (2020) Designing research with qualitative comparative analysis (QCA): Approaches, challenges, and tools. Sociological Methods & Research, 49(2), 356-386.
  18. Mohajan, H. K. (2020) Quantitative research: A successful investigation in natural and social sciences. Journal of Economic Development, Environment and People, 9(4), 50-79.
  19. Acquah, E., Carbonari, L., Farcomeni, A., & Trovato, G. (2023) Institutions and economic development: new measurements and evidence. Empirical Economics, 65(4), 1693-1728.
  20. Stewart, K. L. (2021) Democratic and autocratic nation building. Nationalities Papers, 49(2), 205-212.
  21. Jones, B., & Norton, P. (2014) Politics Uk. Routledge.
  22. Blackburn, R. (2022) The Constitutional Role and Working of the Monarchy in the United Kingdom. In Jahrbuch des öffentlichen Rechts der Gegenwart (pp. 181-201). Mohr Siebeck.
  23. Gargano, G. (2021) The bottom-up development model as a governance instrument for the rural areas. The cases of four local action groups (LAGs) in the United Kingdom and in Italy. Sustainability, 13(16), 9123.
  24. Wilkinson, R. G. (2020) The impact of inequality: How to make sick societies healthier. Routledge.
  25. World Bank (2024a) Documents & Reports. World Bank. https://documents.worldbank.org/en/publication/documents-reports
  26. Wright, L., Steptoe, A., & Fancourt, D. (2020) Are we all in this together? Longitudinal assessment of cumulative adversities by socioeconomic position in the first 3 weeks of lockdown in the UK. J Epidemiol Community Health, 74(9), 683-688.
  27. Suisheng, Z. (2019) China’s central-local relationship: a historical perspective. In Changing central-local relations in China (pp. 19-34). Routledge.
  28. Rudbeck, J., Mukherjee, E., & Nelson, K. (2016) When autocratic regimes are cheap and play dirty: The transaction costs of repression in South Africa, Kenya, and Egypt. Comparative Politics, 48(2), 147-166.
  29. Wilson, R. (2016) Does governance cause growth? Evidence from China. World Development, 79, 138-151.
  30. World Bank (2024b) World Bank Development Indicators. World Bank. https://databank.worldbank.org/source/world-development-indicators